Country: Asia Pacific Page 254 / 585
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- February 13 2023
IAG’s H1 2023 combined ratio increases to 93.7%
Group GWP grew 7.5% on rate increases but underwriting profit was down 10% year-on-year.
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- February 13 2023
Auckland floods and Turkey earthquake add pressure on upcoming renewals
Recent disasters are likely to trigger reinsurance payouts and add to the capacity woes and rate increases that's been vexing renewals.
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- February 13 2023
Powerful Cyclone Gabrielle hits New Zealand
The strongest storm in decades is causing widespread damage to North Island, which is recovering from recent flooding that is expected to cost insurers and reinsurers over US$600m.
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- February 10 2023
Australia’s Open in exclusive talks to acquire Saga underwriting unit
Gibraltar-based Acromas is a personal lines underwriter for Saga and AA Insurance.
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- February 10 2023
Axa XL promotes Shiwei Jin to APAC & Europe head of global programmes
Based in Hong Kong, Jin will oversee global programme strategy for the (re)insurer's multinational clients in Asia, Australia and Europe.
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- February 10 2023
East Asian insurance markets may have ‘bottomed out’
Carriers in Japan, China and Korea are on a recovery path, however, nat cats, new solvency regimes, and inflation are key challenges.
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- February 10 2023
Zurich APAC COR improves to 91.7% as P&C GWP jumps 18%
APAC premiums grew to US$3.47bn in FY 2022 as the region saw a strong travel insurance recovery.
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- February 10 2023
Lockton appoints ex-JLT Australasian CEO as Pacific president
Leo Demer will work closely with Paul Marsden, Lockton’s CEO (Australia and Pacific) and starts on February 13 in Sydney.
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- February 9 2023
Tower ‘likely’ to buy reinstatement cover as Auckland floods set to trigger reinsurance
The New Zealand carrier has so far seen over 4,800 claims from the weather event and has a cat excess of US$7.5m.
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- February 9 2023
Marsh McLennan in Asia leadership reshuffle
David Jacob has been promoted to CEO of Marsh McLennan Asia, while James Addington-Smith takes charge as Marsh Asia president.
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- February 9 2023
French consortium to acquire CCR Re majority interest
New owners will infuse US$215m in fresh capital into the reinsurer, which derives around 25% of its premium income from Asia.
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- February 9 2023
Auckland floods could be ‘1-in-250 year’ event: Suncorp NZ
"The significance of this event has reached the corridors of global reinsurers," says CEO Jimmy Higgins.
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- February 9 2023
Aon names Stephen Rudman as Asia head of marine
Rudman, who joins from Gallagher, will be based in Singapore and reports to Paul Young, head of commercial risk solutions for Asia.
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- February 9 2023
Hannover Re cuts APAC premium volume by 21.6% in 1.1 renewals
The German reinsurer cut back on proportional treaty in Malaysia and China, but XOL premiums filled some of the void.
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- February 8 2023
Integra signs partnership with Vietnam’s VIA
The loss adjusters will collaborate on losses emanating from a host of specialty lines.
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- February 8 2023
Suncorp misses H1 cat allowance by US$69m, books 94.5% Australia COR
Australian insurance profits rose 142%, helped by a US$104m Covid BI provision release.
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- February 8 2023
Medibank faces class action suit over data hack: report
The lawsuit against the insurer was filed by Baker McKenzie and funded by litigation funding company Omni Bridgeway.
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- February 8 2023
Light at end of tunnel for Taiwan’s Covid blues
P&C carriers paid out US$7bn in 2022, however, the expiration of policies in June could be a turning point for the market.
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- February 8 2023
Japan’s hardening markets force cedents to review reinsurance plans: S&P
The consolidated net income of Tokio Marine, MS&AD, and Sompo will decrease year on year in FY 2022.
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- February 7 2023
Andrew Harris to lead reinsurance for Oneglobal Singapore
Market veteran Harris will provide capital and placement solutions for climate change-affected nat cat risk exposures across Asia Pacific.
