Country: Australasia Page 57 / 114
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- February 17 2023
Allianz’s Asia P&C net earned premium grows 30%, COR up at 98.1%
Group COR increased to 94.2% primarily due to higher attritional losses related to normalisation of claims frequency and claims inflation.
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- February 17 2023
QBE 2022 COR improves to 93.7%; reinsurance expenses climb 34%
The global carrier's underwriting profit was up 34% to US$933m, while its GWP grew to US$20bn.
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- February 17 2023
Tower ups large event allowance by 33%, expects Gabrielle to trigger reinsurance
The storm is the second event in weeks set to breach the insurer's cat excess of US$7.4m leading to Tower to downgrade its profit guidance.
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- February 17 2023
AUB upgrades profit guidance as Tysers performs ‘ahead of expectations’
The broker expects US$32.3m of profit for H1 2023, which is 8.5% above the mid-point of the guidance.
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- February 16 2023
Insured losses from Cyclone Gabrielle, Auckland floods to exceed 2022 nat cat total: ICNZ
IAG New Zealand has already received 2,300 claims connected with the cyclone, mainly from Auckland, Northland, Waikato and the Bay of Plenty.
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- February 16 2023
Allianz sees claims from cyclone pool after Gabrielle hit Norfolk Island
The storm caused minor damage to the external territory before it slammed New Zealand.
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- February 14 2023
First claims lodged as Cyclone Gabrielle wreaks havoc
New Zealand has declared a state of emergency as the cyclone hits homes, roads, vehicles, air traffic and the power grid.
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- February 14 2023
IAG, Suncorp and Tower receive over 37,000 claims from Auckland floods
IAG has seen over 21,000 claims, Suncorp more than 11,500 and Tower over 4,800, from the event which started January 27.
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- February 14 2023
Asia flood losses to worsen amid data deficit
(Re)insurers are feeling the heat from record rainfall events and fast-evolving climate risk scenarios.
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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
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
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
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
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.
