Country: Asia Pacific Page 117 / 502
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- November 9 2023
PICC is second largest fossil fuel insurer with US$1.45bn premium income in FY 2022
According to a report by Insure Our Future, global insurers earned around US$21.25 billion in 2022 from fossil fuels with the Lloyd’s market collectively contributing US$1.6 - US$2.2 billion.
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- November 9 2023
Arch Australia launches new cyber practice with Chubb hire
Sydney-based Rachel Green will lead the development of Arch’s cyber insurance portfolio across Australia and the Pacific region, reporting to regional manager Dominic Brannigan.
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- November 9 2023
Axa XL appoints Adias Gerbaud as CUO for APAC, Europe
She assumes the role from Etienne Champion, who is taking on a new position at Axa Group as P&C Commercial Lines group chief underwriting officer.
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- November 9 2023
Reinsurers are there to protect cedents’ balance sheets, not P&L volatility: Axa XL Re’s Guidée
The chief executive flags up US casualty exposure concerns for APAC insurers as “risks are more interconnected”.
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- November 8 2023
Energy pricing to remain elevated as risks stay put: WTW
Deteriorating loss ratios and increased reinsurance costs have put the brakes on any softening.
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- November 8 2023
Axa Hong Kong completes first inward ceding deal on Shanghai reinsurance platform: report
The insurer ceded its Hong Kong-Guangdong cross-order motor insurance business to Axa Tianping P&C.
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- November 8 2023
Marsh promotes John Donnelly from APAC to global head of placement
Sydney-based Donnelly will relocate to London and start at his new role on January 1, 2024.
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- November 8 2023
Clarion call for more granular data to address accumulation risk in Asean, South Asia
Aggregation of data lags behind growing risks in the region as manufacturing shifts to fast-growing economies like India and Vietnam.
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- November 7 2023
WTW launches climate risk centre in Singapore
The new centre, providing climate risk quantification and management capabilities in the region, is led by Christopher Au and is planning to hire 15 climate specialists to support APAC clients.
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- November 7 2023
Asian insurance pricing hits financial lines headwinds, flattening cyber rates: Marsh
Except for a 2% growth in property, almost all other lines in APAC either remained flat or declined, according to Marsh Q3 global pricing index.
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- November 7 2023
Charles Taylor expands Asia teams with several senior hires
The loss adjuster will now have more than 300 technical adjusters and insurance specialists across 18 locations throughout Asia.
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- November 7 2023
20% of motor insurance claims in Singapore fraudulent: report
Common forms of scam involve individuals offering help from unauthorised repair shops or overpriced towing services after an accident, staged accidents with fake injuries, and fake witnesses.
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- November 7 2023
Cyber specialist Coalition launches in Australia with multi-year Allianz capacity
The insurer offers cyber insurance and tech E&O coverages on a primary basis with up to US$2 billion in turnover and no minimum premium.
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- November 7 2023
BESS thermal runaway risks a hurdle to APAC’s ambitious energy transition goals
Growing fire losses at lithium-ion battery energy storage systems and the potential for liability risks emanating from it is a challenge for capacity in the region.
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- November 6 2023
Miller taps Lockton’s William Seccombe to lead Asia financial lines
Singapore-based Seccombe will focus on building a team of experts across all financial lines, enhancing the broker’s global product offering and reach across the sector in APAC.
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- November 6 2023
Asian P&C carriers hit by falling profitability and slowing premium growth: McKinsey
CORs in emerging Asia reached or exceeded 100% every year from 2017 to 2022, primarily driven by a higher expense ratio, while insurance penetration has stagnated at 1- 2% over the past decade, a report by the consulting company shows.
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- November 6 2023
Cautious approach on Aswata’s reinsurance dependence and panel: Fitch
The rating agency has affirmed an insurer rating of AA(idn) with a stable outlook, primarily driven by its high capitalisation and sustained high underwriting profitability.
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- November 6 2023
Coastsure Insurance Brokers acquires Ausure Gold Coast Insurance Brokers
Ausure Gold Coast’s principal, Richard Bell, will assist with the integration of the portfolio into Coastsure.
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- November 6 2023
IAG accuses Greensill of misleading German regulator: report
In a court filing, the Australian carrirer said that the failed trade lender did not disclose that it had agreed to fund its own insurance claims when it presented a credit insurance guarantee to the country's regulator.
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- November 6 2023
Western Nepal’s earthquake casualty losses to exceed US$2.3m: sources
Although the earthquake happened in a remote district with low presence of carriers, the liability has raised up to around US$150,000, potentially retained by local (re)insurers, IAN understands.
