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Beijing hail leads to US$44m insured loss from widespread motor, property damage
Local insurers have received at least 45,600 claims, with the majority related to motor, as of May 14, according to the Beijing Financial Regulatory Bureau.
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Swiss Re reports 1.5% price increase at April 1 renewals, grows book to US$2.2bn
The rate hikes reported by the reinsurer are in contrast to a 1.7% rate decline reported by Munich Re and a 2.4% decline reported by Hannover Re.
Swiss Re reports 1.5% price increase at April 1 renewals, grows book to US$2.2bn
The rate hikes reported by the reinsurer are in contrast to a 1.7% rate decline reported by Munich Re and a 2.4% decline reported by Hannover Re.
The rate hikes reported by the reinsurer are in contrast to a 1.7% rate decline reported by Munich Re and a 2.4% decline reported by Hannover Re.
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WTW, Gallagher Re, HDI Global, Axa XL, Zurich: 11 APAC insurance people moves of the week
Aon, Dual, Gallagher, Allianz Commercial, Howden and CFC also made personnel changes over the last week.
WTW, Gallagher Re, HDI Global, Axa XL, Zurich: 11 APAC insurance people moves of the week
Aon, Dual, Gallagher, Allianz Commercial, Howden and CFC also made personnel changes over the last week.
Aon, Dual, Gallagher, Allianz Commercial, Howden and CFC also made personnel changes over the last week.
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India’s reforms on hold as IRDAI seeks new chairman: report
Debasish Panda completed his three-year term as chairman of the Insurance Regulatory & Development Authority of India (IRDAI) on March 13.
India’s reforms on hold as IRDAI seeks new chairman: report
Debasish Panda completed his three-year term as chairman of the Insurance Regulatory & Development Authority of India (IRDAI) on March 13.
Debasish Panda completed his three-year term as chairman of the Insurance Regulatory & Development Authority of India (IRDAI) on March 13.
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Tokio Marine Indonesia to sustain strong capital buffers, overall earnings: AM Best
AM Best affirmed its insurer rating of A- (excellent) with a stable outlook.
Tokio Marine Indonesia to sustain strong capital buffers, overall earnings: AM Best
AM Best affirmed its insurer rating of A- (excellent) with a stable outlook.
AM Best affirmed its insurer rating of A- (excellent) with a stable outlook.
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HDI builds out North Asia liability team with TaeHan Kim as underwriting manager
Joining from Scor Australia, Kim will be based in the specialty (re)insurer's Hong Kong office.
HDI builds out North Asia liability team with TaeHan Kim as underwriting manager
Joining from Scor Australia, Kim will be based in the specialty (re)insurer's Hong Kong office.
Joining from Scor Australia, Kim will be based in the specialty (re)insurer's Hong Kong office.
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Gallagher ships in Aon’s Sanjay Mehra as head of marine in India
Mumbai-based Mehra previoulsy worked for Aon, Marsh, K.M Dastur, Howden and ICICI Lombard.
Gallagher ships in Aon’s Sanjay Mehra as head of marine in India
Mumbai-based Mehra previoulsy worked for Aon, Marsh, K.M Dastur, Howden and ICICI Lombard.
Mumbai-based Mehra previoulsy worked for Aon, Marsh, K.M Dastur, Howden and ICICI Lombard.
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Philippines’ P&C growth supported by rising demand, stabilised reinsurance capacity: AM Best
However, underwriting performance is subject to greater volatility due to the country's increased nat cat exposure.
Philippines’ P&C growth supported by rising demand, stabilised reinsurance capacity: AM Best
However, underwriting performance is subject to greater volatility due to the country's increased nat cat exposure.
However, underwriting performance is subject to greater volatility due to the country's increased nat cat exposure.
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WTW hands Luke Ware expanded dual role as head of Asia
New position is alongside his existing role as head of corporate risk and broking for Asia.
WTW hands Luke Ware expanded dual role as head of Asia
New position is alongside his existing role as head of corporate risk and broking for Asia.
New position is alongside his existing role as head of corporate risk and broking for Asia.
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CFC welcomes back Gary Newson as management liability development manager
Perth-based Newson returns to the specialist insurance provider having spent over two years with WTW.
CFC welcomes back Gary Newson as management liability development manager
Perth-based Newson returns to the specialist insurance provider having spent over two years with WTW.
Perth-based Newson returns to the specialist insurance provider having spent over two years with WTW.
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IAG’s 10-month nat cat bill at US$580m, tracking 22% below allowance
Its FY25 profit guidance in on course to increase by 12% to US$1.2bn.
IAG’s 10-month nat cat bill at US$580m, tracking 22% below allowance
Its FY25 profit guidance in on course to increase by 12% to US$1.2bn.
Its FY25 profit guidance in on course to increase by 12% to US$1.2bn.
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South Korean insurers see steep solvency decline amid rising liabilities: reports
Insurance Financial Solvency Ratio for non-life insurers dropped by 16% percentage points quarter on quarter to 211%.
South Korean insurers see steep solvency decline amid rising liabilities: reports
Insurance Financial Solvency Ratio for non-life insurers dropped by 16% percentage points quarter on quarter to 211%.
Insurance Financial Solvency Ratio for non-life insurers dropped by 16% percentage points quarter on quarter to 211%.
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Vietnam’s PVI partners South Korea’s EGI for engineering guarantee insurance foray
Cooperation aims to create favourable conditions for South Korean construction enterprises to participate in infrastructure projects in Vietnam.
