Flooding in Japan in July has led to insurance payouts of 68.4bn yen ($653.2mn), according to a provisional tally by the General Insurance Association of Japan.
Generali Global Corporate & Commercial (GC&C) has named Brendan McDonald as head of underwriting for Asia.
Beazley has bolstered its Asia Pacific specialty lines and mergers & acquisitions (M&A) teams with four underwriters from Asia Capital Re, Swiss Re and Zurich to support ongoing growth in the region.
Indian insurtech start-up Acko has raised $60mn in its Series D financing round led by Munich Re Ventures, the investment arm of reinsurer Munich Re.
QBE has estimated it will face a net impact of around $70mn related to the High Court judgment in the UK Financial Conduct Authority’s (FCA) test case on Covid-19 business interruption claims following Tuesday’s verdict.
AIG has appointed James Nash president and CEO of Japan, bringing to an end Nash’s 35 year stint with reinsurance broker Guy Carpenter.
Broker New Dawn Risk Group has partnered with Singapore-based SpecialistRe to strengthen its reach and offering across China, Japan and South-East Asia.
Aviva is to sell its majority shareholding in its Singapore business to a consortium led by Singapore Life for S$2.7bn ($1.98bn), as the company reduces focus on Asia and overhauls its overseas units under new CEO Amanda Blanc.
The restructuring of global supply chains caused by the coronavirus pandemic could generate around $63bn in additional global insurance premiums over the next five years, according to Swiss Re.
Former QBE group chief executive Pat Regan will lose approximately A$10mn ($7.29mn) in unvested shares after a complaint by a female employee prompted his sudden departure from the Australian carrier.
QBE’s former group CEO Pat Regan has left the company with AUD310,000 ($225,000) in lieu of his reduced notice period, the company has revealed.
Chubb has turned to the Brazil-based Diego Sosa as the replacement for Brad Bennett as regional president, Far East.
Swiss Re Corporate Solutions’ head of marine cargo for the Asia Pacific region Peter Schraa has left the company, The Insurer has learned.
Typhoon Haishen has become the second storm to make landfall in South Korea in successive weeks.
The silver lining to any challenge is the opportunity it brings, and, in Asia, reinsurers may be on the cusp of unlocking significant potential, says Fitch’s Jessica Pratiwi and Siew Wai Wan.
Recent typhoon activity in June has been a wake-up call for the (re)insurance industry. RMS’ Margaret Joseph discusses some key learnings from the 2018-19 events.
The marine market is bracing for another potential sizeable loss as it closely monitors the situation off the coast of Sri Lanka where a very large crude carrier (VLCC) carrying two million barrels of oil has caught fire.
Preliminary damage reports indicate widespread impacts from Typhoon Maysak following its landfall in South Korea earlier this week.
Typhoon Maysak became one of the strongest storms on record to make landfall in South Korea in the early hours of this morning.
Emerging markets have benefited from advanced economic stimulus measures which have eased the impact of the Covid-19 pandemic on financial conditions, but will need to focus on higher insurance penetration to lower volatility in future, according to Swiss Re.