• 2024 Global D&O survey by WTW and Clyde & Co shows 'Health and Safety' as top concern globally and in APAC, surpassing cyber attacks.
• In Asia, 82% of respondents viewed 'Health and Safety' as very or extremely important, with Australasia at 84%.
• Cyber risks, including extortion, considered very or extremely important by 81% in Asia and 69% in Australasia.
• Data loss and Systems and Controls are third biggest concerns in Asia and Australasia, respectively.
• In terms of insurance liability priorities, multi-jurisdictional claims cover is top in Asia, with the settlement of claims top in Australasia.
• Tokio Marine plans to spend up to US$10bn on global acquisitions, Chris Williams, Co-Head of the insurer's international business, told Reuters.
• Target regions for expansion include North America, Asia, Europe, Canada, and Australia.
• However Williams emphasised a methodical and patient acquisition strategy.
• The insurer's international business now represents over half its profits, up from less than 3% two decades ago.
• Tokio Marine is also looking to grow its commercial presence in lines like cyber as well as expanding its Lloyd's presence.
• JAVLN survey involved 500 Australian insurance brokers from small and medium brokerages.
• 28% identify insurance affordability as the top challenge in 2024.
• 26% of brokers are concerned about increasing customer demands, and 25% about rising competition.
• 70 brokers report spending over three hours daily on administrative tasks, with 27% saying their current technology platform.
• 80% reported compliance demands as challenging.
• Court documents obtained by the Australian Financial Review reveal rising internal concerns and regulatory alerts linked to Greensill Group's collapse.
• Emails show confusion over how deals could have been approved beyond authorised limits.
• Tokio Marine self-reported alleged breaches to the Australian Prudential Regulation Authority on 29 June 2020, according to documents.
• Additional documentation requested by Marsh on 2 July 2020 led to discovery of further breaches of authorised limits.
• Prudential released its financial results for 2023, reporting 45% increase in new business profit to US$3.13bn.
• Operating profit rose by 8% to US$2.89bn and net profit hit US$1.71bn, reversing the previous year's nearly US$1bn loss.
• New business profit in Hong Kong surged by 267% to US$1.41bn in 2023, the largest growth contributor.
• Sales in Prudential's joint venture in mainland China, Citic Prudential Life, fell by 36%.
• Sales in Africa increased by 26%, showing strong growth potential.
• Chairman of the Korea Life Insurance Association highlighted the need for life insurers to find new growth opportunities and said industry is targeting hybrid insurance and pension markets.
• Strategy aims to address challenges of market saturation and a declining population.
• KLIA is also aiming for international expansion, with a focus on Southeast Asia.
• Chubb has formed a partnership with Southeast Asian financial services platform Atome.
• The deal focuses on creating embedded insurance products for buy now, pay later (BNPL) customers in Southeast Asia, including Singapore, Malaysia, the Philippines, and Indonesia.
• The first product, Bill Secure, has launched in Singapore with plans to launch in Malaysia later in March.
• A second insurance product announcement is expected to be announced in the second quarter.
Lim joins from QBE where he was Financial and Professional Lines Underwriter.
Loh joins TPIB as Chief Distribution Officer (Non-Broking) following five years at Chubb Malaysia.
