News

perils-pegs-initial-loss-of-australias-2023-christmas-storms-at-au1-4bn

PERILS pegs initial loss estimate of Australia's 2023 Christmas Storms at AU$1.4bn

February 14 2024

PERILS's first insurance loss estimate, for storms, that hit QLD, VIC, and NSW between 23 and 29 Dec, is AU$1.4bn (US$900m).

irdai-unveils-draft-regulations-for-indias-new-electronic-insurance-marketplace-bima-sugam

IRDAI unveils draft regulations for India's upcoming digital insurance marketplace, Bima Sugam

February 14 2024

The ambitious marketplace is being developed as a 'one stop shop' to improve insurance penetration in the country.

Skuld issues notice of cancellation for Red Sea War Risk cover

February 14 2024

Skuld announces cancellation of certain war risks after it received notice of cancellations from reinsurers.

wtw-and-solomon-agency-partner-on-north-american-exposure-of-south-korean-and-vietnamese-firms

WTW and Solomon Agency Corp partner on North American exposure of Asian businesses

February 14 2024

Strategic co-brokerage agreement aims to deliver tailored insurance solutions to South Korean and Vietnamese companies operating in North America.

japanese-non-life-insurers-told-to-offload-cross-held-shares-in-wake-of-price-fixing-probe

Japanese insurers told to offload cross-held shares in wake of price-fixing probe - report

February 12 2024

Concerns over influence of strategic shareholdings have prompted Japan's FSA to order insurers to divest from cross-held shares.

eka-lloyds-outlook-dowgraded-despite-90-cor-and-surge-in-gwp

Indonesia: Eka Lloyd's outlook dowgraded despite surge in GWP and 90% COR

February 9 2024

Fitch maintains ratings but revises outlook to negative, due to declining RBC ratio and concerns around challenges to meet new OJK equity requirements from 2026.

Pacific Prime expands to Australia

February 9 2024

Days after acquiring a Malaysian broker, Pacific Prime reaffirmed its commitment to APAC growth by announcing it had opened shop in Australia through key hire of Michael Atta.

chinese-ships-secure-lower-insurance-rates-in-red-sea-amid-houthi-attacks-report

Chinese vessels gain access to reduced Red Sea rates amid Houthi strikes - report

February 8 2024

Chinese ships are benefiting from lower rates amid targeted Houthi attacks on Western vessels.

Agricultural Insurance Company of India launches crop insurance pilot for small tea growers

February 8 2024

AICIL launches pilot scheme targeting small tea producers in three key regions, with plans for national expansion based on initial success.

fosun-renews-efforts-to-sell-majority-stake-in-peak-re-report

Fosun renews efforts to sell stake in Peak Re - report

February 8 2024

Bloomberg reports that Fosun International is reviving plans to sell its majority stake in the Hong Kong-based reinsurer, aiming for a US$1bn valuation.

cci-greenlights-zurichs-phased-70-stake-purchase-in-kotak-general-insurance

CCI greenlights Zurich's phased 70% acquisition of Kotak General Insurance

February 7 2024

The Competition Commission of India has provided full approval for Zurich's phased acquisition, first announced in November, starting with 51% in 2024, and a further 19% within three years.

Malaysia: Pacific Prime acquires MIT Insurance Brokers

February 7 2024

Global broker Pacific Prime completes full acquisition of MIT.

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