edition
• China's Guangdong Province faces critical flood risk with potential to affect over 127m residents.
• Rescue operations have commenced, with nearly 20,000 people evacuated from Qingyuan alone.
• Water levels at 20 stations have already exceeded warning levels.
• Xijiang and Beijiang river basins near one-in-50-year levels; Bei River could reach one-in-100-year levels early Monday morning.
• Generali announces new organisational structure effective from 1 June 2024, focusing on two core sectors: Insurance and Asset Management.
• Giulio Terzariol appointed as CEO of the Insurance Division, tasked with improving performance across all regions.
• Woody Bradford appointed as CEO Generali Investments Holding.
• IRDAI has removed age cap for acquiring new health insurance, previously set at 65 years, as part of new health insurance-related reforms.
• Regulator expects health insurers to develop specific health insurance policies for senior citizens.
• All policies must now include coverage for severe medical conditions including cancer, heart or renal failure, and AIDS.
• A shift from indemnity-based to benefit-based health policies has been mandated.
• Waiting period for pre-existing condition coverage has been reduced from 48 months to 36 months.
• Taiwan Semiconductor Manufacturing reports T$3bn (US$92.44m) loss due to 3 April Hualien earthquake.
• The company's manufacturing operations saw no significant interruptions, power outages, or structural damage to its plants.
• Commercial insurer's potential property and business interruption losses have been minimised thanks to epicentre location and government efforts for disaster resilience and mitigation.
• Indian government plans to sell 10% stake in GIC Re in tranches, targeting a financial year 2024/25 timeline, a government official told Reuters.
• For LIC, the government plans a gradual sale of stakes over seven to ten years due to the large size of any offer.
• Both GIC Re and LIC shares have significantly appreciated in value over the last six months.
• Moody's affirmed Peak Re's IFSR at 'Baa1', while changing outlook to 'stable' from 'negative'.
• Rating agency said that contagion risk from majority shareholder Fosun International Limited has not materialised and is unlikely to increase meaningfully over the next 12-18 months.
• Moody's also noted that Peak Re had adjusted its portfolio to reduce volatility, focusing on casualty lines with lower catastrophe risks.
• Life and health reinsurance business also grew in 2023.
• Victorian Greens call for State Government intervention to help live music venues' insurance pressure.
• Public liability insurance premiums are surging, amid increasing rent and cost of living pressures, affecting viability of small live music venues.
• Gabrielle de Vietri, Victorian Greens arts spokesperson, proposes VMIA extend affordable insurance options, such as cancellation insurance offered during COVID-19.
• Australian Festival Association reports insurance premium increases up to tenfold since 2022.
• Dai-ichi Life plans to grow through international expansion and may pursue more unsolicited takeovers.
• The company's unsolicited bid of US$2bn for Benefit One succeeded, which represents a shift in strategy, which CEO Tetsuya Kikuta described as necessary amid Japan's ageing population and stagnant insurance sector.
• Insurer is looking at further domestic expansion opportunities as well as overseas expansion.
• The insurer is looking for an adjusted ROE increase from 8% to 10% and aims to double its market capitalisation by March 2027.
• Malaysian Re, China Pacific Property Insurance (CPIC), and Kunpeng Insurance Broker signed MoU on 14 April.
• The MoU focuses on health and medical insurance product development in Malaysia, with an emphasis on Cancer Precision Medicine treatment.
• MAS issued eight-year prohibition orders against a former insurance agent, commencing 18 April.
• Agent had already received a 20-month prison sentence for criminal breach of trust.
• Investigation found agent misappropriated S$117,160.94 between March 2012 and July 2018.
Singapore-based Hullah joins from MUFG where he was Director, Credit Strategy.
