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- March 25 2024
Insurance Council of New Zealand widens complaints reporting to boost transparency
Customers should expect their insurers to maintain high standards and have in place robust processes, backed by external oversight, for handling complaints, ICNZ chief executive said.
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- March 25 2024
Newline grows Australia footprint with Sydney office
The Lloyd's (re)insurer has appointed Nicholas Beswick in Sydney as head of professional indemnity for Australia and New Zealand.
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- March 22 2024
Tokio Marine secures US$100m Japan EQ capacity with Kizuna Re III cat bond
The Singapore-domiciled bond is the first time a Japanese sponsor has used a World Bank Group Sustainable Development Bond as collateral.
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- March 22 2024
Exclusive: Hyundai Insurance and Korea P&I Club on hook after Keoyoung Sun tanker sinks off Japan coast
A total hull loss is expected for the vessel insured at U$S2.25 million and there is no estimate for the cargo loss yet, industry sources say.
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- March 21 2024
Malaysia’s general insurance, takaful funds 2023H2 operating profits up 46%
Higher premium growth in the motor segment and continued improvements in risk-based pricing have bolstered the sector's H2 operating profit. But for full year of 2023, operating profits rose by just 3.2% year-on-year.
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- March 21 2024
UK P&I Club positioned to benefit from the shipping shift to Asia: CUO
45% of the P&I club’s gross tonnage comes from the region as its local growth outperforms rest of the world.
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- March 20 2024
Kiwi insurers settle 91% of US$2.3bn in claims from Cyclone Gabrielle and Auckland flooding: ICNZ
The carriers have settled 106,891, of 117,414 claims valued and have so far paid out US$1.85bn (82%) for both events, with residential house claims at 92%, and both contents and motor at 94% fully settled.
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- March 19 2024
Aon promotes Li Lin Kea to head of marine for Singapore
Kea was most recently regional director responsible for the global broker's Asia cargo and logistics book.
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- March 19 2024
Hannover Re’s APAC FY 2023 revenue stays flat at US$2.25bn
While it has scaled back its business in select markets such as China, certain South-East Asian markets and South Korea to increase the profitability of its portfolio, it has grown its revenues in markets like India and Australia.
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- March 18 2024
India 1.4 renewals likely to be smooth but structures remain a sticking point
Proportional capacity is drying up, but reinsurers remain open to quota shares for select cedents and pushing for whole account XL protections.
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- March 15 2024
(Re)insurers embrace generative AI for better underwriting, claims management
Early adopters are exploring the use of AI tools across the entire insurance value chain, including portfolio accumulation, risk quoting, and risk management.
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- March 14 2024
Cyber, business interruption top risks for India: Aon
66.7% of respondent organisations in the country suffered a loss due to property damage and 50% were affected by supply chain disruptions.
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- March 13 2024
Asian W&I market gears up for a deal rebound but soft market persists
Though valuation mismatches remain a hurdle to a full recovery in M&A activity, underwriters in the region believe that rates may have bottomed out and there will soon be a normalisation in pricing.
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- March 12 2024
Asia Pacific market increasingly bifurcated in Q4 2023: Aon
While nat cat exposed areas were hardening, financial Lines and mid-market property programs retained in domestic insurance markets were soft.
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- March 8 2024
Exclusive: Aon reshuffles Australia W&I leadership as Sam Thomas departs
Sydney-based Anita Vivekananda will succeed Thomas as head of transaction solutions for Australia and New Zealand.
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- March 8 2024
Valentine’s Day storms’ cost estimate at US$69m, claims set to cross 20,000: ICA
85% of claims are related to home and contents damage caused by the heavy rainfall, flooding, and strong winds experienced across the region.
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- March 6 2024
Howden Tiger takes QBE chief actuary Karl Marshall as APAC head of advisory and analytics
Sydney-based Marshall will lead cat and actuarial analytics build-out and strategy across the region and advise on reinsurance and capital solutions.
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- March 5 2024
Cyber, marine cargo and property to drive Singapore wholesale market in 2024: Howden
Claims inflation, war/conflict and talent are the three factors most likely to impact the market in the coming year, according to the broker's survey of insurers in Singapore and Malaysia.
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- March 4 2024
Fairfax-backed Go Digit gets Indian market regulator’s approval for IPO: report
The digital insurer is targeting a May public offering, which will be a mix of US$150m in new shares and a secondary sale of 109m shares by founding shareholders.
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- March 1 2024
Aon shakes up Asia leadership with three expanded regional roles
Singapore CEO Andrew Minnitt has been put in charge of Singapore, Malaysia and Indonesia, while the Philippines head Darren Oliver will lead the Philippines, Thailand and Vietnam and commercial risk solutions head Tracy-Lee Kus will take charge as head of Japan and Korea.