• A Houthi attack on a Chinese-owned ship may force insurers to reassess the discounts that they are offering such vessels.
• Many of those offering discounted premiums have already priced in the risk of misidentification.
• However, they may now feel compelled to reassess this risk.
• One of the key factors that insurers will look at whether the ‘intent’ of the Houthi militia group has changed at all.
• While insurers may feel need to raise rates in light of this latest incident, there is only so far they can take things if they want to remain relevant in China.
• Resolution Life Australasia to buy Asteron Life from Suncorp Group for NZ$410m (US$247m), subject to regulatory approval.
• Deal will make Resolution Life the second-largest life insurer in New Zealand.
• Asteron Life to remain a standalone New Zealand licenced life insurance firm, with brand, team, and management structure of Asteron Life to be retained.
• Suncorp Group CEO Steve Johnston describes the sale as 'win-win' for all parties, with Suncorp to continue focus on New Zealand general insurance market.
• 7.4 magnitude earthquake was Taiwan's strongest in 25 years.
• AM Best said Taiwanese earthquakes have historically resulted in large industrial losses, especially in tech and science.
• The earthquake disrupted key semiconductor manufacturers, including giant TSCM, raising the possibility of large BI claims.
• Moody's says it expects overall economic losses to be minimal.
• Barclays says some TSCM sophisticated machinery needs to operate 24/7 in a vacuum state for several weeks and may have been impacted.
• There were conflicting reports over an initial TSCM business loss estimate of US$60m.
• Eastern Australia faces potential for torrential rain, thunderstorms, and widespread flooding due to two significant weather systems converging.
• BOM has issued flood watches from southern Queensland to the NSW South Coast.
• Expected weather includes a 'black nor'easter', with thick dark clouds, heavy rain, and strong northeasterly winds.
• Insurance Australia Group (IAG) said it has prepared its claims teams for the severe weather impact.
Howden to rebrand its global reinsurance arm, Howden Tiger, as Howden Re in April 2024.
• Howden acquired TigerRisk in January 2023, which was then renamed Howden Tiger.
• Howden Tiger reported a 25% organic growth rate in 2023, with GWP reaching US$14.5bn.
• ALGA says Disaster Ready Fund (DRF) annual budget should increase from AU$200m (US$132m) to AU$450m.
• The DRF, starting on 1 July 2023, aims to fund natural disaster resilience projects until 30 June 2028.
• ALGA said applications in first year totalled AU$460m, with over 300 submissions.
• President Linda Scott points to natural disasters affecting over 60% of local government areas in the last two years.
SK Lee joins from AIG and succeeds previous APAC CEO Mark Newman, who now serves as the specialty (re)insurer's UK CEO.
Nambiar resigns from Malaysian-headquartered digital insurer, citing personal reasons.
