• East Taiwan hit with magnitude 7.4 earthquake on 3 April.
• Early loss estimates vary; Aon estimates losses in the hundreds of millions, CoreLogic estimates property insurance losses between US$5bn-US$8bn.
• GlobalData does not expect a significant impact on property insurer profitability, with Taiwan Residential Earthquake Insurance Fund a key factor.
• AM Best highlighted the potential for BI losses, though noted epicentre was away from major tech hubs.
• Taiwan's stringent seismic codes are likely to have reduced the extent of the damage.
• GWP is expected to continue to rise, with increased appetite for property cover following event.
• Allianz Partners receives license to start operations in India's GIFT City, marking the first time a foreign reinsurer will begin operations in the Special Economic Zone.
• GIFT City aims to become a global financial hub, offering advanced infrastructure, a liberal regulatory regime, and tax benefits.
• IRDAI has been working to strengthen reinsurance capacity, including amendment of regulations and overseas trips to woo international players.
• Sydney and surrounding areas faced severe weather over the weekend, which could lead to considerable property and motor insurance claims.
• More than 250mm of rain fell Friday night, with rivers swelling and a rapid rise in floodwaters; the overflowing of Warragamba Dam on Saturday worsened the issue.
• Despite blue skies on Sunday, authorities warned the flood threat persists.
• The NSW State Emergency Service (SES) responded to over 4,516 incidents, rescuing about 200 people, with around 350 homes and 960 residents under evacuation orders.
• The NSW and Federal governments announced a disaster recovery package for affected areas.
• IAG paid over AU$21m (US$13.83m) for owed wages and entitlements under federal laws.
• Insurer also settled AU$16.2m in long service leave entitlements under state and territory laws.
• IAG self-reported in Dec 2020 after identifying underpayments during internal review.
• Underpayments were due to failures in implementing proper systems.
• Insurer has also entered into an enforceable undertaking to prevent future occurences.
• Issue affected more than 19,000 current and former employees.
• Samsung Fire & Marine Insurance ends its 21-year bancassurance operations as of 1 April.
• Decision influenced by declining sales and competitive interest rate products from banks.
• Introduction of IFRS 17 in January 2023, favouring protection-based insurance, likely to have impacted decision.
• Company to maintain existing bank agreements and manage previously sold products.
• Insurer said it was exploring sales opportunities in international markets, including Vietnam.
• Australia's government tabled legislation amendments that would have inadvertently eliminated sales commissions for insurance brokers.
• Financial Services Minister Stephen Jones acknowledged errors and said the 'unintended consequences' will be addressed as soon as possible.
• The original amendments would have impacted insurance brokers' commission-based earnings and necessitated a shift to a fee-for-service model.
• The programme was developed by AXA Climate and includes content from over 120 global scientists, experts, and researchers.
• 96% of AXA employees have completed the training.
• New initiative aims to enhance shareholders' understanding of climate change and their role in mitigation and adaptation.
Moncreiffe ascends from CEO of HSBC Life Hong Kong, which under his leadership set US$250m world record life policy in February and maintained its top spot in new business premiums in 2023.
Goyal steps into CDO role following Raghavendra Rao's retirement on 31 March.
