edition
• Insurers simply exiting the fossil fuel market will not aid in building a sustainable future, said panellists at ITC Asia in Singapore.
• A transition to sustainability requires the entire ecosystem to move together, taking into account social factors like education and basic needs.
• Regulations and standards have been crucial in establishing a baseline and making progress, with predictive analytics and better risk models possibly saving lives through proactive notification of impending risks.
• Global insurers face criticism for being behind the curve on sustainability, with Asian insurers slowly playing catch up to European counterparts, according to a non-profit report.
• OAIC suing Medibank for allegedly failing to protect customer data in a 2022 breach affecting 9.7m customers.
• Health insurer faces penalties of up to AU$2.22m for each contravnetion, which could amount to theoretical maximum fine in the trillions.
• Medibank says it plans to defend the proceedings.
• Chubb to acquire Melbourne-based MGA, which specialises in general aviation for the Australian market, with completion expected by the end of June.
• Brendan Warner, Managing Director of Catalyst, will continue leading the aviation business in Australia post-acquisition.
• The acquisition aims to enhance Chubb’s aviation market presence and capabilities in Australia and New Zealand, leveraging Chubb’s brand and distribution strengths.
• Zurich Insurance Company has received RBI approval to acquire a 70% stake in Kotak Mahindra General Insurance for 55.6bn rupees (US$667m).
• The acquisition, initially planned in two phases, will now be completed in a single tranche.
• Fitch affirms Tk.cn Insurance’s IFS Rating at ‘A-‘ with a Stable Outlook, citing its moderate business profile and strong online platform.
• Tk.cn’s rating benefits from its status as a ‘Very Important’ subsidiary of Taikang Insurance Group, which owns 99.82% of the company.
• Tk.cn’s combined ratio increased to 96.6% in 2023 from 92.3% in 2022, partly due to higher liability insurance claims.
• SEADRIF Insurance Company announces it has selected Gallagher Re for reinsurance broking and risk advisory services.
• The partnership aims to enhance SEADRIF’s climate and disaster risk finance capabilities for the ASEAN+3 region, with a current focus on optimising first flood risk insurance product for Lao PDR.
Ho elevated from his Singapore-based role as Environmental Underwriting Lead, Asia Pacific.
Lim joins from AXA XL to take on Senior Vice President role.
