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Collaboration critical for insurers, brokers, risk managers to navigate rapidly evolving risks, warns Markel leader
Rohan Davies, managing director for the London market at Markel International, tells InsuranceAsia News on the sidelines of the Airmic Annual Conference that traditional insurance programs no longer reflect real-world risk.
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Underwriters far from returning to pre-war war risk pricing even as US-Iran deal looms, brokers say
Marine war rates are likely to remain around 1% for the next week or so, with a possible drop to the 0.8%–0.6% range in the subsequent week should there be genuine and sustained signs of de-escalation.
Underwriters far from returning to pre-war war risk pricing even as US-Iran deal looms, brokers say
Marine war rates are likely to remain around 1% for the next week or so, with a possible drop to the 0.8%–0.6% range in the subsequent week should there be genuine and sustained signs of de-escalation.
Marine war rates are likely to remain around 1% for the next week or so, with a possible drop to the 0.8%–0.6% range in the subsequent week should there be genuine and sustained signs of de-escalation.
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ACCC approves Zurich-Beazley deal, finds ‘unlikely’ threat to competition
Two insurers would likely continue to face competition from multiple alternative suppliers of specialty insurance products in Australia, according to the Australian Competition and Consumer Commission (ACCC).
ACCC approves Zurich-Beazley deal, finds ‘unlikely’ threat to competition
Two insurers would likely continue to face competition from multiple alternative suppliers of specialty insurance products in Australia, according to the Australian Competition and Consumer Commission (ACCC).
Two insurers would likely continue to face competition from multiple alternative suppliers of specialty insurance products in Australia, according to the Australian Competition and Consumer Commission (ACCC).
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Brokers back fire levy review, call insurance funding model an ‘unfair burden’
Insurance Brokers Association of New Zealand urges to shift the Fire and Emergency New Zealand levy off insurance premiums and instead fund it through taxes or council rates.
Brokers back fire levy review, call insurance funding model an ‘unfair burden’
Insurance Brokers Association of New Zealand urges to shift the Fire and Emergency New Zealand levy off insurance premiums and instead fund it through taxes or council rates.
Insurance Brokers Association of New Zealand urges to shift the Fire and Emergency New Zealand levy off insurance premiums and instead fund it through taxes or council rates.
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India’s GIC Re appoints Hitesh Joshi as chairman, MD
He most recently served as interim chairman and MD, following the retirement of Ramaswamy Narayanan.
India’s GIC Re appoints Hitesh Joshi as chairman, MD
He most recently served as interim chairman and MD, following the retirement of Ramaswamy Narayanan.
He most recently served as interim chairman and MD, following the retirement of Ramaswamy Narayanan.
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Liberty Mutual hands Defne Turkes additional global president, MD role
Singapore-based Turkes will lead strategic growth across commercial insurance for Liberty International Insurance globally as well as retail markets in Asia.
Liberty Mutual hands Defne Turkes additional global president, MD role
Singapore-based Turkes will lead strategic growth across commercial insurance for Liberty International Insurance globally as well as retail markets in Asia.
Singapore-based Turkes will lead strategic growth across commercial insurance for Liberty International Insurance globally as well as retail markets in Asia.
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Descartes Underwriting gains Lloyd’s coverholder status via new Oak Global partnership
Parametric specialist's APAC expansion will be supported by access to Lloyd’s capacity.
Descartes Underwriting gains Lloyd’s coverholder status via new Oak Global partnership
Parametric specialist's APAC expansion will be supported by access to Lloyd’s capacity.
Parametric specialist's APAC expansion will be supported by access to Lloyd’s capacity.
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India to sell up to 5% of GIC Re via share placing
Government is divesting part of its stake to comply with minimum public ownership regulations.
India to sell up to 5% of GIC Re via share placing
Government is divesting part of its stake to comply with minimum public ownership regulations.
Government is divesting part of its stake to comply with minimum public ownership regulations.
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Cyber insurance limit adequacy under the microscope across Asia as average ransomware event cost tops US$5m
More than 95% of average data breach losses and 90% of average first-party losses are adequately covered by insurance, according to Willis' latest cyber report.
