Aon: Billions in economic and insured losses expected from glacial lake outburst in India
Severe glacial lake outburst flood in India’s Sikkim and West Bengal states leaves nearly 100 dead, causing billions in economic losses due to extensive damage to dam infrastructure.
ASIC’s 2022-23 annual report spotlights insurance enforcement priorities in Australia
The report highlights that unfair contract terms and pricing practices were enforcement priorities last financial year, while offering insight into potential priorities for the years ahead.
Envest group buys majority stake in London Australia Underwriting
The Australian financial lines MGA writes over AU$35m in GWP exclusively on behalf of Lloyd’s syndicates.
Allianz to sell 49% stake in CPIC Fund Management to focus on fully owned asset management ventures in China
German insurance giant Allianz is set to sell its 49% stake in CPIC Fund Management to Guotai Junan Securities, marking the end of a partnership which started in 2003.
AXA exits Indian life insurance joint venture as Bharti Group acquires 49% stake
Bharti Group is set to purchase AXA’s share in Bharti AXA Life Insurance and gain full ownership of the life insurance company by end of the year.
APRA’s annual report highlights affordability and availability challenges in Australia’s insurance sector
In its 22-23 report, the Australian Prudential Regulation Authority summarised work it undertook to enhance sector resilience and improve policyholder outcomes, while acknowledging escalating challenges associated with affordability and climate change.
GlobalData warns of slowing growth in Singapore’s General Insurance industry
GWP forecast to hit SG$7.35bn (US$5.5bn) by 2028 thanks to increasing demand and new regulations, but growth slowdown anticipated due to economic and geopolitical challenges.
Fitch maintains China-based Urtrust Insurance’s IFS rating at ‘BBB’, with stable outlook
However, the P&C insurer may experience pressure on its loss ratio due to increased transportation activity following Covid-19 measures, despite diversifying its business and improving its combined ratio to 95% in H1 2023.
New Zealand’s Vero penalised record NZ$3.9m (US$2.31m) for discount failures
The Auckland High Court has ordered the insurer, a subsidiary of Suncorp New Zealand, to pay the reduced fine for failing to apply multi-policy discounts to nearly 42,000 customers
Liberty Mutual Reinsurance appoints Alex Koh as new Senior Underwriter in Singapore
Koh joins from China Reinsurance Corporation where he was Treaty Manager.
