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Full Capacity: Rise of the machines: AI transition and job losses
This week's newsletter discusses the HK fire, nat cat updates, Munich Re's Australia push, Korean Re's Gift City entry, Roojai's PE funding, a P&I merger, and the AI dilemma for the insurance market.
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Thailand, Malaysia, Indonesia reel from flood damage, losses in the ‘hundreds of millions’: Aon
Cyclone Senyar, a rare tropical cyclone in the Malacca Strait, and heavy rainfall triggered flooding that affected millions, with total economic damage in Thailand estimated at US$360–740m.
Thailand, Malaysia, Indonesia reel from flood damage, losses in the ‘hundreds of millions’: Aon
Cyclone Senyar, a rare tropical cyclone in the Malacca Strait, and heavy rainfall triggered flooding that affected millions, with total economic damage in Thailand estimated at US$360–740m.
Cyclone Senyar, a rare tropical cyclone in the Malacca Strait, and heavy rainfall triggered flooding that affected millions, with total economic damage in Thailand estimated at US$360–740m.
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Steadfast, Canopius, Munich Re, Generali GC&C, Sedgwick: 11 APAC insurance people moves of the week
Howden, Sompo, GT Insurance, HDI Global, vrs Adjusters and Ace Insurance Brokers also made personnel changes over the last week.
Steadfast, Canopius, Munich Re, Generali GC&C, Sedgwick: 11 APAC insurance people moves of the week
Howden, Sompo, GT Insurance, HDI Global, vrs Adjusters and Ace Insurance Brokers also made personnel changes over the last week.
Howden, Sompo, GT Insurance, HDI Global, vrs Adjusters and Ace Insurance Brokers also made personnel changes over the last week.
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Wang Fuk Court: China Taiping confirms it provided coverage for all major insurance policies as death toll passes 120
Hong Kong insurer says it underwrote the construction works insurance, construction employee compensation insurance, owners' corporation third-party liability insurance, property insurance, and public liability insurance for the public housing estate, as first reported by IAN.
Wang Fuk Court: China Taiping confirms it provided coverage for all major insurance policies as death toll passes 120
Hong Kong insurer says it underwrote the construction works insurance, construction employee compensation insurance, owners' corporation third-party liability insurance, property insurance, and public liability insurance for the public housing estate, as first reported by IAN.
Hong Kong insurer says it underwrote the construction works insurance, construction employee compensation insurance, owners' corporation third-party liability insurance, property insurance, and public liability insurance for the public housing estate, as first reported by IAN.
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ICA extends insurance cat declaration to across Queensland, New South Wales
Insurers have received more than 44,600 claims for Cat 255, or the 'Qld and NSW Severe Storms and Hail'.
ICA extends insurance cat declaration to across Queensland, New South Wales
Insurers have received more than 44,600 claims for Cat 255, or the 'Qld and NSW Severe Storms and Hail'.
Insurers have received more than 44,600 claims for Cat 255, or the 'Qld and NSW Severe Storms and Hail'.
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Sompo Indonesia appoints Doly Ritonga as executive officer
He has over two decades of experience working in insurance, and joins from local assurance firm Avrist.
Sompo Indonesia appoints Doly Ritonga as executive officer
He has over two decades of experience working in insurance, and joins from local assurance firm Avrist.
He has over two decades of experience working in insurance, and joins from local assurance firm Avrist.
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Korean Re approved to open branch in India’s Gift City
South Korean reinsurer plans to officially commence operations in April.
Korean Re approved to open branch in India’s Gift City
South Korean reinsurer plans to officially commence operations in April.
South Korean reinsurer plans to officially commence operations in April.
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Laid-off Steadfast COO Noelene Palmer was source of complaint against CEO Robert Kelly: AFR
Complaint from Palmer, who was made redundant earlier this week, involved at least one allegedly inappropriate comment, according to The Australian Financial Review.
Laid-off Steadfast COO Noelene Palmer was source of complaint against CEO Robert Kelly: AFR
Complaint from Palmer, who was made redundant earlier this week, involved at least one allegedly inappropriate comment, according to The Australian Financial Review.
Complaint from Palmer, who was made redundant earlier this week, involved at least one allegedly inappropriate comment, according to The Australian Financial Review.
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Swiss Re-backed Fathom touts ‘modern view of risk’ to compete in underserved APAC
UK-headquartered flood risk intelligence firm wants to grow its presence in Singapore, Hong Kong, and China, head of insurance Harry Vardigans tells InsuranceAsia News.
Swiss Re-backed Fathom touts ‘modern view of risk’ to compete in underserved APAC
UK-headquartered flood risk intelligence firm wants to grow its presence in Singapore, Hong Kong, and China, head of insurance Harry Vardigans tells InsuranceAsia News.
UK-headquartered flood risk intelligence firm wants to grow its presence in Singapore, Hong Kong, and China, head of insurance Harry Vardigans tells InsuranceAsia News.
