Country: Asia Pacific Page 122 / 515
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- December 15 2023
Swiss Re International to take over defunct Target Insurance’s EC policies
The 32 in-force employee compensation policies issued by the Hong Kong taxi insurer will be transferred from April 1, 2024.
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- December 15 2023
EQC hit with New Zealand’s biggest-ever class action for underpaying claims
The Christchurch High Court authorised the lawsuit that alleged that the earthquake commission saved US$932m by underpaying land damage claims from the 2010-11 Canterbury earthquakes.
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- December 15 2023
Seadrif Insurance hires Ellen Yong as chief operating and financial officer
Yong, who is relocating to Singapore from Bermuda, will lead the development of internal infrastructure and systems for the Asean catastrophe risk facility.
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- December 15 2023
China Aircraft Leasing gets US$23.57m insurance settlement for jets stranded in Russia
Following similar deals in the last two months, Russian insurer NSK will make the payout for one aircraft leased to Aeroflot and the Chinese lessor has agreed to release its claims against all parties.
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- December 15 2023
Shanghai Insurance Exchange sets template for reinsuring Greater Bay Area climate risks: Axa’s Sally Wan
Both Hong Kong and Shanghai have a role to play in helping (re)insurers manage risk and grow their P&C businesses, from climate to infrastructure risks, says the Greater China CEO.
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- December 15 2023
KSCFC to recover profitability despite changes in regulation: Moody’s
Rating agency affirmed A3 insurance financial strength rating; maintains stable outlook.
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- December 14 2023
New India Assurance admits NHPC’s Sikkim flood claims
The state-owned power producer's projects damaged in the flood include Teesta-V Power Station (510 megawatt) and the under-construction Teesta-IV HE project (500 megawatt).
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- December 14 2023
Insurer of shadow vessel grounded off Singapore ‘forcibly dissolved’ by Marshall Islands: report
Continental P&I, the little-known insurer which covered Liberty, the oil tanker carrying one million barrels of fuel oil, was shut down as it had no known address in the island nation, highlighting the challenges dark fleet poses to the industry.
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- December 14 2023
PICC P&C’s agricultural business sees fastest growth for 11M2023
The government's initiative to expand coverage to more commodities should help non-lifers to uphold their growth dynamics in agri insurance, analysts said.
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- December 14 2023
APAC financial lines underwriters search for pockets of profitability in underserved niches
While the market in the region remains extremely soft, carriers are betting on mid-market and SME D&O accounts, commercial PI and cyber-blended policies.
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- December 14 2023
China rolls out red carpet for foreign marine insurers to boost reinsurance capability
Local insurers' underwriting and loss prevention capabilities can be improved, according to a guiding opinion jointly issued by the central bank and several financial regulators.
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- December 14 2023
Australian cyclone pool expects to cover 94% projected ultimate exposure by year-end
Nine out of 11 large insurers have already joined the ARPC while IAG and Autor & General will join by December 31; The pool made an underwriting loss of US$2.75m from a GWP of US$100m in FY 2023.
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- December 13 2023
Korean regulator sets mandatory crypto insurance requirement on operators
Virtual asset service providers must set a min 5% compensation limit based on customers’ virtual assets stored in hot wallet, the Financial Services Commission said.
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- December 13 2023
BHSI Australia hires AIG’s Michael Hannigan as underwriting manager for corporate property
In his new role, Melbourne-based Hannigan will cover corporate property across Victoria, South Australia and Tasmania, reporting to national manager for corporate property Anna Spink.
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- December 13 2023
IRDAI objects Reliance General Insurance owner’s plan to rejig ownership: report
The Indian insurance regulator has termed the move as “premature” and “sub-judice” as certain court cases are yet to be concluded.
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- December 12 2023
Australia prepares for Cyclone Jasper as ARPC declares cyclone event
The tropical cyclone is expected to cause extremely strong winds, heavy rain, and storm surge, with severe weather warnings already in place in northern parts of Queensland.
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- December 12 2023
Kiwi insurers settle claims worth US$1.7bn from twin weather events: ICNZ
87% of 115,353 claims worth US$2.2bn for Auckland Anniversary Weekend floods and Cyclone Gabrielle, two largest insurance weather events in the country's history, have been settled.
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- December 12 2023
China to pilot expanded agri cover scheme
The public-private partnership programme will provide coverage to rubber farmers in Yunnan, Hainan either on the costs or revenue of the insured plantation.
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- December 12 2023
Opinion: Navigating difficult waters for the Asia D&O market
A robust commitment by the regulators to adopt a stricter approach to enforcement means that this is by no means and easy class of business to write in 2024.
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- December 11 2023
Crawford picks Reuben Francis from Sedgwick as deputy managing director for Malaysia
Kuala Lumpur-based will be responsible for the technical quality and delivery of loss-adjusting services, client management and business development.
