edition
• SQ321 encountered severe turbulence on 21 May, leading to the death of a retired British insurance worker, Geoff Kitchen, and injuries to 48 others.
• Reuters has named Allianz as the lead insurer for the aircraft.
• Travel insurance policies likely to cover injuries.
• The Montreal Convention may allow passengers to claim up to US$175,000 without Singapore Airlines contesting liability.
• Legal experts said compensation could exceed US$175,000 if airline cannot prove all safety measures were taken.
• Landslide buried over 150 homes, leaving 670 people feared dead.
• Rescue efforts hampered due to ongoing dangerous conditions and tribal violence.
• PNG government and international aid agencies are working to provide relief, with helicopters being the only viable access due to blocked roads.
• Insurance losses are expected to be comparatively low, but the disaster spotlights the protection gap in PNG.
• Forecast predicts near-normal tropical cyclone formations and near-to-above-normal landfalls in Western North Pacific.
• ENSO is expected to have some influence on cyclone activity, with a transition to ENSO-neutral by June and a high chance of La Niña from November.
• 19-21 cyclones expected to form, with 17.4 making landfall in East Asia.
• In 2023, the WNP experienced below-normal cyclone activity.
• Total insurance claims from the Noto Peninsula Earthquake reached ¥84.9bn (US$540m) as of 26 April, up from ¥74.4bn (US$470m) on 31 March.
• Accepted claims increased to 140,539, with 133,332 investigations completed and 94,728 payments made.
• Ishikawa Prefecture has 59,778 accepted claims, and Toyama Prefecture 37,841.
• Four major Japanese insurers admitted to sharing auto insurance customer data with competitors due to mishandled emails.
• Japan's financial watchdog had already previously ordered these insurers to improve business operations after finding collusion over premiums and other compliance issues in a separate matter.
• FuSure Reinsurance Company Limited's 'A-' IFS and ICR ratings affirmed by AM Best, with a stable outlook.
• FuSure, supported by Tencent's 85.01% ownership, focuses on health and accident lines in Greater China and plans to diversify its offerings and geographic reach.
• AM Best noted FuSure's prudent investment strategy, strong risk-adjusted capitalisation, and appropriate Enterprise Risk Management framework.
Paul Fahey joins ICA Board to fill vacancy left by Richard Enthoven who stepped down after a decade.
MM Lee has been appointed Executive Director of General Business and Marty Lui as Executive Director of Long Term Business at the HKIA.
