• APAC cedents showing increased interest in bespoke facultative reinsurance amid hard market.
• Gallagher to open new fac reinsurance hubs in Singapore and Sydney; Miller and Aon have recently made strategic moves to strengthen fac teams in APAC.
• Capacity is growing, but further support is needed for complex areas like offshore wind and nuclear risk.
• Asian Fac business often managed from London, there's an observable shift towards local expertise.
• Large amounts of nat cat and hard-to-place risk is moving to the facultative market.
• Houthis attacked Panama-flagged Suezmax tanker, Huang Pu (IMO: 9402469), with five anti-ship ballistic missiles.
• The tanker, operated by Hong Kong-based Hera Gam Limited, was transporting Russian oil to India and crewed entirely by Chinese nationals.
• The vessel sustained minimal damage with no casualties reported, but the attack raises doubts about the effectiveness of a reported agreement for safe passage for Chinese and Russian vessels.
• Chinese ships were reportedly paying a discounted AWRP rate of around 0.3% due to Houthi promises of safe passage, with the attack likely to prompt a reevaluation of risk assessments.
• ICNZ introduces a new initiative for detailed complaints reporting.
• Historically, ICNZ reported total industry complaints and those referred to external dispute resolution in Annual Review.
• ICNZ collaborating with IFSO and FSCL to provide a breakdown of complaints data by member.
• Julian James, CEO of Sompo International commercial, told The Straits Times the insuer is looking to grow its business in Singapore and across Asia.
• Expansion plans unaffected by Japan's recent interest rate policy change.
• Sompo International's GWP has increased from US$9bn in 2019 to US$16bn.
• Asia identified as a critical market for expansion due to global growth importance and emerging risks like cyber and clean energy transition.
• Plans include increasing Singapore team from 40 to 56 by Q4.
• HKO forecasts 5-8 tropical cyclones in 2024, which is within the 'normal to above normal' range.
• HKO Director Chan Pak-wai predicts annual mean temperature will likely be among top 10 highest recorded.
• Hong Kong experienced two significant nat cats in September 2023: Super Typhoon Saola and severe flooding.
• Saola resulted in HK$361m (US$45.8m) in insurance claims and floods caused HK$1.9bn in claims, according to IA data.
• HKO is working on several enhancements, including a forecasting model and mobile app, having also recently upgraded its weather radar at Tai Mo Shan for improved monitoring.
• Korea Insurance Development Institute (KIDI) announces new agreement with Vietnam Insurance Development Institute (VIDI) on Friday.
• Since 2015, KIDI and Vietnam's Insurance Supervisory Authority have shared information under an MOU.
• New agreement will see KIDI supporting the development of an insurance database that aims to enhance risk assessment capabilities.
• The partnership will also see KIDI supporting VIDI through training sessions on underwriting and actuarial science.
• Aon launched Climate Risk Monitor to assess physical climate risks.
• Tool evaluates present and future risks from climate scenarios and provides diagnostic reports and geographical visualisations for asset and portfolio impacts.
• The tool helps businesses understand the impact of climate change and can inform insurers' risk selection, pricing strategies, and reinsurance renewals.
• Tool Aligns with IPCC emissions scenarios and regulatory requirements.
• Aon's Climate Hub in Singapore was instrumental in developing the tool.
• Fitch upgrades Huatai Property & Casualty Insurance (Huatai P&C) to 'A+' from 'A', with a stable outlook.
• Ratings upgrade is attributed to Chubb's increase in ownership to 85.5% in Feb 2024.
• Fitch anticipates synergy and integration between Chubb and Huatai will grow and that Chubb will provide necessary operational and financial support if needed.
• Fitch expects an enhancement in Huatai P&C's underwriting performance over the next two years.
Jeff Saper, who has been CEO for Pacific since 2019, will move to Hong Kong as Head of GC Fac for APAC, with Luc Morement taking on the responsibility of Regional Sales Leader, Asia Pacific.
Expanding its Australian footprint, the specialty insurer opens a Sydney branch and welcomes Nicholas Beswick.
Moving from Crawford & Co, Yu joins Sedgwick as Director Service Hub, Third Party Administration for Malaysia.
Grossman joins from Chubb New Zealand and has had previous underwriting roles at Liberty Specialty Markets and Allianz.
