edition
• Australian Senate launches committee to investigate climate risk's impact on insurance premiums and affordability.
• Inquiry aims to address insurance affordability, especially in climate-affected regions, and will report findings on 19 Nov 2024.
• Goal of the inquiry is to find ways to ensure more equitable premium structures while facilitating greater insurance accessibility.
Strebel to succeed Ivan Gonzalez, who has been named CEO of Swiss Re CorSo.
• Acquisition of 120 million shares of Corebridge Financial expected to close by Q1 2025.
• Nippon Life is looking to diversify and double core operating profit to US$9.22bn by 2035, with international acquisitions a key part of its growth strategy.
• Christian Mumenthaler underlines market prospects, expecting premiums to double within a decade and noting opportunities in corporate, agriculture, mortality products, and natural catastrophe insurance.
• Group CEO emphasises China’s openness to foreign reinsurance firms while identifying green transition as a key area for future opportunities.
• Mumenthaler will step down from his role on 1 July, with Andreas Berger to become Group CEO and current China Country President Ivan Gonzalez taking over as CEO of Swiss Re CorSo.
• Cover Genius closes US$80m Series E funding round led by Spark Capital, despite a tech funding slowdown.
• The company reported 107% year-on-year revenue growth in 2023 and protects over 30 million customers through its XCover platform.
• The new funds will support growth and advanced technology investments, with a focus on travel, retail, ticketing, and logistics.
• April storms in NSW caused AU$176m in insured damages with 95% related to property, involving 14,781 claims.
• AU$10m paid out to impacted customers so far.
• The summer saw severe natural catastrophes in the country causing AU$1.9bn in insurance losses.
• SEBI has proposed that IRDAI and other regulators oversee cryptocurrency trade in India, signalling a potential growth in acceptance of digital assets.
• Despite past regulatory opposition, India’s cryptocurrency trade has grown, prompting new taxes and calls for a global regulatory framework during its G20 presidency.
• Regulatory frameworks in Asia are pushing for mandatory insurance coverage for crypto firms, with specialist insurers likely to expand their role.
• Ardonagh Specialty rebrands Inver Re to Price Forbes Re starting May 2024.
• The change completes brokerage group’s efforts to streamline and simplify operations.
• Japan Post will invest ¥52.5bn (US$340m) in Daiwa Asset Management Co. by 1 July, gaining a 20% stake.
• The partnership aims to diversify Japan Post’s revenue and enhance Daiwa Securities’ operations, with joint asset management and investment advisory efforts.
• Deal aligns with Japan’s shift from savings to investments, driven by macroeconomic trends and new policies like the NISA.
• IFS rating of ‘A-‘ and ICR of ‘a-‘ affirmed, both with a stable outlook.
• TMI’s combined ratio improved to 84% in 2023, driven by favourable losses in marine cargo and engineering lines.
• Risk-adjusted capitalisation deteriorated due to increased reinsurance credit risk but is expected to recover.
