Monday 19 February 2024

• Asean ‘Green Pool’ set up via MoU in December 2023 to support region’s Net Zero ambitions.
• Asean contains five countries on list of 20 worldwide which are most exposed to climate change.
• Nat Cat damage to renewable energy facilities is one of the biggest challenges to successfully implementing energy transition targets.
• Guy Carpenter report highlights pool as a key step in insuring projects and demonstrating the (re)insurance industry's commitment to the region's energy transition.

• Japan P&I Club announced withdrawl of War Risk insurance cover in specified territories in the Indian Ocean, Gulf of Aden, and Southern Red Sea.
• Association said decision comes after reinsurers’ ceased support for certain war risks.
• Affected coverage includes all non-mutual business, including Special Cover for Charterers and Fixed Premium P&I cover.
• Mutual entries for P&I and FD&D cover remain unaffected.
• Association is seeking reinsurance solutions for buyback cover of excluded risks to mitigate impact on members.

• 14 Feb Valentine's Day storms caused winds reaching 157kp/h, toppling electricity towers, leading to one death, and 530,000 homes and businesses without power.
• On Friday, the ICA labelled the storms a ‘Significant Event’, trigging protocols for Council and industry, including analysis of claims data and coordination with government for community aid.
• It’s too soon to estimate total insurance costs, but most damage involves fallen debris and extended power outages.
• Victorian insurers are also monitoring bushfires.

• Final insurance loss estimate for Cyclone Gabrielle is NZ$2.17bn (US$1.33bn), up from third, estimate of NZ$2.02bn.
• Personal lines property losses represent 51% of total loss, commercial lines 49%.
• Gabrielle impacted North Island from 11 - 17 February 2023 causing 11 deaths, and extensive property and infrastructure damage.
• Total insured losses from Gabrielle and preceding Auckland Anniversary Weekend Floods amount to NZD 4.4bn, marking record for NZ's most considerable weather-related insurance industry losses.

• Noto Peninsula Earthquake hit Japan on Jan 1.
• The GIAJ said that accepted claims hit 76,497, with 25,246 settled as of 31 Jan.
• Claims payments have reached JPY20.53bn (US$137m).
• Ishikawa Prefecture has highest claims at 31,816, with 8,343 processed.

• QBE’s profit rise, fuelled by higher premium income; Gross written premiums up 10% overall, including 17% growth for international division
• Combined operating ratio improved to 95.2% in 2023 from 95.9% in 2022.
• The group reported a slight rise in catastrophe claims last year but said net costs tracked marginally better than allowances.
• Premium rate increases are expected to continue, albeit potentially at a moderated pace.
• Despite its robust performance, QBE’s full-year profit of $1.36 billion for 2023 fell below analyst forecasts.

• PB Fintech announced in a stock exchange filing that subsidiary Policybazaar Insurance Brokers has received in-principle approval to upgrade its licence from a Direct Insurance Broker to a Composite Insurance Broker.
• Filing said, "This will allow us to deepen the insurance penetration in the country by bringing more technology, process control and data analytics-based innovation into reinsurance capacity."
• In Q4, PB Fintech saw 43% YoY revenue growth to 871m rupees (US$10.49m) and recorded its first-ever net profit of 372m rupees (US$4.48m), led predominantly by growth in its online marketplaces.

Kaufmann relocates from Switzerland to Tokyo following a decade with New Re.