Country: Pacific Page 51 / 117
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- July 12 2023
Zurich in APAC leadership shake-up
Sean Walker and Liam Burrell to take on senior APAC commercial roles, Reginald Peacock becomes head of marketing development for Zurich Resilience Solutions, and Alex Morgan to head GI for Australia and NZ.
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- July 12 2023
Allianz Australia to reorganise corporate structure
As part of the overhaul, the portfolio that was part of the erstwhile Westpac General Insurance will be transferred to the parent.
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- July 10 2023
Lloyd’s syndicate Probitas 1492 to cease insuring Adani’s Australian mine
Once the existing policies expire in the next quarter, the carrier will not provide insurance support in the future for any ancillary or associated activities.
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- July 10 2023
Opinion: Australia’s cyclone pool helps ease pressure on cat limits
ACRP is set to assume more than 90% of the market’s cyclone exposure for household, strata and small business property policies.
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- July 7 2023
IAG reduces aggregate cover and increases retentions in July 1 renewals
The Sydney-based insurer purchased aggregate, third and fourth event reinsurance covers for FY 2024.
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- July 7 2023
Hannover Re and IAG renew 2.5% quota share
The new arrangement is effective from July 1, 2023, and has a term of five years.
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- July 6 2023
Cyclone Seroja damages at US$270m for Western Australia: ICA
With more than 10,000 claims from the 2021 event, the closing rate is 95.9%.
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- July 6 2023
Charles Taylor expands Singapore hub with veteran Stephen Thorpe in key role
Thorpe moves into a hybrid role with additional responsibility as the loss adjuster's managing director, Asia, property, casualty and special technical risks.
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- July 5 2023
Allianz Commercial Australia elevates Alison Brough as general manager-agencies
Sydney-based Brough was most recently head of underwriting services for the country, transitioning the commercial underwriting services team as part of the group restructuring.
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- July 5 2023
BMS snaps up Brisbane-based broker Bluebook
This is the global broker’s sixth Australian acquisition in the past 12 months.
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- July 4 2023
Suncorp drops aggregate cover, increases retentions and pays more at 1.7 renewals
The combined cost of the FY 2024 catastrophe reinsurance premiums and the natural hazard allowance is expected to increase by approximately A$250m or 12% from 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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- July 4 2023
Australia sees 25% rate hikes, higher retention levels at 1.7 renewals
Although the market has had more capacity coming in from cyclone reinsurance pool, the uncertainty in the lower layers has led to higher retention and increased attachment return periods.
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- July 4 2023
RACQ joins Australian cyclone reinsurance pool
The carrier's statement said that while it supported the pool, its design and implementation of the current model will only deliver marginal benefits to members living in the north.
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- July 3 2023
New capital, moderated demand lead to orderly 1.7 renewals: Gallagher Re
There were significant year-on-year rate increases and reinsurers sought to bring terms and conditions in line 1.1 and 1.4 renewals.
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- July 3 2023
IAG-backed CGU and ANZ enter bancassurance deal
The partnership will see the personal lines insurer underwrite home, landlord and motor insurance products for the bank's retail customers.
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- June 30 2023
Australian court fines IAG record US$26.5m for pricing misconduct
The insurer said that it will pay the penalty from the A$123m customer refund provision made earlier this financial year.
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- June 30 2023
Suncorp joins Australia’s cyclone reinsurance pool
All new and renewal policies for home, strata, landlord and small business property insurance across the group’s brands, including AAMI, Apia and Vero, will now access the pool.
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- June 30 2023
Aviso Broking promotes Paul McLean to chief distribution officer
McLean (pictured) was elevated in a recent management restructuring programme that formed a new executive team, following the Ardonagh buyout.
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- June 29 2023
RACQ withdraws from Queensland CTP scheme
This decision follows a long-standing demand from the insurer to fix the scheme's lack of ‘equitable distribution of risk’.
