IRDAI mulls early-2027 implementation for distribution reforms
Subramanian also pushed back against claims that the overhaul would lead to widespread job losses, adding that reforms would expand the distribution network.
Hong Kong extends mandatory motor, employees’ compensation cover to Huanggang Port area
The agreement removes the need for policyholders to amend existing compulsory insurance arrangements before the port begins operations on 12 October.
Australia scraps plan to cut its disaster recovery funding share to 50%
The decision follows opposition from Queensland councils, with further changes aimed at preserving access to recovery assistance and easing funding eligibility.
Business interruption claims rise 30% annually as fire and nat cat drive losses – Allianz
Concentrated production, supply chain risks, and reliance on third-party technology are increasing the severity of BI losses.
Fitch upgrades Beazley Insurance to ‘AA’ following completion of acquisition by Zurich
The upgrade reflects Beazley’s strategic importance to Zurich, with the combined specialty platform expected to generate around US$15bn in business volumes.
Japan FSA suspends Prudential Life, Gibraltar Life sales over widespread misconduct
The insurers have been ordered to overhaul compensation structures, strengthen sales oversight and submit externally reviewed remediation plans by November.
Hollard ordered to pay A$2m in first insurer penalty for breach of utmost good faith
The insurer’s conduct reflected a prolonged pattern of claims-management failures rather than an isolated mistake, the court ruled.
Tuvalu becomes PCRIC member, secures cyclone insurance
The PCRIC is also working with the Tuvalu government to develop a custom drought insurance product, with a launch targeted for early 2027.
Australia’s ban on using genetic testing in life insurance takes effect
The ban replaces a voluntary industry moratorium that has limited insurers’ use of genetic test results since 2019.
Taiwan proposes easing rules for insurer investment in VC firms, health businesses
The proposed changes could expand insurers’ role in funding Taiwan’s technology ecosystem and preventive health initiatives.
“No insurer can write a big enough cheque”: data centre values too large for any single insurer to cover, says Howden
(Re)in Summary The largest data centres are now potentially worth more than what any one insurer can absorb in a single placement, as AI-driven construction concentrates tens of billions of US dollars in insurable assets at individual sites. Single hyperscale AI campuses can carry total insurable values of US$20bn–50bn, according to a Howden report on […]
Prudential Japan to cut more than 60% of branches after independent probe links JPY6.17bn to staff misconduct
External committee linked sums to 159 current and former staff and 794 customers, and said it found structural failings in sales management, culture, and governance.