Cyber insurance limit adequacy under the microscope across Asia as average ransomware event cost tops US$5m
More than 95% of average data breach losses and 90% of average first-party losses are adequately covered by insurance, according to Willis' latest cyber report.
More than 95% of average data breach losses and 90% of average first-party losses are adequately covered by insurance, according to Willis' latest cyber report.
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Markel accelerates Asia push in bid to rebalance global book, but ‘not before we are ready’
Markel International president Andrew McMellin and APAC managing director Sucheng Chang tell InsuranceAsia News about how the specialty carrier's regional build-out reflects a broader push to replicate London-based expertise in regional markets.
Markel accelerates Asia push in bid to rebalance global book, but ‘not before we are ready’
Markel International president Andrew McMellin and APAC managing director Sucheng Chang tell InsuranceAsia News about how the specialty carrier's regional build-out reflects a broader push to replicate London-based expertise in regional markets.
Markel International president Andrew McMellin and APAC managing director Sucheng Chang tell InsuranceAsia News about how the specialty carrier's regional build-out reflects a broader push to replicate London-based expertise in regional markets.
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Corporate travel insurers brace for more Middle East war-related claims as Iran conflict continues
Until insurers know the full financial impact of the claims, general corporate travel pricing is expected to remain stable, Melanie Barrett, head of A&H at MGA Dual Australia, tells InsuranceAsia News.
Corporate travel insurers brace for more Middle East war-related claims as Iran conflict continues
Until insurers know the full financial impact of the claims, general corporate travel pricing is expected to remain stable, Melanie Barrett, head of A&H at MGA Dual Australia, tells InsuranceAsia News.
Until insurers know the full financial impact of the claims, general corporate travel pricing is expected to remain stable, Melanie Barrett, head of A&H at MGA Dual Australia, tells InsuranceAsia News.
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Tysers appoints William Furness-Smith as interim Singapore CEO
Permanent appointment as Babita Rai's successor is subject to approval from the Monetary Authority of Singapore.
Tysers appoints William Furness-Smith as interim Singapore CEO
Permanent appointment as Babita Rai's successor is subject to approval from the Monetary Authority of Singapore.
Permanent appointment as Babita Rai's successor is subject to approval from the Monetary Authority of Singapore.
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VIG Re names Wilfrid Goh as chief representative for APAC
Singapore-based Goh will lead the establishment of VIG Re’s presence in Singapore, effective from July 1, and will report to managing director Marc Haushofer.
VIG Re names Wilfrid Goh as chief representative for APAC
Singapore-based Goh will lead the establishment of VIG Re’s presence in Singapore, effective from July 1, and will report to managing director Marc Haushofer.
Singapore-based Goh will lead the establishment of VIG Re’s presence in Singapore, effective from July 1, and will report to managing director Marc Haushofer.
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Asia’s protection gap remains stubbornly persistent as new exposures remain uninsured
Swiss Re Institute identifies economic growth as the main driver of rising exposure, with the protection gap broadly tracking nominal GDP growth.
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Philippines quake claims expected to escalate, testing local claims management, loss adjusters say
Region is still assessing widespread destruction after the 7.8 quake struck south of General Santos City last week, with loss adjusters warning that early loss estimates will climb as structural defects, foundation movement, hidden damage, and BI exposures emerge.
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Middle East conflict: world ‘in the foothills’ of prolonged war, insurers told
Richard Shirreff, former deputy supreme commander Europe for NATO, has told insurers to brace themselves and their clients for the Middle East conflict ‘lasting for years, not months’.
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Broker legal battles show no sign of abating, even after landmark court ruling
Despite a key court ruling showing that team departures may not always be unlawful, intense competition for broking talent in Asia Pacific and globally continues to fuel legal battles over staff and client poaching.
