Country: Pacific Islands Page 2 / 3
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- February 9 2024
WTW expands Australasia fac team with Guy Carpenter hire
Sydney-based Michael Lazarus will join the broker's facultative team in Australasia as associate director
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- February 5 2024
WTW launches parametric protection for South Pacific coral reefs
Fiji’s island communities will be eligible for payouts of up to US$450,000 for reef restoration and community assistance if cyclones hit.
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- December 4 2023
Bain-backed Tower announces ownership structure review
The Kiwi insurer has hired Goldman Sachs as the financial adviser to explore options to maximise value for all its shareholders.
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- November 30 2023
Surge in claims volume testing APAC service capabilities
Increasing nat cat losses, rising cyber claims and inflation leave regional response infrastructure in danger of being overwhelmed, lengthening lead times significantly and driving up costs.
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- November 28 2023
Parametrics primed for APAC’s insurance mainstream: Descartes
As the search for nat cat capacity grows in the region, the MGA is looking at 'solid double-digit' premium growth this year on more demand from Australia, New Zealand, the Pacific islands and the Philippines.
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- November 23 2023
Tower’s FY 2023 COR at 101% as large events cost triple to US$33.6m
While the New Zealand insurer's GWP grew 17% to US$319m, its underlying profit fell 72% year-on-year hit by large losses from January and February weather events.
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- November 23 2023
CelsiusPro partners Tower to build distribution platform for Pacific islands parametric cyclone cover
The cover will apply to a policyholder's house or another insured location, impacted by a high wind-speed cyclone event, regardless of damage.
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- November 3 2023
Roshan Perera to lead Gallagher Re APAC strategic solutions
Prior to joining Gallagher Re last year, Perera had spent over 12 years with consultancy firm consultant NMG Consulting.
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- November 1 2023
QBE exits Papua New Guinea market
The Australian insurer divested its subsidiary to Alpha Insurance.
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- September 28 2023
Tower ups reinsurance excess for first two events to US$10m
An excess of US$11.9m applies for a third event in FY 2024, while the Kiwi P&C player has decreased its upper cat limit to US$447m from US$557m.
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- September 22 2023
Lloyd’s partners UN to scale insurance access for climate-vulnerable countries in APAC
Initially focussing on building solutions across Fiji and the Pacific Islands, the partnership will seek to replicate the model in Asia and Africa.
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- September 6 2023
Marsh appoints Josh Roach as Pacific CEO
Roach will oversee Australia, New Zealand, Fiji and Papua New Guinea from January 2024 as Nick Harris takes on the UK retail CEO role.
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- August 14 2023
Tokio Marine to sell its Guam subsidiary to MGA Calvo
The deal, which will see the Japanese carrier exit the market, is expected to close in the second half of FY 2023.
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- July 4 2023
Tower continues Pacific restructuring with sale of Solomon Islands unit
Trans Pacific Assurance, which acquired the business, will retain the Kiwi carrier's staff and aims to complete the deal in 2023.
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- June 7 2023
Asian carriers on the hook from ‘hundreds of millions’ of Guam typhoon claims
Tokio Marine, MS&AD, DB and Chung Kuo among hit as Typhoon Mawar caused extensive property damage, but high deductibles could help keep losses down.
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- June 1 2023
Typhoon Mawar threatens Japan after slamming Guam
The storm, which is skirting the Philippines and Taiwan and heading to the Okinawa Islands, is one of the most powerful on record for May.
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- May 26 2023
Japan, Korean insurers brace for claims from ‘US$1bn’ Typhoon Mawar in Guam
There are 11 international hotels on the island which have BI cover. Crawford is sending 40 adjusters from Asia.
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- May 17 2023
Tokio Marine withdraws from select Pacific markets: report
The insurer exits Guam and the Northern Mariana Islands as margins deteriorated in 2022 as medical claims rebounded.
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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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- October 26 2022
Tower trials parametric cyclone cover in Fiji
While the island country is heavily exposed to cyclones, fewer than 10% of Fijian households have insurance.
