Korean Re net income more than doubled in 9M 2023Korean Re, Asia’s second-largest reinsurance company, reported net income of KRW292.9bn ($230mn) in the first nine months of 2023, more than double year on year.
Insurers fully settled NZ$2.7bn of Gabrielle and Auckland flood claimsInsurers have fully paid out NZ$2.7bn to settle private insurance claims relating to Cyclone Gabrielle and the North Island floods, according to new data from the Insurance Council of New Zealand.
Aviva to earn additional £80mn from sale of Singlife stakeAviva expects to receive approximately £80mn ($102mn) of additional proceeds relating to the previously announced sale of its stake in Singapore Life Holdings Pte to Japanese carrier Sumitomo Life.
Japanese regulator issues business improvement order to big four P&C insurersThe Japanese Financial Services Agency (FSA) has issued a business improvement order to the four largest P&C insurers in Japan as part of an ongoing investigation into allegations of violations of the Antimonopoly Act.
ICA declares “significant event” across three states following Christmas stormsThe Insurance Council of Australia (ICA) has declared the severe storms that hit Queensland, New South Wales and Victoria between 23 and 26 December a “significant event”.
Sompo Holdings M&A chairman Frudd latest senior executive to step downSompo Holdings’ senior executive vice president and chairman of overseas M&A Nigel Frudd has become the latest senior executive at the big three Japanese insurer to announce his departure.
Everest names Browne global A&H headEverest Group has appointed Glen Browne to global head of accident and health, with the executive taking on the role after having most recently served as head of international corporate strategy for the company’s insurance business.
ICA upgrades Cyclone Jasper impact to “insurance catastrophe”The Insurance Council of Australia has declared the widespread damage caused by ex-tropical Cyclone Jasper an “insurance catastrophe”.
Axa XL promotes Sumner to lead claims services in APAC and EuropeAxa XL Insurance has appointed Julijana Sumner as chief claims officer for Asia Pacific and Europe and XL Insurance Company SE.
Tokio Marine Holdings’ managing executive officer O’Leary to exitTokio Marine Holdings’ managing executive officer Robert O’Leary has resigned from the business.
Tokio Marine Holdings confirms price-fixing investigationTokio Marine Holdings has confirmed that the Japan Fair Trade Commission has conducted an on-site investigation of its Japanese subsidiary, Tokio Marine & Nichido Fire Insurance, related to allegations of violations of the Antimonopoly Act.
Clyde & Co forecasts Asian insurtech investment rebound in 2024Asian insurtech investment is set to rebound in 2024 as a number of jurisdictions have been rolling out policy initiatives to promote the digital transformation of financial services, Clyde & Co partner Joyce Chan has predicted.
ICA declares “significant event” in Queensland following Tropical Cyclone JasperThe Insurance Council of Australia has declared a “significant event” for regions of Far North Queensland impacted by severe weather and flooding following Tropical Cyclone Jasper.
IAG upgraded to AA by S&PS&P has raised the long-term financial strength and issuer credit ratings it holds for IAG’s core entities to AA from AA-.
HDI Global enters Singapore A&H market with hire of Starr’s LeowHDI Global has entered the accident and health market in Singapore with the addition of Lisa Leow from Starr Insurance Companies.
IAG company secretary Horton exits following employee code misconductIAG has announced that group general counsel and company secretary, Peter Horton, has left the company following behaviour in violation of the group’s employee code of conduct.
Pop names Coleby as managing partner of operationsSydney-headquartered Pop Insurance Holdings, the specialty insurer behind MGA Fusion Specialty and insurtech io.insure – has named Nicole Coleby as managing partner of operations.
Eurazeo backs parametric insurtech Igloo’s $36mn pre-series C funding roundSingapore-based Igloo has raised $36mn in a pre-Series C funding round led by French private equity house Eurazeo, with proceeds planned to enhance the full-stack insurtech’s motor, health and climate-related products.
Gallagher continues APAC expansion with Taiwan launchBroker Gallagher has launched a new unit in Taiwan led by former WTW and Aon executive Brian Wang, who joined the firm in 2022 to lead its expansion in the country.
ICA’s Hall warns of rising protection gap as reinsurers review nat cat appetiteReinsurers are reassessing their appetite for nat cat risk in Australia following heightened loss activity, with Insurance Council of Australia CEO Andrew Hall warning that this will result in higher premiums and a widening protection gap.