News Page 132 / 1032
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- June 30 2024
China revises emergency response law to alleviate nat cat shocks
The revised law calls for the establishment of a nat cat risk insurance system based on market principles, and instruct local governments to take out personal accident insurance for rescue teams.
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- June 30 2024
AIG hires Stephen Hanna as head of energy and construction, Pacific
Sydney-based Hanna joins after seven years at Chubb Insurance as ANZ manager, energy and technical lines.
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- June 28 2024
Insured losses from Japan hailstorms set to top US$1bn: Guy Carpenter
Hail had been perceived in the past as a minor peril in Japan, but recent hail events from 2022 to 2024 have shown that Japanese hailstorms can generate substantial losses.
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- June 28 2024
IAG secures US$2.8bn 5-year nat cat cover and US$450m long-tail reserve protection
The Australian insurer has bought the additional reinsurance protection from Berkshire Hathaway and Canada Life Re, while the long-tail adverse development cover is provided by Enstar.
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- June 28 2024
Suncorp’s US$3.2bn bank sale to ANZ gets treasurer’s greenlight
The approval by Treasurer Jim Chalmers has now set in motion the final completion of the deal, now expected by end of July.
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- June 27 2024
India government may delay privatisation of three general insurers: report
The government will provide the state-owned carriers capital support of US$600m, and review business plans to strengthen their balance sheets.
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- June 27 2024
Japanese non-life industry underwriting income tops US$1bn in 2023: GIAJ
The industry’s combined ratio in 2023 decreased by 0.6 percentage points to 96.9% from a year ago, data from the industry body shows.
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- June 27 2024
Japanese insurers may raise voluntary motor premiums in 2026: report
General Insurance Rating Organisation of Japan, the country's only premium rating organisation, plans to raise its reference premium rates for voluntary motor insurance by an average of 5.7% as early as January 2026.
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- June 27 2024
UIB Asia expands regional team with senior Aon and Marsh hires
The reinsurance broker has brought in Aon's Richard Oh as head of operations and marine reinsurance and Marsh's Tong Nee Saw as head of the facultative and specialty division.
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- June 26 2024
Zurich to buy AIG travel insurance business for US$600m
The Swiss insurer will add AIG's Travel Guard brand to Cover-More, which will take the business to a combined annual GWP of about US$2bn.
