edition
• CGC reports 77,886 code breaches for Australia's GI industry in 2022-23, a 34% YoY increase.
• 45,331 breaches were related to claims handling obligations, marking a 16% increase.
• The most common breach involved failing to update consumers on claim progress every 20 business days, with 28,189 instances.
• CGC attributes rise to inadequate resourcing, insufficient training, and underinvestment in technology.
• A section of the Meidai Expressway collapsed on 1 May amid heavy rainfall, causing 48 deaths and trapping 20 vehicles.
• China's regulator activated an emergency response plan, including the creation of a special working group and a green channel for expedited claims.
• As of noon on 2 May, insurers had paid out 10.62m yuan (US$1.47m) in insurance claims.
• Collapse adds to a series of extreme weather events in Guangdong, including 19 to 23 April floods, which have so far led to claims of nearly US$100m.
• Chubb is set to make US$350m payment to Maryland for collapse of Baltimore's Francis Scott Key Bridge, according to multiple reports.
• Policy has an upper limit of US$350m, but total insurance losses are expected to be in the billions.
• P&I Club has excess-of-loss reinsurance cover up to US$3.1bn, with around 80 reinsurers likely to bear most of insured cost.
• Baltimore's mayor and city council are suing Singaporean ship owner and operator for negligence, with Chubb and family members reportedly considering legal avenues.
• Singaporean owner has denied any wrongdoing.
• Peak Re announced a net profit of US$200m for 2023, a significant recovery from a US$261m loss in 2022.
• P&C combined ratio improved to 87.3% in 2023 from 110.1% in 2022.
• GWP L&H reinsurance grew 162% year-on-year to US$438m.
• Investment income reached US$114m with an investment yield of 3.8%.
• Peak Re maintains a positive outlook for 2024, focusing on rigorous risk selection, prudent underwriting, and steady investment returns.
• The Contracts of Insurance Bill passed its first reading in New Zealand's Parliament, aiming to update country's insurance laws, some of which are over 100 years old.
• The legislation seeks to simplify insurance processes, mandating insurers to ask pertinent questions and make timely payments.
• The bill is set for a Select Committee review, with a potential three-year implementation period to allow industry adaptation.
• The IRDAI is expected to approve IIHL’s acquisition of three insurance subsidiaries from Reliance Capital by 27 May, a source told the Economic Times.
• The National Company Law Tribunal had set a deadline of 27 May to complete the transaction.
• However, the Indian regulator had concerns over IIHL’s complex shareholder structure, which led to a request for detailed information.
• IIHL has responded to request and the regulator’s approval now looks likely before the deadline.
• AM Best affirms Pinnacle Life's IFS at 'B+' and ICR at 'bbb-', both with a stable outlook.
• The company's five-year average return-on-equity stands at 5.3% for fiscal years 2019-2023.
• AM Best expects company's operating performance to remain adequate, supported by strong underwriting growth and an effective pricing strategy.
• Ratings agency notes the insurer's reliance on reinsurance and a small capital base as potential risks.
Luah joins Lockton following 9 years with WTW.
Xue appointed Head of Origination for Hong Kong, Taiwan, and Multinationals at Munich Re Markets, according to a LinkedIn update.
Morrissey promoted just a year after moving to Sydney to join DUAL Australia.
Thirlwall has been with Chubb for nearly nine years.
Mark Longworth (pictured left) joins as Global Head of Insurance Advisory and Tan Hussain (pictured right) as Actuarial Modelling leader, with both based in Hong Kong.
