edition
• Asia expected to lead global EV growth in coming five years.
• Lack of skilled EV mechanics are forcing insurers to write off vehicles for minor damages.
• Australian Government on Monday launched EV Centre of Excellence to help tackle mechanic shortage.
• Government initiatives and industry frameworks can help improve combined ratios and increase EV adoption in APAC.
• The World Bank issued a US$150m catastrophe bond in Hong Kong, to provide cover for storm risks in Jamaica for four hurricane seasons from 2024 to 2027.
• This cat bond, listed on the Hong Kong Exchange (HKEX), has a parametric trigger mechanism and is a renewal of the 2021 issuance and part of the World Bank’s “capital at risk” notes program.
• Aon Securities and Swiss Re Capital Markets served as joint structuring agents and bookrunners, with AIR Worldwide as the risk modeller.
• The Ardonagh Group is reportedly close to buying PSC Insurance Group for over A$2bn (US$1.33bn).
• Arthur J. Gallagher and Steadfast have reportedly withdrawn due to valuation concerns.
• Appeal to Ardonagh Group includes PSC's significant London market revenue and upgraded full-year guidance.
• A sale might be finalised within two weeks.
• Arthur J. Gallagher acquires Melbourne-based broker, specialising health insurance consultancy.
• HICA team, including founder Suzanne Still, to remain in Melbourne under leadership of Graham Campbell, Head of Gallagher's Employee Benefits and HR Consulting in Australia.
• The acquisition follows Gallagher's recent purchases in Australia, including Prasidium, Ansin Insurance Brokers, and Edgar Insurance Brokers.
• FWD announces launch of FWD HealthyMe, a health business unit aimed at providing a holistic health and wellbeing approach to customers across Asia.
• Sarah Salvilla appointed as Group Chief Health Officer, leveraging her extensive background in healthcare and commercial sectors.
• Initiative will utilise advancements in health technology and research to offer diagnostic services alongside accident and health insurance.
• Zurich General Insurance, Zurich Life, and digital bank GXBank announce a 10-year bancassurance partnership offering micro-protection insurance products for underserved Malaysians.
• Initial product will launch in Q3 and target protection against cyber crime.
• Macau issued its first black rainstorm warning in three years.
• City saw widespread flooding and disruptions, with over 80mm of rain falling in an hour in some areas.
• Wu Chou Kit, President of the Macau Institution of Engineers, called for a comprehensive review of the drainage systems to mitigate future flood risk.
Chen will relocate from Kuala Lumpur for his new role.
