edition
• ARTE Generali was launched in Europe in 2019.
• The product offering has so far been rolled out in Germany, France, Italy, the United Arab Emirates, Austria and the United Kingdom.
• The Hong Kong launch marks the art insurer’s initial entry into Asia, intended to meet the rising demand for coverage in the region’s expanding art market.
• ARTE Generali plans to launch elsewhere in the region, once it has gained “recognition and appreciation” from Hong Kong’s local market.
• ARTE Generali’s CEO describes the €250 of capacity that the insurer will bring to the market as “significant”.
• AUB Group Limited will acquire a 70% stake in Pacific Indemnity for AU$192m, with an upfront payment of AU$105m and a deferred payment of AU$35m.
• AUB said in an ASX announcement that it will fund the acquisition through a fully underwritten AU$200m equity raising, which will also support its M&A pipeline.
• Pacific Indemnity specialises in professional indemnity, D&O, and general liability.
• Insurers face claims of 1.5bn rupees (US$18m) due to rain-related match washouts and player injuries in the IPL.
• First significant claims that have affected the cricket tournament since 2019.
• The increase in claims is likely to lead to higher insurance premiums for the next IPL season.
• French insurance broker to acquire majority stake in Mumbai-based Unilight, pending regulatory approval.
• Indian (re)insurance broker specialises operates in eight Indian cities, employs 170 people, and places 7.2bn rupees (US$86m) in premiums annually.
• Unilight specialises in corporate risks across specialty lines, including marine, engineering, and terrorism and political violence.
• Bancassurance partnership will expand SBI’s distribution network to Jana Small Finance Bank’s customers in 24 states and Union Territories across India.
• Bank’s individual customers will have access to health, personal injury, house, auto, and travel insurance lines.
• Commercial insurance products include property, marine, and engineering.
• The Philippines’ non-life insurance sector reports a 7.76% rise in GWP to Php28.20bn (US$484.75m) and a 6.98% increase in NWP to Php16.99bn (US$292.11m) in Q1 2024.
• Notable increases in NWP in motor vehicle and fire insurance, with substantial declines in marine and aviation.
• Total losses incurred decreased by 4.83% to Php6.23bn (US$107.11m), with a 4.08% fall in net income to Php2.52bn (US$43.32m).
• The Hong Kong Insurance Authority (IA) issued a circular addressing non-compliant broker referral models which use unlicensed referrers for Mainland China visitors.
• Circular comes following a joint IA and ICAC operation targeting unlicensed insurance sales which led to the arrest of a broker and referrer in April.
• The IA emphasised that only licensed intermediaries can conduct regulated activities and warned of penalties for non-compliance.
• IA added that investigations on non-compliant models are ongoing.
