InsuranceAsia News https://insuranceasianews.com/ Wed, 16 Oct 2024 03:51:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Sedgwick appoints ex FWD Singapore CEO as Asia finance director https://insuranceasianews.com/sedgwick-appoints-fwds-kee-eng-khor-as-asia-finance-director/ Wed, 16 Oct 2024 03:30:16 +0000 https://insuranceasianews.com/?p=164916 Kee Eng Khor will be based in Singapore supporting the loss adjuster's Asia finance teams, regional leadership team and business units.

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Global loss adjuster Sedgwick has named Kee Eng Khor its new Asia finance director, according to a LinkedIn post by Veronica Grigg, CEO of Asia of the company.
“[Khor] will be based in Singapore suppo...

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]]> Central Bank of India’s acquisition of stake in Generali JVs gets antitrust approval https://insuranceasianews.com/central-bank-of-indias-acquisition-of-stake-in-generali-jvs-gets-antitrust-approval/ Wed, 16 Oct 2024 03:07:28 +0000 https://insuranceasianews.com/?p=164911 The Competition Commission of India has cleared the state-owned lender's acquisition of 24.91% equity stake in Future Generali India and a 25.18% equity stake in Future Generali India Life.

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The Competition Commission of India (CCI) has approved the state-owned lender Central Bank of India's proposed acquisition of minority stakes in Generali’s India arms – Future Generali India Insurance...

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]]> AIG hires Jules Sperring as APAC head of commercial property & business pack https://insuranceasianews.com/aig-hires-jules-sperring-as-apac-head-of-commercial-property-business-pack/ Wed, 16 Oct 2024 02:44:37 +0000 https://insuranceasianews.com/?p=164905 Sperring joins from Allied World and will continue to be based in Singapore.

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AIG has appointed Jules Sperring as head of commercial property & business pack for Asia Pacific, according to a LinkedIn post.
Based in Singapore, Sperring is responsible for executing the growth...

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]]> Sompo continues APAC build out with new COO https://insuranceasianews.com/sompo-continues-apac-build-out-with-new-coo/ Wed, 16 Oct 2024 01:58:02 +0000 https://insuranceasianews.com/?p=164896 Singapore-based Maya Lee starts immediately and will report to Daniel Englberger, Sompo International chief operating officer, and Kenneth Reilly, APAC chief executive.

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Sompo has appointed Maya Dongyoung Lee as chief operating officer, Asia Pacific (APAC), effective immediately.
In her new role, Lee (pictured) will be responsible for leading Sompo’s APAC operations, ...

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]]> SRCC capacity, limits lower, prices harden as tensions grow https://insuranceasianews.com/srcc-capacity-limits-lower-prices-harden-as-tensions-grow/ Tue, 15 Oct 2024 23:30:20 +0000 https://insuranceasianews.com/?p=161575 Broader strike riots and civil commotion extensions under property programs are unlikely to be the norm going forward.

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The increase in geopolitical tensions around the world may see a decrease in limits and capacity, exclusions, and hardening of pricing for the broader strike riots civil commotion (SRCC) market, indus...

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]]> APAC business insolvencies projected to increase by 3% in 2024: Allianz Trade https://insuranceasianews.com/apac-business-insolvencies-projected-to-increase-by-3-in-2024-allianz-trade/ Tue, 15 Oct 2024 22:36:19 +0000 https://insuranceasianews.com/?p=164795 A gradual easing of monetary policies could offer some relief, but it won’t be a silver bullet for struggling businesses.

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While global business insolvencies are expected to post a steeper than anticipated rise of about 11% this year, Asia Pacific is seeing a marginal increase of 3% though largely shielded by China’s weig...

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]]> Price Forbes Singapore hires Honan’s Cassaundra Tan as director of employee benefits https://insuranceasianews.com/price-forbes-singapore-hires-cassaundra-tan-as-director-of-employee-benefits/ Tue, 15 Oct 2024 10:03:24 +0000 https://insuranceasianews.com/?p=164868 Tan will lead the development and expansion of the employee benefits division in Singapore and across global markets, reporting to Asia Pacific chief executive Philip Johnson.

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Ardonagh Group-owned specialty broker Price Forbes Singapore has hired Cassaundra Tan as director of employee benefits, effective September, the company said in a press statement.
In her new role, Tan...

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]]> Stable pricing trend for Asia Pacific reinsurers in 2024: Fitch https://insuranceasianews.com/stable-pricing-trend-for-asia-pacific-reinsurers-in-2024-fitch/ Tue, 15 Oct 2024 09:04:16 +0000 https://insuranceasianews.com/?p=164859 The report also stated that the rising frequency and severity of extreme weather events could increase reinsurance claims, potentially disrupting recent pricing stability.

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Driven by adequate capacity, Asia Pacific reinsurers will have a stable pricing trend in 2024 as against hard market conditions of 2023, which were characterised by interest rate increases and tighter...

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]]> Specialist Risk Group makes Asia foray with Singapore acquisition https://insuranceasianews.com/specialist-risk-group-makes-asia-foray-with-singapore-acquisition/ Tue, 15 Oct 2024 08:09:14 +0000 https://insuranceasianews.com/?p=164831 The Temasek and Warburg Pincus-backed UK intermediary has agreed to acquire broker HL Suntek.

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London-based broker Specialist Risk Group (SRG) has announced its launch in Asia Pacific with the acquisition of Singaporean intermediary HL Suntek Insurance Brokers.
SRG’s newly established subsidiar...

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]]> P&C insurers in Asia have much higher equity risks than US peers: Moody’s https://insuranceasianews.com/pc-insurers-in-asia-pacific-have-higher-equity-risks-than-us-peers-moodys/ Tue, 15 Oct 2024 08:09:09 +0000 https://insuranceasianews.com/?p=164807 Equity risks accounted for 32% and 24% of total required capital for Chinese and Taiwanese insurers and for 33% for Japanese insurers, compared to 10% for US carriers, according to Moody's latest Capital Tool analysis.

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Equity risks accounted for about 30% of the total required capital for most insurers in China, Japan and Taiwan, almost three times the proportion for their US peers, according to a latest Moody’s rep...

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