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- August 25 2023
IRDAI approves reinsurance regulation amendments
The minimum capital requirement for foreign reinsurance branches has been halved to US$6m, with the provision to repatriate any excess assigned capital.
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- August 24 2023
Claims’ payouts from Japan’s July floods hit US$164m: GIAJ
Record rain hit several prefectures including on Kyushu, Japan's third largest island, resulting in over 25,000 claims for damage to vehicles and property.
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- August 24 2023
McLarens prepares for larger Asia losses
The global adjuster is focusing on adjacency services, technical expertise, regional expansion, technology and developing local talent as it reaches a 50-year milestone in the region.
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- August 22 2023
Aon confirms Qin Lu to lead mainland China, Hong Kong, Macau and Taiwan
Lu is overseeing risk and human capital and reinsurance, and will work with the broker's Greater China team which Aon describes as a 'sub-region' in APAC.
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- August 22 2023
AUB announces global restructure as Tysers CEO exits
AUB Group CEO Mike Emmett to become Tysers interim chief executive as the broker seeks to appoint heads of global retail, wholesale broking and underwriting agencies to align Australia, NZ and the UK operations.
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- August 22 2023
BMS names Tim Hewitt as head of Japan
Hewitt, who has two decades of legal experience, will focus on inbound-outbound M&A activity as growth in the Japanese market accelerates.
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- August 22 2023
IAG reveals up to US$4.5bn potential Greensill exposure
Since February, proceedings involving 20 separate claims have commenced related to the collapse of the trade credit financier, with the Australian carrier insisting it has 'no net insurance exposure'.
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- August 21 2023
IAG’s FY underwriting profit falls A$292m after nat cat miss
IAG's H2 COR in New Zealand was 111.8% as the insurer was hit by Cyclone Gabrielle and the Auckland floods, as group cat claims at A$1.2bn came in well above its FY 2023 allowance.
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- August 18 2023
AM Best expects Korea P&I Club’s ‘underwriting fundamentals’ to improve; affirms ratings
After a difficult few years, the Korean carrier has been taking action such as premium increases, the non-renewal of unprofitable policies and enhancing terms.
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- August 18 2023
Sedgwick Australia consolidates engineering and construction under Andre Mataia
Mataia became the loss adjuster's head of construction for Australia in March.
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- August 17 2023
Perils ups Cyclone Gabrielle insured property losses to over NZ$2bn
The February storm on New Zealand's North Island was cited in several global reinsurers' H1 results as a major claims event.
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- August 17 2023
Steadfast registers strong FY revenue, profit boost; eyes A$445m of M&A ‘opportunities’
The Australian group's broking arm saw 12.7% of organic growth as the division contributed A$891.6m of revenue, up 24.5% over FY 2022.
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- August 17 2023
Exclusive: Ted Hodgkinson exits BMS — sources
IAN understands the Hong Kong-based Asia chairman has left the global broker.
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- August 16 2023
Hawaii wildfire insured property losses to hit US$3.2bn: KCC
Tokio Marine, DB Insurance and MS&AD have exposure to the state's 'most destructive' ever fire, which has burned over 2,200 structures in the historic town of Lahaina.
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- August 15 2023
Typhoon Lan makes landfall in Japan
The authorities have issued flood and landslide warnings after powerful storm skirts near Osaka with the (re)insurance community on high alert.
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- August 15 2023
Tokio Marine, DB and MS&AD face losses from devastating Hawaii wildfires
The catastrophe is likely to lead to hundreds of millions of dollars of claims as overall costs climb to US$6bn.
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- August 14 2023
Thai Re in H1 profit turnaround as COR registers 97.3%
The reinsurer reported a net profit of US$2.2m in the first six months after a loss of US$5.8m in H1 2022.
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- August 11 2023
AUB upgrades FY profit guidance; Chris Drury to leave Tysers
AUB said that Tysers has been "performing ahead of expectations", while the broker has also confirmed the departure of Tysers' Singapore CEO.
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- August 11 2023
Munich Re saw ‘considerable’ price rises in Australia at July renewals
Prices across the Munich Re portfolio increased 5.1% at July 1, while overall P&C reinsurance H1 profits slipped 20.5%.
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- August 10 2023
QBE posts H1 COR of 98.8% as cat costs bite
Investment result boosts insurer after storms in New Zealand, the US, Australia and Turkey earthquake cause US$164m H1 cat allowance miss.
