Country: Asia Page 60 / 403
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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
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
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
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.
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- April 1 2024
Opinion: Baltimore marine disaster serves as potent warning for Asia marine market
With rates sure to correct for the multi-billion dollar loss from the event, the region has more at stake with mega-vessels concentrating trade into fewer mega-ports, which can lead to potentially higher risks and mega-claims.
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- April 1 2024
April 1 renewals see ‘dramatic shift’ in favour of cedents: Aon
Japan property cat rates were flat to slightly reducing, while South Korea, China and India also saw increased competition for catastrophe business.
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- March 28 2024
Insurtech Qoala raises US$47m in latest funding round co-led by PayPal Ventures
PayPal Ventures co-led the latest funding round with MassMutual Ventures, bringing the Jakarta-based insurtech's total funding raised to US$130 million since its inception.
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- March 28 2024
Baltimore bridge collapse’s insured losses could hit US$4bn: report
Insured losses could total range from US$2-4bn, with 80 different reinsurers having provided cover to the Singapore-flagged container vessel's insurers, Reuters reports.
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- March 28 2024
China Re returns to profit on strong FY2023 primary P&C, overseas growth
China's largest P&C reinsurer said lower cat losses, and improved rate conditions at its wholly-owned Chaucer also helped it achieve a 18% growth in overseas reinsurance gross written premium.
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- March 28 2024
Vietnam’s PVI Insurance strong underwriting results set to sustain: AM Best
Vietnam's largest non-life insurer's financial strength rating, at "A-" (excellent), was affirmed on its strong performance and support from parent, German insurer HDI Global SE.
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- March 28 2024
1.4: South Korean cedents to see single-digit rating increases
While the market has yet to fully recover from the past years’ big industrial and cat losses, reinsurers are comfortable with where the rates, terms and conditions are now.
