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- September 24 2024
More rating upgrades than downgrades for APAC (re)insurers in 2023: AM Best
There were eight long-term issuer credit rating upgrades for the regional carriers in 2023, driven predominantly by improved balance sheet strength and favourable operating performance, compared with four downgrades during the period.
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- September 24 2024
Australian Federal Court rules to declass four BI class actions against insurers
The ruling is regarding representative proceedings regarding Covid-19 business interruptions claims against IAG, QBE, Lloyd's syndicate 2003 and Hollard.
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- September 23 2024
India’s Equirus Group acquires strategic stake in Raghnall Insurance Broking
Following the deal, the companies expect to place GWP of US$47.9m this year and US$119.7m by FY 2028.
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- September 20 2024
Lockton promotes Williams to fintech, blockchain advisory leader for Asia, Australia
Melbourne-based Bob Williams was previously a vice president with the broker for over two years. In his new role he will focus on developing insurance appetite from emerging tech companies.
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- September 20 2024
Taiping Re’s capitalisation to remain at strongest level: AM Best
The rating agency has affirmed its “A” (excellent) financial strength rating on Taiping Re (Hong Kong) and its wholly-owned subsidiary, Taiping Reinsurance (China) with a "stable" outlook.
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- September 20 2024
New South Wales passes tougher strata law to restore confidence
The new law bans managing agents from receiving a commission on insurance products when they don’t play a role in finding the best deal for residents, as it seeks to crack down on agents who do not properly declare conflicts of interests.
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- September 19 2024
Health, EV insurance demand support China’s P&C sector ‘stable’ outlook: AM Best
The P&C sector's solvency ratios, which have stablised from the decline seen in 2022, also supports the outlook, the rating agency said.
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- September 19 2024
Markel taps Allianz’s April Tam as senior underwriter, PFR and cyber
Hong Kong-based Tam has also been named head of financial institutions in Asia, and reports to Asia Pacific CUO Kevin Leung.
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- September 18 2024
Russian insurers provide cover for 60% of Moscow’s oil exports to India: report
Signals a growing role by Russian carriers such as Ingosstrakh to facilitate oil shipments to India, its biggest buyer, despite western sanctions.
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- September 18 2024
Australia’s reinsurance pool led to a 21% fall in home premiums: study
The study by an MIT researcher claims that public reinsurance is a cost-effective policy solution for rehabilitating insurance markets affected by catastrophic climate risks.
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- September 18 2024
Axis hires Chubb exec to succeed Mark Gregory as head of global markets
Sara Mitchell will join the specialty (re)insurer in the role overseeing underwriting and business growth strategies for the company’s international retail business lines including APAC.
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- September 18 2024
Taiwan non-life insurers to continue double-digit growth: AM Best
AM Best has revised its outlook on Taiwan’s non-life insurance segment to "stable" from "negative".
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- September 17 2024
Taiwan’s regulator blocks CTBC Financial’s US$4.1bn bid for Shin Kong Financial
The regulator's rejection now paves the way for the conglomerate's merger with Taishin Financial. Still, a merger will have little impact to Shinkong Insurance, Taiwan’s third-largest P&C insurer, whose biggest shareholder is separate and independent from the conglomerate.
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- September 16 2024
Allianz Global Corporate & Specialty names AIG’s Thomas Lillelund as CEO
In his new role, Asia veteran Lillelund succeeds Petros Papanikolaou, who assumed the role of executive director of group strategic initiatives at Allianz.
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- September 16 2024
Lockton Australia expands claims offering with Gallagher hire
Sydney-based Adam Squire, who has 38 years of industry experience, has joined the broker as head of claims.
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- September 16 2024
Severe Typhoon Bebinca grounds flights, rail services and shut resorts as it lands in Shanghai
The strongest to hit Shanghai in 75 years, the meteorological bureau warns of heavy downpour and flooding risks for Jiangsu, Zhejiang and Anhui provinces up to September 18.
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- September 13 2024
China braces for typhoon Bebinca as Yagi slaps US$11bn economic losses on Hainan: report
The country’s meteorological bureau issued a blue alert for its 13th typhoon of the year warning of heavy rain in Zhejiang, and Shanghai. This followed local media reports pointing to escalating economic losses that super typhoon Yagi caused to Hainan.
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- September 13 2024
Typhoon Yagi likely to impact earnings of Vietnamese insurers: AM Best
The reinsurance programmes will mitigate the impact on rated non-life insurers’ underwriting performance and would likely prevent capital events.
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- September 12 2024
Shriram Group to seek IPO and list general insurance JV in two years: report
The Indian conglomerate plans to list the Chennai-based general insurance JV with Sanlam first, followed by the life insurance arm, as their businesses grow in scale, according to the executive vice chairman of group company Shriram Finance.
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- September 11 2024
Tokio Marine Kiln expands APAC marine team with underwriter hire
Singapore-based Stephanie Hong joins the Lloyd's player as Asia Pacific marine underwriter from Great American Insurance.
