Asia Pacific

Lockton expands into Indian market with Dadia-led venture

Lockton has continued its recent expansion drive with the launch of a brokerage operation in India, a move the intermediary said would provide it with an opportunity to continue to build its established network in the region.

Howden names Aon’s Baker as chief client officer for Asia

Howden has appointed Aon’s Mike Baker as chief client officer for Howden Asia.

Suncorp to take A$568mn of nat cats and A$107mn reserve charge in H1 results

Suncorp’s natural hazard costs for the six months to 31 December 2023 will total A$568mn ($374mn) net, with the Australian insurer also preannouncing A$107mn of pre-tax reserve strengthening during the period and above-guidance top line numbers.

Cyclone Kirrily weakens to tropical low after crossing Queensland coast

Tropical Cyclone Kirrily has been downgraded to a tropical low after making landfall on the coast of Queensland overnight, with insurers drawing early comparisons with last month’s ex-Tropical Cyclone Jasper, which is expected to cost the industry A$202mn ($133mn).

MS Amlin renews Phoenix Re 2 ILS vehicle in first for Singapore

MS Amlin Asia Pacific has secured collateralised capacity to renew its local special purpose reinsurance vehicle, Phoenix 2 Re.

Whitespace eyes US launch and fields interest from Singapore and Bermuda

Digital placing platform Whitespace is planning to expand its offering to the US market with interest also growing from other international insurance hubs such as Bermuda and Singapore, according to chief platform officer Marcus Broome.

Lloyd’s lines up Mackinnon as APMEA regional director with Ferguson to retire

Chris Mackinnon is set to become Lloyd’s regional director for Asia Pacific, the Middle East and Africa, with the incumbent Iain Ferguson retiring at the end of 2024.

ICA puts Jasper and Christmas storms losses at A$743mn

The Insurance Council of Australia has estimated that the cost of claims from ex-Tropical Cyclone Jasper and the Christmas and New Year storms will exceed A$743mn in insured losses.

Sompo Holdings CEO Sakurada plans to step down in March: reports

Multiple Japanese media outlets are reporting that Sompo Holdings CEO Kengo Sakurada is planning to step down from his post and leave the Japanese insurance giant’s board in March, to be succeeded by current president and COO Mikio Okumura.

Tokio Marine highlights climate action and disaster resilience in sustainability priorities

Climate action, improving disaster resilience and promoting diversity and inclusion are among the key priority issues set out by Tokio Marine Holdings in its latest sustainability strategy.

BHSI appoints Au as Asia general property head

Berkshire Hathaway Specialty Insurance has appointed Jess Au head of general property in Asia.

Canopius adds Axis’ Barnum in professional lines build-out

Canopius Group has named Axis’ Robert Barnum as a professional lines underwriter for Australia and Asia Pacific.

Swiss Re forecasts non-life premium growth of 8.3% in India by 2028

Total insurance premiums in India are forecast to grow by 7.1 percent in real terms over the next four years, above the global, emerging and advanced market averages, Swiss Re Institute has predicted.

Bridge Specialty International builds in Singapore with Acorn buy

Brown & Brown Europe’s wholesale and specialty brokerage group, Bridge Specialty International, has acquired Acorn International Network, a Singapore-based insurance broker.

HDI Global names Tarantino to lead Singapore as Silton retires

HDI Global SE has appointed Alex Tarantino as managing director of its operations in Singapore, replacing Graham Silton who will retire in mid-2024 following over four decades in the insurance industry.

Australia Christmas and New Year storm claims top 60,518: ICA

Australian insurers have now received 60,518 claims related to the Christmas and New Year storms which struck Queensland, New South Wales and Victoria, according to the Insurance Council of Australia.

Sedgwick names Valsey head of major and complex property in Australia

Carlyle-backed claims management provider Sedgwick has appointed industry expert Jonathan Valsey as its head of major and complex property in Australia.

China’s real-estate crisis to drive P&C market growth

Chinese government action to deal with the country’s ongoing real-estate crisis will drive growth in the country’s P&C insurance market, presenting an opportunity for both domestic and international insurers, according to Swiss Re.

Australian Cyclone Jasper claims rise above 6,300: ICA

Australian insurers have received more than 6,300 claims related to ex-tropical Cyclone Jasper which struck northern Queensland in mid-December, according to the Insurance Council of Australia.

Moody’s RMS estimates Japan earthquake insured loss at $3bn-$6bn

Moody’s RMS has estimated insured losses from New Year’s Day earthquake in Japan’s Noto Peninsula at between ¥435bn and ¥870bn, which follows fellow risk modelling firm Verisk’s estimate of property insured losses from the event at between $1.8bn and $3.3bn.

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