edition
• ARPC reports approximately 95% of the market, by sum insured or premium, has joined Cyclone Reinsurance Pool.
• Average premium per risk is AU$170 for homes, AU$715 for strata, and AU$262 for SMEs.
• Combined Rate on Line is 2.57% for homes, 2.10% for strata, and 1.95% for SMEs.
• Pilbara region has highest avg. premiums at AU$2,137, while lowest is South-West NSW at $0.1.
• ACCC and ACIL released recent reports suggesting Pool has not lowered premiums in cyclone-prone areas.
• Industry experts have advocated long-term strategies beyond Pool to help address the complex issue of insurance affordability.
• Ben Son, CEO of Lockton Korea, told the FNTimes that the business aims to double sales over the next five years to KRW 38bn (US$27.82m) in 2028.
• The growth is planned organically, with a focus on commercial risks, including property, liability, and technology lines of business.
• Son is bullish on GI market growth in Korea, seeing opportunities in segments such as digital assets, cyber risks, and renewable energy.
• RACQ is considering selling its insurance division, with Bank of America managing the sale process, according to a report from the Australian Financial Review.
• Previous discussions for IAG to acquire division for AU$500m (US$330m) reportedly fell through by May 2023.
• US insurer Oka marks first international debut with foray into the Australian market.
• Coverage helps to reduce due diligence required by carbon credit buyers and protect them from risks that may arise.
• The global carbon credits market is continuing to grow with insurance playing a key role in market reliability and corporate climate action.
• Zurich Insurance Japan partners with Loyalty Marketing to offer digital insurance via Japan’s Ponta loyalty program, which has over 117m members.
• Zurich Edge integrates directly into the Ponta members’ app to provide members access to two personal accident insurance options: one free and one paid.
• Prudential confirms, in a statement ti Reuter, the closure of its Hong Kong-based wealth management business, Pulse Wealth.
• Move aims to realign with its core wealth strategy with the company remaining dedicated to the Hong Kong wealth market, focusing on high-net-worth individuals through a specialised team.
• TSR provides early May forecast of a 20% decrease in typhoon activity for the Northwest Pacific in 2024.
• The forecast predicts 7 intense typhoons and a total of 25 storms, attributing lower activity to weak or moderate La Niña conditions.
• Another update is due in July 2024.
• APRA reviewed private health insurance sector’s compliance with new capital standards, focusing on ICAAP and quarterly data.
• APRA observed several areas of improvements, including clearer ICAAP linkages, broader risk assessments, and sophisticated stress testing.
• The regulator reported strong industry capital position but stressed the importance of improving data quality and accuracy.
• Go Digit General Insurance to launch IPO on 15 May, following SEBI approval in March.
• IPO includes fresh issue of of shares valued at 11.25bn rupees (US$134.7m).
• Funds aimed at enhancing capital base and maintaining solvency levels.
