• A series of floods in China in 2023 made this risk Asia Pac’s costliest Nat Cat peril for the fourth year in a row, according to Aon data.
• Global Nat Cat losses were over US$100bn in 2023 - lower than the previous two years’ numbers.
• However, economic nat cat losses are predicted to increase 5-7% per year over the long term, in excess of expected global GDP growth in the region of 3%.
• This trend would see insured losses double in 10 years warns Swiss Re.
• APAC's insurance protection gap stood at 91% in 2023, said Aon.
• The market share of the top 10 insurers in India dropped to 71.2% last FY, primarily due to descrease in premiums written by public sector insurers.
• Meanwhile, private insurers, including ICICI Lombard, Tata AIG, and Go Digit, have strengthened their market positions.
• Investments in technology by private insurers, including AI and automated claims processing, have improved the efficiency and customer experience.
• These insurers are also focusing on product personalisation and enhancements, including products suitable for electric vehicles (EVs) and usage-based insurance models.
• Sierra Signorelli, Chief Executive of Commercial at Zurich, told Bloomberg the group will stop underwriting new oil and gas projects.
• Signorelli cited alignment with the company's 2050 net-zero emissions goal as the reason.
• Insurer will continue underwriting existing policies, but will engage with corporates with highest insurance-associated emissions to encourage investments towards net-zero goals.
• Clients failing to make progress may face termination of their policies as a last resort.
• Zurich intends to increase coverage of clean-energy infrastructure, including carbon capture and hydrogen power.
• IA issues three-year ban to former insurance agent for misappropriating premiums from a policyholder he knew from secondary school.
• In July 2019, the agent directed the policyholder to transfer HK$33,835 into his account for premium payment, but he used this for personal reasons, causing policy to lapse in August 2019.
• Despite repaying the misappropriated funds over a year, the policy was not reinstated until October 2020.
Malaiarisoon (pictured left) has been with Lockton for 30 years and Camanag (pictured right) has been with the independent (re)insurance broker for a decade.
Reichelt returns to the business he served for a decade between 2010 and 2020.
