edition
• Global insurance broker Lockton made its onshore debut in India in January.
• Sandeep Dadia, newly-appointed CEO for India, sees huge potential in the Indian insurance market, considering size of the economy, growth rate, and regulator's support for market development.
• Lockton plans to focus on under-supplied markets such as liability and casualty, people solutions, OEM car insurance, and facultative reinsurance.
• Independent global broker also looking to help address India's cyber capacity shortfall.
• Dadia said the company's ambition is to be the best and biggest eventually.
• Fitch Ratings affirms ratings of seven Chinese insurers, but revises outlooks for six from 'Stable' to 'Negative'.
• The adjustment follows Fitch's adjustment of China's Long-Term Foreign-Currency Issuer Default Rating (IDR) outlook to 'Negative' on 9 Apr, due to concerns about China's public finance outlook.
• The insurers affected by the outlook adjustment are SINOSURE, PICC Life, along with China Taiping Insurance Group and three of its subsidiaries.
• China Life Insurance meanwhile maintained its 'A+' rating with a 'Stable' outlook.
• Fitch said the Negative Outlook for six insurers reflects potential declines in government support during financial stress.
• Hannover Re sponsors first-ever cloud outage catastrophe bond, valued at US$13.75m.
• Cumulus Re (Series 2024-1) was privately issued through Kaith Re Ltd, Hannover Re's Bermuda-based vehicle.
• Parametrix modelled the cyber risks for cat bond.
• Notes help hedge against cloud provider outage risks within Hannover Re's cyber reinsurance portfolio.
• Cumulus Re uses a parametric trigger, which will trigger if specific cloud services in certain U.S. regions are interrupted beyond a specified period.
• Taiwan's Hualien earthquake was largest to hit island in 25 years, but post-event report from Guy Carpenter underlines building codes as a key factor to relatively lower damage.
• Earthquake location, in a less populated area over 100 km from major cities, also a mitigating factor.
• Hualien County has reported a loss of TWD 5.3bn (US$185.7m) for April.
• The Taiwan Residential Earthquake Insurance Fund (TREIF) has reported 472 claims with estimated losses of TWD 762m (US$26.7m) so far.
• Assessment of commercial insurance losses, including property and business interruption, is still ongoing.
Sapra to be promoted from current role as Aon's Agriculture Leader for APAC and will commence his new position on 1 June.
Tung has been promoted to to Southern Region Underwriting Manager, Casualty.
Cook joins following three years leading European Broking for Guy Carpenter.
Ferriolo moves from Aon Netherlands and will relocate to Singapore for his new role.
Lam moves from Aon Singapore Broking Centre where he was Placement Broker.
Wild has been with the business for nearly a decade and is promoted to Northern Region Underwriting Manager.
