edition
• Collaboration between insurers and fire agencies could help better analyse fire data and develop risk mitigation strategies for EV battery fires, says Insurance Council of Australia.
• In new paper, the ICA also suggested governments upskill technicians, train responders, reform written-off vehicle laws and work with insurers on risk modeling to support transition to EVs.
• Regular EV battery testing by technicians and insurers could help monitor battery health, strengthening consumer confidence in the growing second-hand EV market.
• Insurers can collaborate with manufacturers on data-sharing, consumer education, and parts supply, while offering innovative products like usage-based insurance to enhance affordability.
• Over 1 million motor accident insurance claims worth 805bn rupees (US$9.68bn) are pending in India, with numbers rising each year since at least 2018-19.
• Supreme Court Advocate K.C. Jain’s RTI says only 29% of cases settled in the financial year 2022-23, taking an average of four years for victims to receive financial relief.
• Jain filed an application in the Supreme Court for an interim payment scheme to provide timely relief to victims, suggesting payments of 500,000 rupees for fatal cases and 250,000 rupees for injury cases.
• AIA Group opened its redeveloped headquarters at 1 Stubbs Road, Wan Chai, Hong Kong, on 27 May, housing 1,800 employees.
• The 22-floor building includes an indoor running track, gym, and multi-purpose sports hall, with leading ESG features, including platinum green building credentials.
• Businesses enter asset intensive reinsurance agreement covering in-force whole-of-life policies.
• Deal provides Tokio Marine & Nichido Life Insurance a way to reduce long-term interest rate risk and improve ALM.
• Deal follows other recent asset intensive reinsurance agreements in Asia, with market set to grow, driven by regulatory changes and portfolio optimisation needs.
• As of 26 April 2024, 91,219 out of 92,424 insurance claims from 16 April hail-fall in Hyogo Prefecture have been paid, totalling ¥33.6bn (US$214.3m).
• Vehicle damage claims totalled ¥17.4bn (US$111.0m) with 60,470 out of 61,113 claims paid.
• Fire insurance claims totalled ¥16.0bn (US$102.1m) with 30,642 out of 31,192 claims paid.
• Paytm General Insurance Limited withdrew its general insurance licence application to focus on insurance distribution.
• The move saves parent company One97 Communications 9.5bn rupees (US$114m) and shifts focus to Paytm Insurance Broking Private Limited.
• Paytm intends to expand reach for small-ticket insurance items for consumers, small merchants, and SMEs.
• NTU and GAIP launch 2024 Insurance Case Competition focused on AI, open to students in Singapore and selected ASEAN universities.
• Participants will present AI-driven solutions to industry challenges to a panel of experts.
• Prize pool of S$14,000 with internships for winners from Singaporean universities.
Graves joined Zurich in 2016 and is elevated from his role as Head of the insurer's Short-Tail Lines Claims in Singapore.
Keating joins following nearly eight years with Marsh.
