Fitch maintains Sumitomo Life’s IFS rating
Sumitomo Life Insurance has maintained its strong ‘A+’ rating from Fitch Ratings, amid steady expansion in APAC and potential for a recovery in underwriting profitability.
NSW Government halts development in flood-prone areas of Sydney
The NSW Minns Government has ceased further development in flood-prone areas of Sydney’s north-west, a move seen as a strong measure to help protect families and businesses from future flood events.
Lockton New Zealand appoints Craig Buckle as CEO with Peter Lowe retiring
Buckle, currently serving as the Head of Corporate Risk, will step into the role of CEO at Lockton New Zealand from 1 January; he succeeds Lowe, who has been influential in Lockton’s New Zealand operations.
Mitsui Sumitomo looks to diversify revenue stream through AI-powered security camera service: Report
Japanese insurer Mitsui Sumitomo is preparing to launch an artificial intelligence-powered camera service for home security, potentially bundled with insurance solutions.
Singapore’s MS First Capital retains ‘Excellent’ credit ratings from AM Best
Ratings affirmed for MSFC, who have a five-year average combined ratio of 55.6% and strong support from its ultimate parent company MS&AD Insurance Group Holdings.
Indian regulator mandates changes to GI arbitration clauses
The IRDAI is enforcing the removal of the arbitration clause for General Insurance retail lines, while prescribing the specific clause to be used for GI commercial lines.
Pei Ru Chiew joins Sompo International from AXA XL to spearhead APAC Crisis Management
Sompo International taps Pei Ru Chiew to spearhead its Crisis Management and Commercial P&C Insurance in APAC, leveraging her deep expertise to meet the escalating demands for political violence and terrorism insurance coverage in the region.
AM Best maintains ‘Excellent’ credit ratings for Bank of China Group Insurance
Diverse underwriting portfolio and strong balance sheet lead to ratings affirmation for Hong Kong-based insurer.
PERILS estimates final industry loss for 2022 Southeast Australia floods at AU$965m (US$697m)
The floods, which occurred between 12 to 28 October 2022, caused record rainfall and led to pluvial and riverine flooding across the Murray-Darling basin of VIC and NSW, and later in Tasmania.
Starr International Insurance Thailand assigned ‘Excellent’ ratings from AM Best
Formerly FPG Insurance, the P&C insurer is expanding its presence in the commercial lines segment and will benefit from the expertise of Starr Group — who became a majority owner in December 2022.