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Exclusive: Hong Kong housing estate fire property claim could top US$200m, with China Taiping the sole insurer
Hong Kong firm provides the master property insurance for the Wang Fuk Court housing estate, as well as contractors’ all-risk policy, including third-party liability, and employee compensation cover, while Marsh is understood to be the broker.
Exclusive: Hong Kong housing estate fire property claim could top US$200m, with China Taiping the sole insurer
Hong Kong firm provides the master property insurance for the Wang Fuk Court housing estate, as well as contractors’ all-risk policy, including third-party liability, and employee compensation cover, while Marsh is understood to be the broker.
Hong Kong firm provides the master property insurance for the Wang Fuk Court housing estate, as well as contractors’ all-risk policy, including third-party liability, and employee compensation cover, while Marsh is understood to be the broker.
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UK P&I Club, TT Club in early merger talks
Clubs, which have operated closely under their common manager Thomas Miller, say their boards agreed at meetings this month to explore options.
UK P&I Club, TT Club in early merger talks
Clubs, which have operated closely under their common manager Thomas Miller, say their boards agreed at meetings this month to explore options.
Clubs, which have operated closely under their common manager Thomas Miller, say their boards agreed at meetings this month to explore options.
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Kiwi insurer Tower posts ‘exceptional’ FY25 results
Tower benefits from low natural catastrophe losses to post a record underlying net profit after tax (NPAT) of NZ$107.2 million (US$61.35 million).
Kiwi insurer Tower posts ‘exceptional’ FY25 results
Tower benefits from low natural catastrophe losses to post a record underlying net profit after tax (NPAT) of NZ$107.2 million (US$61.35 million).
Tower benefits from low natural catastrophe losses to post a record underlying net profit after tax (NPAT) of NZ$107.2 million (US$61.35 million).
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Suncorp on the hook for US$230m from Queensland hail
Insurer has received just over 10,000 claims, with approximately 5,000 in home and 5,000 in motor.
Suncorp on the hook for US$230m from Queensland hail
Insurer has received just over 10,000 claims, with approximately 5,000 in home and 5,000 in motor.
Insurer has received just over 10,000 claims, with approximately 5,000 in home and 5,000 in motor.
Popular posts:
- Hong Kong housing estate fire property claim could top US$200m, with China Taiping the sole insurer
- Laid-off Steadfast COO Noelene Palmer was source of complaint against CEO Robert Kelly: AFR
- Steadfast COO Noelene Palmer departs as Australian broker makes role redundant
- Wang Fuk Court: China Taiping confirms it provided coverage for all major insurance policies as death toll passes 120
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Tighter solvency regimes, market disruptions driving Asian demand for structured solutions: Swiss Re’s Kaspar Mueller
Capital motivation, volatility protection and leveraging capital for growth are key motivations for cedent's seeking structured programs, the reinsuer's CUO for structured solutions says.
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Consolidation unlikely to slow amid shifting, costly regulatory landscape: Helvetia CEO Fabian Rupprecht
Data centres, natural catastrophes and robotics 'are real opportunities' for growth, he also tells InsuranceAsia News.
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Singapore must be ‘go-to-place’ for Asian clients, WTW Asia cargo head Oliver Scarr says
Facing increasing competition from London market, the hub needs to provide solutions to complex and challenging marine risks as accounts migrate.
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‘Wall of capital’ entering reinsurance industry, Aon’s Alfonso Valera says
CEO of international at Aon reinsurance solutions tells InsuranceAsia News that there is a 'big opportunity for insurers and reinsurers'.
Between The Lines
A fortnightly podcast that unpacks the pivotal stories and trends shaping the (re)insurance industry across Asia Pacific.
Spotlight
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Swiss Re-backed Fathom touts ‘modern view of risk’ to compete in underserved APAC
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Insurance ‘absolutely key’ to Asian renewable energy development: Sompo
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The Hartford locks in Asia specialty focus, but ‘exciting pipeline’ still on the cards: Carl Bach
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‘Asia is our key focus’: McLarens-owned Halliwell aims to double APAC business over next 3 years
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Sompo eyes bigger piece of the pie, with Hong Kong’s ‘vibrant’ IPO boom creating opportunities for D&O insurance
M&A
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UK P&I Club, TT Club in early merger talks
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Roojai seeks ‘strategic M&A opportunities’ after US$60m fundraise
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Proxy advisory firms split over DB Insurance’s Fortegra acquisition
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4 Envest-backed ‘like-minded agencies’ to merge in early 2026
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Ardonagh-backed Cornerstone Risk acquires MRC Insurance, launches corporate and specialty division
ESG
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Carbon credit specialist Oka launches in Singapore
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‘You can’t do it as a hobby’: ESG must be a clear business model with easily measurable targets
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Carbon specialist Kita expands into Australia
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Maritime decarbonisation efforts need liability certainty to stay on course amid ‘pressing challenge’
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With Donald Trump’s ESG curveball, what’s the outlook for APAC liability coverage?
