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- March 25 2024
BOC Aviation assessing implications on insurance claims for two jets recovered from Russia last week
The Singaporean lessor has made US$258m in insurance recoveries for 11 aircraft, while the remaining six planes have net pre-tax write-down value of US$310m.
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- March 19 2024
El Niño is near its end, says Australia’s weather bureau
While the weather phenomenon is expected to continue till end-April, climate agencies are flagging up risks of La Niña developing by the southern hemisphere winter.
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- March 18 2024
Australian MGA Agile gets nod to launch Asta-managed Lloyd’s syndicate
Syndicate 2427 plans to start services in April and has appointed Mark Hunt as active underwriter; it is targeting a GWP of US$43.4m for 2024.
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- March 15 2024
(Re)insurers embrace generative AI for better underwriting, claims management
Early adopters are exploring the use of AI tools across the entire insurance value chain, including portfolio accumulation, risk quoting, and risk management.
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- March 8 2024
Opinion: Growing lithium-ion battery fire lawsuits pose an emerging risk for insurers
While there remain questions about whether the original cause of loss is battery fires, an increasing number of cases is looking to establish the connection that will have ramifications for the industry.
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- March 6 2024
Analytics: Motor results shore up Korean majors’ FY23 underwriting performance
While the carriers have seen strong premium growth in the past year, their long-term and commercial businesses' underwriting returns remain under pressure and weighed on overall results.
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- March 4 2024
Aon appoints Asia CFO Rishi Mehra as head of India to consolidate capabilities
Mehra, who will relocate to Mumbai, will report to APAC chief executive Anne Corona and work closely with the broking and talent consulting CEOs as part of the "Aon United" strategy.
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- March 1 2024
Scandal-hit Japanese carriers’ disciplinary actions to see senior management pay cuts, resignations
At Sompo Japan CEO Giichi Shirakawa and deputy Satoshi Iitoyo have stepped down, while all four Japanese insurers have announced reduction in the remuneration of senior executives for a limited period as well as strengthening of their audit systems.
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- March 1 2024
AIG strengthens APAC multinational programs offering with new leader
Singapore-based Jenny Boyd has been promoted to the role of head of multinational for Asia Pacific.
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- March 1 2024
Aon shakes up Asia leadership with three expanded regional roles
Singapore CEO Andrew Minnitt has been put in charge of Singapore, Malaysia and Indonesia, while the Philippines head Darren Oliver will lead the Philippines, Thailand and Vietnam and commercial risk solutions head Tracy-Lee Kus will take charge as head of Japan and Korea.
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- February 28 2024
Gallagher plans APAC fac buildout with Singapore, Sydney hubs
The broker, which is hiring a new team in the hub, wants to support the underwriters locally while writing business from around the world as it brings the offering under one international platform, according to Malcolm Payton.
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- February 26 2024
Zurich to buy Kotak General Insurance’s 70% stake upfront in US$671m amended deal
The Swiss carrier had originally announced a staggered purchase – a 51% stake in the Indian insurer first and an additional 19% within three years.
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- February 26 2024
IRDAI retains 4% obligatory cession for upcoming renewals
The cession, a percentage of the sum insured on all general insurance policies, has to be placed with the sole India reinsurer, the state-owned GIC Re, for FY 2025 starting April 1 this year.
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- February 26 2024
NSW to focus on mitigation as annual nat cat bill expected to soar to US$6bn by 2060
The State Disaster Management Plan includes measures to reduce communities’ exposure and vulnerability to disasters through awareness and preparedness campaigns, and it has set an end-2024 deadline to review levy arrangements.
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- February 22 2024
IRDAI to introduce collateral for cross-border reinsurance programs
The collateral shall be either an irrevocable LOC, or premiums or funds withheld by the cedent, the Indian regulator said in an exposure draft.
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- February 22 2024
Tokio Marine leadership reshuffle to see Keiko Fujita take over as managing director from June
Current MD Yoshinori Ishii will step down from his role but continue as managing executive officer, while Fujita will retain her role as general manager of Tokio Marine & Nichido Fire in China.
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- February 21 2024
Tower Insurance forecasts improvement in COR to 95-97% for FY 2024
The Kiwi carrier’s four-month GWP for the current fiscal year is up 21% to US$120m on rating increases. Its combined ratio will likely improve from 101% in FY2023.
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- February 20 2024
AUB upgrades earnings guidance as H1 FY 2024 pre-tax profits grow 18.3%
A doubling of underlying net profit after tax in its underwriting agencies and New Zealand businesses bolstered the Australian broker's results.
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- February 19 2024
David Howden sees commercial insurance rates flattening this year: report
The Howden chief executive told the FT that the business insurance market is beginning to see 'green shoots' with a recovery in (re)insurance capacity.
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- February 19 2024
Skuld, Steamship and West P&I offer reinstatements as all clubs cancel Red Sea war cover
Some of the other clubs are still exploring solutions to offer buy-back cover from the reinsurance markets; Gard has announced an extension of cover for crew liabilities.
