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- April 16 2024
IRDAI’s onshoring push may squeeze out cross-border reinsurers
The Indian regulator’s plan to introduce collateral will raise costs, increase compliance and administrative burdens.
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- April 12 2024
Sure raises Northern Queensland residential strata cover to AU$20m to improve access
The move is expected to allow body corporates and lot owners who have been challenged by affordability or under-insuring their complexes to access "alternative strata premium offerings", the insurer said.
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- April 11 2024
Guy Carpenter hires Partner Re’s Richard Chu as managing director for credit, bond & political risk
Singapore-based Chu will be responsible for new business development across Asia Pacific and will report to the head of the division, David Edwards.
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- April 11 2024
Taiwan earthquake claims unlikely to exceed 2016 Meinong event’s US$500m: AM Best
Carriers will only have to deal with limited commercial and industrial claims such as business interruption as the April 3 quake was quite far from the economic and scientific centres and most of the losses are ceded to the international reinsurance market.
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- April 10 2024
NSW ‘black nor’easter’ storms declared significant event as claims top 11,500: ICA
Suncorp, which received 2,700 claims, and IAG, with 3,100 claims, have said that almost 80% of the losses are coming from property damage.
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- April 10 2024
Australian insurtech Honey raises US$71.5m in a series A funding
The investment for the specialist home insurance startup backed by RACQ was led by the US private firm Gallatin Point Capital.
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- April 9 2024
Crawford confirms Scott Reichelt’s appointment as Asia president
Singapore-based Reichelt will lead the loss adjuster's operations in eight regions across Singapore, Malaysia, Hong Kong, China, Japan, Thailand, the Philippines and Taiwan, and the firm's interests in Indonesia and India.
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- April 5 2024
Analytics: Australian GI brokers see 22% growth in 2023
The GWP placed by the country's brokers with Lloyd’s underwriters in 2023 more than doubled to US$5.75bn, APRA data for last year shows.
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- March 28 2024
1.4: South Korean cedents to see single-digit rating increases
While the market has yet to fully recover from the past years’ big industrial and cat losses, reinsurers are comfortable with where the rates, terms and conditions are now.
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- March 27 2024
Britannia P&I’s Bermudan reinsurers, Axa XL set to bear brunt of multi-billion-dollar Baltimore bridge collapse
The event involving Singapore-flagged Dali, which could likely be the biggest insured loss in maritime history, will increase pool layer costs and container GXL pricing next year, sources tell IAN.
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- March 27 2024
HDI Global eyes A&H expansion, new representative offices in Asia: CEO
The industrial carrier reported a 4.9% APAC insurance revenue growth in FY 2023 backed by strong results in Singapore and Malaysia.
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- March 26 2024
Sunshine P&C’s FY 2023 COR improves to 98.7%, underwriting profit goes up 142.4%
While the group's P&C insurance revenue for the year increased 10.2% to CNY45.5bn (US$6.3bn), primarily due to non-motor business growth, net profit for the 12 month-period went down 36.1% to CNY978m, affected by a 49.5% decrease in investment income due to adoption of new accounting standard and volatile capital market.
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- March 25 2024
Insurance Council of New Zealand widens complaints reporting to boost transparency
Customers should expect their insurers to maintain high standards and have in place robust processes, backed by external oversight, for handling complaints, ICNZ chief executive said.
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- March 25 2024
Newline grows Australia footprint with Sydney office
The Lloyd's (re)insurer has appointed Nicholas Beswick in Sydney as head of professional indemnity for Australia and New Zealand.
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- March 22 2024
Tokio Marine secures US$100m Japan EQ capacity with Kizuna Re III cat bond
The Singapore-domiciled bond is the first time a Japanese sponsor has used a World Bank Group Sustainable Development Bond as collateral.
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- March 22 2024
Exclusive: Hyundai Insurance and Korea P&I Club on hook after Keoyoung Sun tanker sinks off Japan coast
A total hull loss is expected for the vessel insured at U$S2.25 million and there is no estimate for the cargo loss yet, industry sources say.
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- March 21 2024
Malaysia’s general insurance, takaful funds 2023H2 operating profits up 46%
Higher premium growth in the motor segment and continued improvements in risk-based pricing have bolstered the sector's H2 operating profit. But for full year of 2023, operating profits rose by just 3.2% year-on-year.
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- March 21 2024
UK P&I Club positioned to benefit from the shipping shift to Asia: CUO
45% of the P&I club’s gross tonnage comes from the region as its local growth outperforms rest of the world.
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- March 20 2024
Kiwi insurers settle 91% of US$2.3bn in claims from Cyclone Gabrielle and Auckland flooding: ICNZ
The carriers have settled 106,891, of 117,414 claims valued and have so far paid out US$1.85bn (82%) for both events, with residential house claims at 92%, and both contents and motor at 94% fully settled.
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- March 19 2024
Aon promotes Li Lin Kea to head of marine for Singapore
Kea was most recently regional director responsible for the global broker's Asia cargo and logistics book.
