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• AM Best’s report highlights the need for increased oversight of MGAs due to rapid growth and potential lack of risk controls.
• MGAs have become key partners for insurers, particularly in specialty and surplus lines of business.
• Risks include potential abuse of authority and lax underwriting.
• Analysis shows that most affiliate-associated insurance insolvencies since 2018 sourced 98.9% of DPW through MGAs.
• Private equity investment in MGAs can offer growth opportunities but also bring risks and operational challenges, including prioritisation of short-term growth.
• A cross-shareholding selloff is expected to provide cash for Japanese insurers to invest in new business and technologies, panellists say at InsureTech Connect Asia.
• Regulator FSA have encouraged domestic and foreign insurtechs to partner with traditional Japanese insurers to help them digitalise.
• Japan’s ageing population and economy has created a need for new insurance products, asset management capabilities, and improved efficiency with technologies.
• Foreign insurtechs can add value by bringing use cases and experience from outside Japan, panellists say.
• ALDI Australia launches ALDI Insurance, partnering with MGA Honey Insurance and RACQ Insurance, offering home, contents, and car insurance.
• Customers can save up to 8% on premiums with smart sensors, aiming for a straightforward and competitive insurance experience.
• ALDI says aims to bring its grocery market approach of competitive pricing and quality to the insurance sector.
• DUAL Australia will manage Allianz Australia’s financial lines portfolio from 1 Oct 2024, with Allianz continuing as the capacity provider.
• DUAL ANZ CEO, Damien Coates, says partnership is “testament to the outstanding technical underwriting expertise and claims handling capabilities we have as the leading financial lines underwriting agency in Australia.”
• The Albanese Government estabalished the Insurance Affordability and Natural Hazards Risk Reduction Taskforce as part of its 2024-25 Budget.
• The taskforce, led by the Department of Prime Minister and Cabinet, aims to address insurance costs and disaster impacts through a cross-government approach.
• The taskforce will focus on key issues such as risk reduction, economic impacts of underinsurance, and standardising natural hazard definitions, building on existing work from the Hazards Insurance Partnership.
• Sun Life Singapore and Beyond Sport launched Hoops + Health to support coach development and youth wellness in Singapore.
• The programme is part of a C$1m (US$730k) initiative spanning six Asian countries.
Mustafa promotion to head of Zurich's family takaful business makes her the first woman to lead a takaful operator in Malaysia.