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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Markel accelerates Asia push in bid to rebalance global book, but ‘not before we are ready’
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Cargo parametric insurer charts route to US$68bn protection gap with ‘new shiny object’
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Lockton Asia CEO targets doubling revenue by 2030, bets on specialty lines and employee benefits
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Exclusive: Victor Kuk draws up blueprint for a ‘truly global’ Peak Re
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Exclusive: Peak Re ready for next phase of growth, embrace new era: Franz-Josef Hahn
M&A
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ACCC approves Zurich-Beazley deal, finds ‘unlikely’ threat to competition
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Steadfast draws US$5.4bn takeover bid from Amwins, Dragoneer
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Steadfast receives takeover offer
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Allianz Partners to acquire nib’s Australia, New Zealand travel portfolio
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Cyber specialist Emergence acquires renewal rights to Blue Zebra’s cyber portfolio
ESG
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Lloyd’s looks for new way to meet diversity challenge after scrapping Dive In festival after 12 years
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Swiss Re faces activist scrutiny for underwriting new LNG terminals, CEO defends ‘very robust’ ESG framework
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QBE hands Mandy Chan expanded role as head of operational power generation, ESG for Asia
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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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Sedgwick Asia says it is ready to meet the evolving challenges of Asia’s dynamic insurance markets.
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India’s GIC Re appoints Hitesh Joshi as chairman, MD
He most recently served as interim chairman and MD, following the retirement of Ramaswamy Narayanan.
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Liberty Mutual hands Defne Turkes additional global president, MD role
Singapore-based Turkes will lead strategic growth across commercial insurance for Liberty International Insurance globally as well as retail markets in Asia.
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Tysers appoints William Furness-Smith as interim Singapore CEO
Permanent appointment as Babita Rai's successor is subject to approval from the Monetary Authority of Singapore.
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VIG Re names Wilfrid Goh as chief representative for APAC
Singapore-based Goh will lead the establishment of VIG Re’s presence in Singapore, effective from July 1, and will report to managing director Marc Haushofer.
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Swiss Re promotes Torben Swart to MD, head of technical & operational excellence for APAC ex-China
Hong Kong-based Swart most recently served as head of L&H reinsurance for Hong Kong and Taiwan.
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Aon gives Harry Edwards new Asia growth leader role
Singapore-based Edwards has been with Aon for more than six years.
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Munich Re Specialty promotes Philip Steinbach to head of surety underwriting for Australia
Sydney-based Steinbach was most recently a senior underwriting consultant for surety when he joined the insurer 10 months ago.
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Berkley Re’s Glen Riddell named chair of Singapore Reinsurers’ Association
Riddell, who succeeds PartnerRe's James Beedle, will be joined by Lloyd’s Asia CEO Emma Loynes as deputy chair.
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Axa XL Re’s Phil Xue returns to Guy Carpenter as China, Hong Kong managing director
Xue, who will also take over as the chief operating officer for the reinsurance broker in the region, was most recently CEO for Shanghai-based Axa International Re.
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Exclusive: Specialist broker HWF Partners explores Asia entry as transaction liability talent war intensifies
The Ardonagh-backed London broker is seeking a senior local hire to lead a potential Asia build-out, sources say.
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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
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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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Insurance seen as ‘genuine tipping point’ for Asia’s first major carbon capture, storage hubs
Consortium identifies India, Indonesia, Malaysia, and Australia as potential storage sites across the Asia Pacific, but insurers warn projects may not secure financing without long-term risk cover.
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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.
We don’t need to put a flag in every country and town: Lockton Asia’s Tony Hardy
Tony Hardy, CEO of Lockton Asia, discusses the US broker’s efforts to double its revenue in the region by 2030, and its recent deal to take majority ownership of its Malaysian joint venture.
Asia offers diversification amid global market softening: Miller’s Ron Whyte
Ron Whyte, head of Asia at Miller, talks to InsuranceAsia News about the broker’s ongoing expansion in Japan and South Korea, and the state of the reinsurance broking market in the region.
Insurtech: "As the [AI] hype continues, so does the imperative for insurers, insurtechs and distributors to look beyond the noise to the underlying forces at play."
David Lynch, bolttech