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Cybersecurity is no longer just an IT concern, but a governance issue that belongs on the boardroom agenda.
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Insurance industry needs to recalibrate, invest in innovation and strengthen systems, talent and data practices.
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Sompo Indonesia appoints Doly Ritonga as executive officer
He has over two decades of experience working in insurance, and joins from local assurance firm Avrist.
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Laid-off Steadfast COO Noelene Palmer was source of complaint against CEO Robert Kelly: AFR
Complaint from Palmer, who was made redundant earlier this week, involved at least one allegedly inappropriate comment, according to The Australian Financial Review.
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Lloyd’s Chris Mackinnon to lead Munich Re Specialty’s push into Australia
Lloyd's regional director for Asia Pacific, the Middle East and Africa will join the German reinsurer in the first half of 2026.
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Sedgwick promotes Aruna Chandrapalan to Singapore CEO
Nigel Cook retains his leadership role as head of major and complex loss, having held a dual role for the last two years.
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Joshua Lynch confirms Generali GC&C departure to ’embark on a new opportunity’
Hong Kong-based Lynch had joined Generali in September last year from Lloyd's.
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Steadfast COO Noelene Palmer departs as Australian broker makes role redundant
Move is part of the broker's expense management initiatives announced in October, company tells IAN.
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Exclusive: Canopius’ Asia Pacific CUO Yann Marmonier departs
Lloyd's carrier confirms to InsuranceAsia News that Singapore-based Marmonier has left the specialty (re)insurer.
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HDI Global names Ecton Chung as senior underwriter for engineering in Singapore
He has over 18 years of professional experience in the insurance and reinsurance industries, and joins from Mapfre.
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Nick Slessor takes the reins at GT Insurance
Tony Dodd has also stepped into the new leadership role of chief commercial officer having served as CEO from January 2020.
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vrs Adjusters names Sydney Soo as APAC director
Singapore-based Soo joins the vrs APAC team having most recently worked as head of claims for the region at Swiss Re.
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Nuclear: "The insurance sector is poised to play a central and enabling role in Asia’s nuclear expansion. As countries in the region move from exploration to active planning and construction – especially with a focus on SMRs – they will require innovative risk transfer solutions."
Clifford Blayney, Markel International
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Lloyd’s Asia surpasses US$1bn GWP milestone in 2024 amid double-digit growth
Offshore fund demonstrates strong performance despite challenges in the Singapore unit and varied underwriting results across business lines.
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Hong Kong’s P&C reinsurance market narrows gap with Singapore
Hong Kong benefitted from RBC implementation in 2024, however, Singapore retained top spot in terms of GWP and underwriting results.
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Short-tail performance boost for Australia’s P&C carriers
APRA data shows general insurance COR improves in Q4 2024, while profit after tax almost doubles to US$1bn.
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Australian intermediated premiums grow 8.2% in 2023-24
While the GWP placed with Lloyd’s in the 12 months grew at a comparable pace, business placed with unauthorised foreign insurers declined marginally.
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Alternative risk solutions on the table for non-modelled perils at 1.1 renewals
The APAC reinsurance market is transitioning from a market of corrections to a market of solutions, Tony Gallagher, CEO, Asia Pacific, Guy Carpenter tells InsuranceAsia News.
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Hong Kong premium growth and claim frequency are converging to normal level: HKIA
According to 2023 data from the regulator, the SAR's general insurance business reported the worst overall loss ratio in five years at 62.8%, while COR sank to a near five-year low after an 8.3 percentage point deterioration year-on-year.
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APAC 2023 marine premiums up 7.5% as global trade recovery drives cargo insurance growth
While the upswing in trade is expected to help premium growth and and the overall claims impact remained stable, uncertainty posed by geopolitical tensions and regional economic outlook could impact the sector.
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Australian underwriters incur 23% lower public liability claims in 2023
Lloyd's public liability claims doubled and PI claims went up 13 times in the country in the last year while other insurers' PI claims were 9% higher year-on-year across all states, according to the 2023 claims data released by the Australian Prudential Regulation Authority.
Cyber insurance has a long way to go to reach next level, says WTW’s Carlos Grijalva, amid soaring demand in Asia
Carlos Grijalva, cyber leader for Hong Kong and greater China at WTW, talks to InsuranceAsia News about the development of the cyber market in Asia.
Building resilience, mitigating risk in APAC’s commercial property insurance market
Martin Au-Yeung, vice president and division underwriting manager at FM, talks to InsuranceAsia News.
W&I: "W&I is now being utilised with increasing frequency across a far broader range of deal sizes and geographies in the region. Coverage terms have broadened, retentions have fallen, and underwriting processes are being continually refined to become increasingly streamlined."
Keshaya Yap, Liberty Global Transaction Solutions