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- April 12 2024
Lockton, QBE, NorthStandard submit proposals for Singapore’s e-harbour craft charging points project
Other interested insurers also include Income Insurance, the Shipowners’ Mutual Protection and Indemnity Association, Tigermar Global, and Cambiaso Risso Asia.
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- March 14 2024
Tokio Marine sets decarbonisation goal for 60 emission-heavy companies
Companies that fail to set up decarbonisation plans by 2030 will be cut off from its insurance underwriting, investment and financing, the Japanese insurance group said.
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- March 11 2024
Singapore expected to ease capital treatment for green infrastructure investing
An upcoming consultation by the MAS will likely propose a framework to allow insurers to invest in sustainable projects at more favourable risk charges, putting Singapore in line with other markets, says WTW.
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- March 4 2024
Hong Kong Federation of Insurers commits to carbon neutrality by 2050 with climate charter
With 33 inaugural signatories, the climate charter introduces actionable goals across claims management, underwriting, societal engagement, investments, governance and disclosure.
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- February 29 2024
Shipowners, IOPC settle over 8000 claims one year after MT Princess Empress oil spill
The newest estimate of total damage to environmental and coastal communities exceeds US$731m, including environmental losses of US$712m and socioeconomic losses totalling US$19.5m.
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- February 26 2024
Activists target Asian insurers lagging on climate action
A week of global action against insuring fossil fuels is on. In Asia, the campaigners will target Tokio Marine for a lack of meaningful restrictions on oil and gas, and the group's continuous involvement with the East African Crude Oil Pipeline.
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- February 22 2024
Insurers lobby for removal of green infrastructure investing roadblock
The twin challenges of inflation and net-zero transition facing (re)insurers are highlighting the role that infrastructure assets can play in their portfolios, with infrastructure loan yielding as much as 600 bps in risk premium and equities returning 12%.
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- February 21 2024
Taiwan’s green power credit guarantee to mitigate default risk, eases up project financing: Fitch
With reinsurance provided by the National Credit Guarantee Administration and backed by EximBank, the new credit guarantee scheme will facilitate financing to wind project operators, Fitch said.
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- February 20 2024
Taiwan’s regulator expects EV insurance reference rates to be finalised by Q2: report
Insurance policies for electric vehicles are expected to be ready for launch as early as the second-half this year after the industry association, regulator finalise the reference rates and terms for the non-life sector.
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- February 15 2024
MIC Global partners WRMS to offer parametric flood cover for India’s gig workers
The Lloyd’s player’s micro-insurance product will cover against financial impacts from extreme weather events.
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- February 9 2024
New Zealand bans ‘forever chemicals’ in cosmetic products from 2027
The decision puts the spotlight on exclusions to claims from exposure to PFAS, which as IAN reported recently has yet to find many takers in Asia Pacific.
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- February 7 2024
Lao renews parametric flood cover from Seadrif Insurance with lower thresholds
The parametric policy, which was first purchased by the government in 2021, as been expanded from 2 levels to 4 levels and thresholds lowered, providing flexibility to address varying risk scenarios, the Asean insurance platform said.
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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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- February 1 2024
APRA’s culture surveys plan marks regional shift to focus on governance
Monitoring company risk culture is part of a broader ongoing sea change in the market, which is seeing a greater emphasis on both corporate governance and diversity & inclusion.
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- January 23 2024
Carbon specialist Lloyd’s coverholder Kita enters Singapore
The niche player, which has operations in the US, Canada, Switzerland and the UK, covers carbon credit risks by protecting buyers against delivery risk.
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- January 19 2024
Australian carriers brace for surge in construction PI claims
As the number of builders going bust hit a multi-decade high, insurers are experiencing an increase in the frequency and severity of large construction-related professional liability claims, both for project-based cover and annual contracts.
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- December 14 2023
China rolls out red carpet for foreign marine insurers to boost reinsurance capability
Local insurers' underwriting and loss prevention capabilities can be improved, according to a guiding opinion jointly issued by the central bank and several financial regulators.
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- December 8 2023
Asean reinsurers to set up regional renewable energy pool
Six South-East Asian reinsurers including Malaysian Re, which will be the pool manager, Indonesia Re, VinaRe, Cambodia Re, Thai Re and Nat Re have pledged to provide underwriting capacity.
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- December 6 2023
China’s financial regulator launches consultation on green insurance development
The National Administration of Financial Regulation targets a full-fledged green insurance servicing sector by 2030.
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- December 4 2023
Quarter-million Australian properties exposed to 1-in-20 year flood risk: ICA
The industry group said in a submission to a parliamentary inquiry said New South Wales, Queensland and Victoria, respectively, were the most vulnerable.
