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• Zurich Insurance completes acquisition of a 70% stake in Kotak Mahindra General Insurance for 55.6bn rupees (US$670m).
• Deal marks the largest foreign investment in India’s general insurance market and the first since foreign direct investment rules were amended in 2021.
• The collaboration will combine Zurich’s global expertise with Kotak’s local knowledge, businesses said.
• The deal was originally planned as a 51% upfront acquisition with a phased 19% addition, but later revised to a 70% upfront stake.
• Japanese insurers are aligning with ESG goals, focusing on investment and underwriting while balancing returns and stakeholder interests, per Fitch Ratings.
• Despite increase in ESG-related assets, investments remain driven by risk-return profiles.
• Insurers invest in green bonds and renewable energy projects but face challenges due to Japan’s reliance on non-renewable energy sources and environmental risks.
• The Office of the Australian Information Commissioner attributed the 2022 cyberattack on Medibank to the lack of multi-factor authentication (MFA) on its IT systems.
• Court documents allege attack was facilitated by a contractor’s infected personal computer and Medibank’s inadequate VPN configuration.
• Hack exposed 9.7 million customers’ data after information was published on the dark web.
• QBE to exit North American middle-market segment, representing US$500m GWP in FY23, citing performance challenges.
• Exit to refocus strategy on Specialty, Crop, and Commercial businesses in the region.
• Non-renewal of policies to start in FY24, but a more substantial GWP decline expected in FY25.
• Closure is expected to have limited impact on FY24 combined ratio.
• QBE forecasts 1H24 GWP at US$13.1bn and FY24 combined operating ratio around 93.5%.
• At the 15th Lujiazui Forum in Shanghai. Li Yunze, Head of the NFRA, emphasised the insurance industry’s role in China’s modernisation efforts.
• He called for accelerated development of the insurance sector to improve financial market structure and social security.
• Li highlighted the need for product innovation, for lines including health, long-term care, and agricultural insurance products.
• He stressed the importance of building a strong natural catastrophe protection network.
• Li also advocated for innovation, market environment improvement, and increased foreign participation in the insurance sector.
• GWP for Philippines' GI industry is forecast to reach PHP209.0bn (US$3.8bn) by 2028, driven by economic growth and increased construction activity.
• Property, country's largest line of business, set to grow driven by demand for nat cat coverage.
• Motor insurance expected to grow at a CAGR of 7.5% from 2024 to 2028, supported by rising vehicle sales/
• Expected growth in marine, aviation, and transit insurance is linked to increased foreign trade and port development.
• Marsh launched the Centre for Climate Adaptation and Resilience Excellence (CCARE) in Singapore.
• Centre will initially target the communication and technology, energy and power, and agriculture sectors.
• CCARE offers data, expertise, capital, and insurance, including parametric insurance, through partnerships to help businesses adapt to climate change.
• CCARE's team of over 100 experts assessed climate risks on assets worth over US$1 trillion in Asia in 2023 and contributed to over 20 publications on climate risk.
• Zurich Malaysia and Gentari sign MOU to promote sustainability and support EV growth.
• The collaboration includes exploring EV charging stations and offering services like charging credits and mobile charging.
• Executives from both firms highlighted the partnership’s role in advancing EV adoption and sustainability goals.
• ZA Tech has rebranded as Peak3 following a US$35m Series A fundraising led by EQT and Alpha JWC Ventures.
• Peak3 will use the funds for expansion in EMEA and investments in data and AI solutions.
• Insurtech aims for double-digit ARR growth and cashflow breakeven in the coming quarters.
Lau has been with QBE Asia since 2016 and has been serving as Chief Actuary.
