edition
• Global P&C insurers face combined ratios averaging above 100% and annual losses exceeding US$100bn.
• The industry is struggling with outdated risk models, particularly for natural catastrophe events, said new report from Capgemini.
• A small group of “trailblazer” insurers were able to boost underwriting speed, lowered underwriting expenses, improved fraud detection, increased business flows, and enhanced retention.
• Prasidium, founded in 2015, specialises in trade credit insurance, employs a team of 17 and has three office locations: Sydney, Melbourne, and Brisbane.
• Following the acquisition, Prasidium team will integrate into Gallagher’s Australian offices, reporting to Gallagher's Sarah Lyons.
• Hong Kong-based virtual insurer OneDegree reported HK$180m (US$22.97m) in GWP in 2023, an increase of 59%.
• Result puts OneDegree as top revenue-generating digital insurer in Hong Kong for second year in a row, the insurer said.
• Home insurance product GWP nearly doubled, with a 191.5% growth; Pet CEO Plan and fire insurance products saw increases of 48% and 86.6%, respectively, while Critical Illness saw 26% GWP rise.
• The insurtech’s new six-year partnership with Bank Australia comes hot on the heels of its Series A funding round, which raised $108m.
• The partnership means the bank's 186,000 customers can access Bank Australia-branded home, contents and motor insurance powered by Honey’s tech stack.
• The company uses AI-powered software, public property data and satellite imagery to assess risks and offer lower rates to homeowners.
• The insurtech firm previously partnered with Bank of Queensland to provide home and contents insurance.
• The General Insurance Association of Japan (GIAJ) reports that as of 31 March 2024, total claims value related to Noto Earthquake has hit ¥74.4bn, an increase from ¥61bn reported up to 8 March.
• As of 31 March, 128,263 claims have been accepted, with 115,171 investigations completed, and 81,544 payments made.
Dunston, who rejoined WTW in 2019, will now leads placement for Large and Multinational accounts all lines of business in Asia.
Byrom moves from MECON Insurance to join Allied's Brisbane team.
Twemlow will join WTW New Zealand in July.
