edition
• In a new report, NGO ShareAction says insurers continue to profit from activities that harm the environment and says those same activities undermine their long-term viability.
• Asian insurers have narrowed the gap in terms of sustainability performance with European insurers, but ShareAction says the sector remains “incredibly weak” on ESG issues despite long-term pledges.
• Insurers often lack the governance structures needed to address important ESG issues like climate change.
• Backed by regulators, many insurers continue to encourage traditional energy corporations to transition to net-zero emissions and are opting to engage with policyholders and clients rather than outright refusing underwriting.
• CFC has announced the acquisition of Solution Underwriting, an Australian managing general agent.
• Acquisition is expected to finalise by 30 April 2024, after which CFC will have five offices and nearly 100 staff in Australia.
• Solution specialises in financial lines insurance products for SME's.
• Global economic losses from Q1 natural catastrophes reached US$43bn, 17% lower than the 10-year average of US$52bn.
• Insurers covered US$20bn of these losses, a 10% increase from the decadal average of US$18bn.
• Asia accounted for US$17bn, or 40%, of economic nat cat costs, with Japan's Noto Peninsula earthquake contributing US$12bn.
• Severe convective storms were the costliest peril globally, with losses predominantly in the United States.
• AXA Thailand GI is aiming for a 10% increase in premiums in the coming year.
• Chief Executive Claude Seigne told the Bangkok Post that the insurer is taking a cautiously optimistic approach based on market trends and economic indicators.
• The insurer plans to strengthen its position organically, including diversifying beyond core motor to health, commercial, and personalised products.
• Seigne also indicated openness to M&A opportunities that align with strategic goals.
• Currently, reinsurance attracts 18% GST in India with its classification as a service supply.
• The GST's fitment committee has already reviewed tax and is proposing reinsurance should be exempt.
• India's GST Council is expected to meet about the issue around the end of June.
• Sustainable Finance JTM framework aims to prepare Singapore's financial services sector, including insurance, for sustainable finance opportunities.
• JTM identifies three key areas: Opportunity, Transformation, and Creation as main drivers of change.
• 50,000 finance professionals likely to experience a moderate to high degree of job change.
• Jobs like insurance claim managers will be impacted, but more moderately due to existing standards.
• Initiatives were announced to support JTM, including S$35m (US$25.68m) upskilling and reskilling support.
Soja has 35 years of marine insurance experience and joined Allianz Commercial in 2017.
Ho joins Everest following twenty years with AIG.
Thomas returns to AIG After 16 years away, including the last nine at BHSI.
Lee joins to help spearhead growth amid growing appetite for insurance in the digital asset segment.
