Australia launches consultation on A$10bn cyclone reinsurance poolAustralia’s federal government has launched a Cyclone Reinsurance Pool Taskforce to consult with industry and community representatives on plans to develop a final design for the pool.
Cyclone Tauktae set to drive SME claims in IndiaEarly assessments suggest insured losses emerging from Cyclone Tauktae’s impact in India will be driven by claims from SMEs, according to Crawford & Company adjuster Arne Eisfeld.
Australian insurers warn tax changes will fuel underinsuranceThe Insurance Council of Australia (ICA) has warned that a projected growth in taxes on insurance is “unsustainable” and would cause Australians to be underinsured or not insured at all.
Peak Re grows GWP 18% as profits climb in 2020Hong Kong-based reinsurer Peak Re defied the Covid-19 headwinds to see its net profit climb to $87.1mn in 2020 with premiums up 18 percent to $1.96bn.
Ed Asia names Howden’s Rahmita Price as developing markets directorLondon-headquartered intermediary Ed has appointed Howden’s Elia Rahmita Price as director of developing markets for Ed Asia, effective immediately.
Howden takes trio from Marsh as launches HX platform in AsiaHX – the data, digital and analytics division of Howden Group Holdings – has launched HX Asia in Singapore.
ARPC to administer A$10bn cyclone reinsurance poolAustralia’s government-backed terrorism reinsurer will be extended to underwrite cover for cyclones and cyclone-related flooding as part of plans to tackle rising premiums and catastrophe claims.
Peak Re hires Hannover Re exec Sascha Bruns as global retro headHong Kong-headquartered Peak Re has named Sascha Bruns as director and head of global retrocession.
Axa’s Asian operations hit in ransomware attackAxa has been hit by a targeted ransomware attack in one of its Asian businesses, impacting IT operations in Thailand, Malaysia, Hong Kong and the Philippines.
ICA adds trio to boardThe Insurance Council of Australia (ICA) has added representatives from Munich Re, IAG and Chubb to its board of directors.
Perils estimates A$1.05bn loss bill from Australia floodsLoss aggregator Perils has pegged insured property losses emanating from the New South Wales and Queensland floods in March at A$1,055mn ($819mn).
Howden Specialty hires Wijaya as divisional directorHowden Specialty has appointed Surya Wijaya as divisional director of its growing natural resources division in Asia Pacific.
Guy Carpenter launches Asia Pacific Catastrophe Advisory GroupGuy Carpenter has established an Asia Pacific Catastrophe Advisory Group to help clients in the region respond to the risks stemming from climate change, with Jeremy Waite appointed to lead the operation.
Australia launches A$600mn natural disaster agencyAustralia’s federal government has unveiled plans to establish a national agency to help respond to natural disasters and manage the impact of future events and the changing climate.
Australia launches A$10bn cyclone reinsurance poolAustralia’s federal government has announced a A$10bn ($7.7bn) reinsurance pool designed to underwrite cover for privately owned homes, strata corporations and small businesses that are damaged by cyclones and cyclone-related flooding.
Ed names Howden’s Ong as chairman in SingaporeLondon-headquartered intermediary Ed has appointed Howden’s Christina Ong as chairman of Ed Asia.
Singapore Re ratings placed under review as Fairfax offer declared unconditionalAM Best has placed under review with developing implications Singapore Re’s financial strength rating of A- (Excellent) and long-term issuer credit rating of “a-” following Fairfax’s offer to buy the reinsurer being declared unconditional.
Japanese February earthquake payouts rise to $878.5mnInsured payouts related to damage from the offshore earthquake close to the Tōhoku region on 13 February have now risen to $878.5mn, according to the General Insurance Association of Japan.
Munich Re Syndicate launches retakaful platformMunich Re Syndicate Labuan Limited (MRS Labuan) has launched the first and only retakaful syndicate on the Labuan platform.
Perils ups Queensland hailstorms losses by 38% to A$839mnLoss aggregator Perils has updated its estimate for insured losses stemming from the central Queensland hailstorms in April last year to A$839mn ($649.5mn).