Country: Asia Pacific Page 96 / 511
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- April 4 2024
New normal of US$100bn annual nat cat losses calls for greater resilience
The pace of the widening protection gap for natural catastrophes is increasing, and Swiss Re has urged for meaningful climate adaptation and resilience programs
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- April 4 2024
Australian local government association calls for doubling US$130m disaster fund
Over 300 applications seeking AU$460 million in mitigation projects were submitted in 2023, indicating the federal government's AU$200 million funding is "vastly insufficient", the association said.
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- April 4 2024
Axa’s Bermudan unit completes acquisition of XL Re China
The reinsurer will renamed and operate as a member of the French insurance group, focusing on developing products for the Chinese market.
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- April 3 2024
Taiwan rocked by strongest earthquake in 25 years
The 7.4 magnitude earthquake has caused at least nine fatalities, more than 100 building collapses, landslides, suspension of air and rail services, while AM Best has flagged that losses could come from business interruption coverage.
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- April 3 2024
Aon completes acquisition of Global Insurance Brokers in India
GIB is now wholly owned by the global broker and will formally rebrand and intergrate with the group following the finalisation of the deal later this year.
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- April 3 2024
Second loss estimate for the Australia Christmas storms hits US$1 billion: Perils
The second loss estimate is AU$152 million higher than the initial loss estimate released on February 14.
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- April 3 2024
APAC markets see stable renewals on ample capacity, reinsurer appetite: brokers
The supply-demand dynamics have shifted in favour of reinsurance buyers in the April renewals, leading to better pricing and easing of market conditions across Japan, India, Korea, the Philippines and China.
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- April 2 2024
Swiss Re CorSo elevates Stephanie Wong as South-East Asia head of casualty and finpro
Singapore-based Wong was earlier a senior casualty underwriter and vice-president at the insurer.
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- April 2 2024
Sompo’s Kenneth Reilly takes over from Daniel Neo as Asia Pacific CEO
Reilly, who will relocate to Singapore, will retain his current role as head of Tokyo office for the carrier.
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- April 2 2024
Noto earthquake is the only billion-dollar event in ‘benign’ Q1: Cresta
The January 1 earthquake in Japan has an estimated US$1.9bn insured loss, according to the insurance industry organisation.
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- April 2 2024
Malakut sets up Japanese insurance brokerage department, names Sogo Yasuda as head
Prior to joining Malakut, Yasuda was the chief commercial officer, Japan Global Solutions (Europe, Middle East and Africa) at AON for more than three years from October 2021.
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- April 2 2024
Markel launches PI cover in Australia with localised wordings
The carrier will write professional indemnity policies for Australian-domiciled businesses across six sectors including construction, accounting, insurance and media.
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- April 2 2024
IAG appoints Robert Cutler as group general counsel
Cutler joins from Clayton Utz, where he was its chief executive partner, and replaces Karen Ingram who has been the interim GC following Peter Horton's departure in December last year.
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- April 2 2024
IAG New Zealand confirms new chief risk officer following executive team rejig
Rachel O’Brien will take over as CRO for the carrier, while former CRO Martin Hunter will take up a new role and Wayne Tippet will return as executive general manager for claims.
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- April 2 2024
Hanoi Re’s expense ratio to stay elevated: AM Best
AM Best has revised the company’s outlook to positive from stable, and affirmed its "B++" (good) which accounts for the enhancement from its parent, HDI Global.
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- April 2 2024
Dali trade disruption costs put at US$8bn
The losses will be broad, complex and likely significant and there will be claims made under general average, Association of Average Adjusters’ chair Burkhard Fischer tells IAN.
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- April 2 2024
MS&AD completes US$200m dual-tranche Singapore cat bond for Japan nat cats
The bonds will provide Mitsui Sumitomo and Aioi Nissay Dowa with US$100m each of protection for four years.
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- April 2 2024
Floods, drought drive APAC economic loss to US$65bn in 2023: Aon
The protection gap for the region stood at 91%, with only US$6bn of economic losses covered by insurance, which is below the 21st-century average of US$15bn.
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- April 2 2024
Peak Re returns to record profit in 2023 on higher rates, reduced US nat cat exposure
The Hong Kong reinsurer posted US$200m net income for the year and its P&C combined ratio improved notably to 87.3%, from 110.1% a year ago.
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- April 1 2024
China Pacific Insurance P&C 2023 net profit down 20% as investment income plunges
China’s third-largest P&C insurer by premiums saw its combined ratio edge up by nearly 1 percentage point to 97.7%. Its liability business was the only business line with an underwriting loss.
