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- June 12 2024
Australia’s strata insurers get cold feet about lithium battery risks
Lot owners will likely see higher premiums, deductibles and even outright rejection by insurers which are shying away from lithium-ion battery chargers and mobility devices as their use widens across the country.
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- June 7 2024
Seadrif FY2023 net profit up 84% on deferred income
The regional catastrophe risk platform saw loss from its insurance operations widen in 2023, but its profit was lifted by surplus grants from the MAS and the World Bank.
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- June 6 2024
Prudential Financial to acquire 10% stake in Qianhai Re
The deal, pending regulatory approval, will make the US insurance group the first foreign minority shareholder in the Shenzhen-based reinsurer.
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- June 4 2024
AI key to exposure management, risk assessment beyond covered perils: CCR Re
Technologies such as natural language processing, machine learning are transforming how the global reinsurer assesses risks, predicts claims and prepares for climate change, says CRO & actuary Jérôme Isenbart.
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- May 31 2024
Hong Kong 2024 Q1 P&C underwriting profit doubles to US$132m
The improvement came despite the sector’s total gross claims rising 12.1% as insurers in the city benefited from the release of prior-year reserves, the Hong Kong Insurance Authority said.
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- May 29 2024
APRA proposes US$22m in levies funding for Australia’s general insurance sector
The total operational costs of the regulators to be recovered from the general insurance sector in FY 2024 is 10.8% higher than the previous financial year, the Treasury said in a discussion paper.
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- May 29 2024
Tower swings back to profit in H1 2024 on absence of large nat cat
The Kiwi insurer's reported net profit after-tax totalled US$22.2m, reversing the US$3.1m net loss a year ago.
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- May 27 2024
Tropical cyclone landfalls in East Asia set to be above-normal: Guy Carpenter
The western North Pacific region will likely see 19 to 21 tropical cyclone formations this year, which is near-normal activity, according to the reinsurance broker.
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- May 22 2024
AUB to acquire financial lines specialist MGA Pacific Indemnity
The Australian broking group will pay up to US$93.4m for 70% of the underwriting agency and it has launched a US$133m private placement to fund the deal.
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- May 22 2024
Rise of autonomous vehicles switches gears on motor liability cover
As the use of self-driving technology widens to taxi and minibus fleets in China, (re)insurers are referencing new regulations on their use on roads to explore new cover for autonomous vehicles.
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- May 16 2024
Swiss Re China head Ivan Gonzalez appointed CorSo global CEO
Gonzalez will succeed Andreas Berger, the incoming group CEO, effective July 1 and relocate to Zurich. He will be succeeded by Beat Strebel, currently the market unit head for Middle East & Africa.
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- May 14 2024
Hannover Re books US$40m losses from Japan’s Noto earthquake, plane crash
The twin events in Japan accounted for 10% of the reinsurer's large loss budget for the first quarter.
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- May 14 2024
Battery risks extend EV insurance’s frontier into product liability
The heightened risks of fire and explosions associated with the use of lithium-ion batteries are forcing (re)insurers to rethink the way they approach their motor insurance business.
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- May 13 2024
New South Wales pushes insurance monitor bill to lower premiums for consumers
The state government is seeking to ensure that the goals of emergency services levy reform, including lower premium and punishing price exploitation, are met through new rules and amendment.
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- May 10 2024
Great Eastern owner OCBC makes US$1bn take-private offer
The offer for the outstanding 11.56% values the Singaporean insurer at US$8.9bn, which represents a 37% premium over the insurers last traded price.
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- May 8 2024
Shanghai Insurance Exchange appoints Wang Zhe as new head as ex-chair faces probe
Wang, an insurance veteran specialising on data analysis and infrastructure, has replaced Ren Chunsheng, who is under probe by the Communist Party's top anti-graft watchdog.
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- May 7 2024
BYD arm gets regulatory greenlight to offer motor cover in China
Shenzhen BYD P&C Insurance, owned by China's biggest EV maker, has been allowed to offer compulsory traffic accident liability insurance in seven provinces and in Shenzhen.
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- May 6 2024
World Bank debuts US$150m Jamaica hurricane cat bond in Hong Kong
The second World Bank bond to list in Hong Kong will offer cover to the Caribbean island state against tropical cyclone events for the next four hurricane seasons up to 2027 and will have a parametric trigger.
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- May 6 2024
Local expertise and investors key to Hong Kong’s cat bond hub ambitions
Rising climate risks in the greater China region highlight Hong Kong's potential as an ILS hub, but an informed pool of investors and professional services ecosystems are important to grow the market further.
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- May 6 2024
Torrential rain grounds air traffic, floods carparks in Guangdong, Hong Kong
Torrential rains brought localised floodings, inundated carparks in Hong Kong, and delayed flights in the Guangdong province, hitting a surge of weekend travellers who visited China coastal cities during the long May-day holiday.