Vietnam’s PVI partners South Korea’s EGI for engineering guarantee insurance foray
Cooperation aims to create favourable conditions for South Korean construction enterprises to participate in infrastructure projects in Vietnam.
Cooperation aims to create favourable conditions for South Korean construction enterprises to participate in infrastructure projects in Vietnam.
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Has Australia found the roadmap to reduce uninsurability risks? Cat bills underscore need to build on public intervention
Australian Reinsurance Pool Corporation absorbed much of losses from ex-Tropical Cyclone Alfred and has helped drive down premiums for high-risk properties.
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Underwriters recalibrate risk assessment as Asia cleantech leapfrogs
With insurers positioned to be key players in the transition, industry calls for ‘uniform approach’ yet differentiated APAC playbook.
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Munich Re, Hannover Re report Asia growth despite falling rates
LA wildfires losses impact Q1 results, with Munich Re reporting US$1.2bn losses, while Hannover Re's costs top US$700m.
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Green transition to test industry’s relevance as debate intensifies, LMA’s Paul Davenport says
Lloyd’s Market Association finance and risk director made the comments after it had been suggested that insurers have often been seen as 'going missing in action' when it came to the structure of green finance for projects.
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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Asia firmly in Markel’s sights as it seeks to ‘equip, empower’ amid global leadership shake up
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Munich Re Specialty steps up diversification in Asia with cyber, specie build out
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With boots on the ground in Australia, CFC eyes strong growth, upselling opportunities
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‘Picky and choosy’ Asta owner Davies seeks to remain on the front foot, with Asia in its sights
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With floods high on the list of perils in Asia, modeller gets its feet wet into China and Australia
M&A
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IAG to acquire RAC Insurance in US$870m deal
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McLardy McShane acquires authorised representative Stewart Insurance
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India to revive plan to merge 4 general insurers: report
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India’s Bajaj Group seeks regulator’s nod to acquire Allianz SE’s 26% JV stake: report
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Hanwha General Insurance to acquire 98.3% of Carrot Insurance: report
ESG
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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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Aon strengthens Asia natural resources team with senior hire
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DeepSeek’s breakthrough in artificial intelligence (AI) has gained a considerable amount of investor attention, lifting sentiment towards Chinese assets. We believe China’s innovation ability is not limited to AI.
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Businesses are facing a complex transition to non-carbon energy sources amid a push to achieve net-zero emissions for the marine sector by 2050.
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Sompo Holdings is taking significant steps to enhance its organizational structure and business strategy to achieve its ambition to become a Japan-born truly global company.
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Fostering strong customer relationships, nurturing community well-being and championing employee development through innovative insurance solutions to shape a brighter shared future for all.
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HDI builds out North Asia liability team with TaeHan Kim as underwriting manager
Joining from Scor Australia, Kim will be based in the specialty (re)insurer's Hong Kong office.
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Gallagher ships in Aon’s Sanjay Mehra as head of marine in India
Mumbai-based Mehra previoulsy worked for Aon, Marsh, K.M Dastur, Howden and ICICI Lombard.
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WTW hands Luke Ware expanded dual role as head of Asia
New position is alongside his existing role as head of corporate risk and broking for Asia.
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CFC welcomes back Gary Newson as management liability development manager
Perth-based Newson returns to the specialist insurance provider having spent over two years with WTW.
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Zurich bolsters APAC SME offering with Theo Pitsikas as regional head
James Garrett will succeed Pitsikas as head of SME for Australia and New Zealand.
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Aon taps Munich Re’s Forest Jun Wang as reinsurance L&H head for greater China
Beijing-based Wang brings a wealth of experience of driving the life reinsurance business within mainland China and the Greater Bay Area.
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HDI Global appoints Casey Sandler as interim MD for Japan branch
Sandler will replace Uwe Jürgen Sievers, who will step down after 30 years of service due to personal reasons.
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Howden-owned MGA Dual promotes Stewart Eaton to ANZ head of liability
Eaton joined the MGA in late 2023 and has been head of liability for New Zealand before assuming the new role.
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Axa XL boosts India team, taps Swiss Re’s Saumitra Sharma as CUO
Specialty (re)insurer has made five new hires in the country across underwriting and claims, the additions follow the onboarding of new CEO Alok Shukla on April 1.
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Zurich Singapore hands out 2 expanded property, financial lines leadership roles
Christy Yeo appointed head of property, and Wendy Ong appointed head of financial 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.
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Korean insurers’ record H1 results marred by motor results slump
Rates cuts by major players have led to a a significant deterioration in their motor portfolio in the first six months of the year, while a focus on long-term insurance products has helped the bottomlines.
Insurance broker market in Asia
Neelay Patel, Managing Director & Head of Growth, Asia at Aon
Construction market insurance trends in Asia
Vincent Banton, Head of Construction & Infrastructure, Asia at Aon
Managing health portfolios in South-East Asia
Dr Kumud Bordoloi, Head of A&H at Peak ReIndustry insights and in-depth analysis
Our reports take deep dives into a variety of themes with comments from leading practitioners, data and proprietary analytics. Keep on top of the latest market trends and discover opportunities with our reports.
Cybersecurity: ''For insurers, rather than treating certifications as sufficient proof of security, they should demand evidence of ongoing monitoring of their security posture''
Marc Krisjanous, SixBlocks Audit