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- August 14 2024
Samsung Fire & Marine H1 insurance profit down 5% at US$880m
The South Korean carrier’s net profit for the first six months of 2024 still rose 8.2% from a year ago, supported by strong growth in investment profits.
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- August 9 2024
QBE strikes US$1.6bn loss portfolio transfer deal with Enstar, RiverStone
Enstar’s subsidiary will assume US$376m out of total net loss reserves for US commercial liability and workers' compensation risks, effective July 1, and will provide approximately US$175m of cover in excess of the ceded reserves.
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- August 8 2024
Asia’s buyer-friendly market to stay as pricing remains flat in Q2: Aon
US-related and nat cat-exposed property risks remained challenging across most markets in the region, although Hong Kong and China stood out with modest price reductions, the broker said in its Q2 market insights report.
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- August 8 2024
Nepal’s Air Dynasty helicopter crash leads to US$1.4m total loss
The chopper was insured with Sagarmatha Lumbini Insurance, which already had four helicopter losses in the country in 2023, and Nepal Reinsurance is the reinsurer involved in the latest crash, IAN understands.
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- August 8 2024
Cyber wordings, limits set to tighten as CrowdStrike points to ambiguity in cover
The industry needs to address accumulation risks, data gaps and further threats from large-scale events that are becoming more frequent.
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- August 8 2024
Tax breaches main driver of APAC M&A insurance losses in 2023: Marsh
While tax accounted for 32% of all W&I claim notifications in the region last year, other categories such as compliance (15%), employment (15%), and material contracts (23%) are also becoming more frequent.
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- August 6 2024
QBE promotes Jonathan Groves to CEO and managing director, New Zealand and Pacific
Sydney-based Groves (pictured) was chief risk officer for the carrier's Australia Pacific business since December 2018.
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- August 6 2024
Crawford strengthens Australia operation with three senior hires
The loss adjuster has appointed Stephen Toomer as head of construction, power & energy, Josephine Princi as NSW forensic accounting division team leader and Werner Gibson as senior adjuster within the global technical services team.
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- August 5 2024
Lockton hires Aon’s Amit Agrawal as India COO and CFO
Mumbai-based Agrawal has been Aon's chief financial officer and president since December 2018.
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- August 5 2024
Markel strengthens APAC team with four hires in Hong Kong and Singapore
Jenny Choi and Anna Tan join the carrier in Hong Kong as senior underwriters for casualty and fine art & specie, respectively, and Olga Wong and Isabelle Wong have been hired as senior underwriter for professional financial risk and cargo underwriter in Singapore, respectively.
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- August 5 2024
Markel takes Liberty Specialty’s Alvernia Xu as APAC head of operations
Singapore-based Xu will be in charge of the carrier's operational infrastructure reporting to APAC MD Christian Stobbs.
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- August 5 2024
Typhoon Gaemi losses to weigh on Taiwan, Philippines reinsurance market
While China losses are the most significant out of all three markets, the local reinsurance market is unlikely to be affected as agricultural sector is covered by the government.
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- August 2 2024
Delta Underwriting promotes Sharna Garbett to senior claims handler
Garbett will lead the MGA's claims function in Singapore with Daniel Khoo supporting her on claims administration.
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- July 30 2024
APAC renewables market to see tighter capacity, new tech and cat risks coverages: WTW
At the same time, the ongoing competition with new market entrants and potential for a La Niña year keep rates steady and parametric solutions are becoming more popular despite integration challenges.
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- July 29 2024
Beazley promotes claims lead Jessica Schappell as head of Asia Pacific
Schappell takes over from Lucien Mounier, who has recently been appointed the insurer's head of Europe, cyber risks.
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- July 29 2024
AIG lands BHSI’s Dimitry Zilberud as APAC head of marine
Sydney-based Zilberud was most recently senior vice president, head of marine – retail, US and Australasia, at Berkshire Hathaway Specialty Insurance.
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- July 29 2024
Allianz hires Athena Fan from Axis Capital as head of liability for South-East Asia
Fan has relocated from Toronto to Singapore to assume her new role and will report to Ciarán O'Shaughnessy, regional head of liability for Asia Pacific.
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- July 29 2024
Space insurance struggles amid billion-dollar+ claims, scarce premium pool
While the market has seen a doubling of rates recently, shrinking underwriting capacity and technology changes add further challenges to the industry reeling from recent large losses.
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- July 29 2024
Typhoon Gaemi triggers flooding and landslide in mainland China, leads to US$50m agri losses in Taiwan
Hundreds of thousands of people have been evacuated in multiple provinces of China with hundreds of chemical and mining companies suspending operations and train services stopped.
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- July 29 2024
CrowdStrike IT outage could be earnings event, impact multiple carriers: AM Best
Since insurers have been tightening underwriting standards through increased retentions, manageable limits, shifting their focus to small and medium-size enterprises, the use of reinsurance, the event has potential to be a contracted claims and legal process, according to the rating agency.
