Japanese flooding causes $653mn of insured damageFlooding in Japan in July has led to insurance payouts of 68.4bn yen ($653.2mn), according to a provisional tally by the General Insurance Association of Japan.
Generali GC&C names McDonald head of underwriting in AsiaGenerali Global Corporate & Commercial (GC&C) has named Brendan McDonald as head of underwriting for Asia.
Beazley boosts APAC specialty lines and M&A teamsBeazley has bolstered its Asia Pacific specialty lines and mergers & acquisitions (M&A) teams with four underwriters from Asia Capital Re, Swiss Re and Zurich to support ongoing growth in the region.
Munich Re leads financing round for Indian insurtech AckoIndian insurtech start-up Acko has raised $60mn in its Series D financing round led by Munich Re Ventures, the investment arm of reinsurer Munich Re.
QBE pegs additional BI claims at $70mn following FCA verdict; mulls appealQBE has estimated it will face a net impact of around $70mn related to the High Court judgment in the UK Financial Conduct Authority’s (FCA) test case on Covid-19 business interruption claims following Tuesday’s verdict.
AIG swoops on GC for Nash to fill Japan CEO roleAIG has appointed James Nash president and CEO of Japan, bringing to an end Nash’s 35 year stint with reinsurance broker Guy Carpenter.
New Dawn Risk targets Asia with SpecialistRe partnershipBroker New Dawn Risk Group has partnered with Singapore-based SpecialistRe to strengthen its reach and offering across China, Japan and South-East Asia.
Aviva to sell Singapore business for £1.6bnAviva is to sell its majority shareholding in its Singapore business to a consortium led by Singapore Life for S$2.7bn ($1.98bn), as the company reduces focus on Asia and overhauls its overseas units under new CEO Amanda Blanc.
Supply chain restructuring to fuel $63bn in premiums: Swiss ReThe restructuring of global supply chains caused by the coronavirus pandemic could generate around $63bn in additional global insurance premiums over the next five years, according to Swiss Re.
QBE’s Regan loses A$10mn in unvested shares after exitFormer QBE group chief executive Pat Regan will lose approximately A$10mn ($7.29mn) in unvested shares after a complaint by a female employee prompted his sudden departure from the Australian carrier.
Regan formally departs QBE with AUD310,000 paymentQBE’s former group CEO Pat Regan has left the company with AUD310,000 ($225,000) in lieu of his reduced notice period, the company has revealed.
Chubb names Brazil COO Sosa new Far East regional presidentChubb has turned to the Brazil-based Diego Sosa as the replacement for Brad Bennett as regional president, Far East.
Swiss Re CorSo’s APAC marine cargo head departsSwiss Re Corporate Solutions’ head of marine cargo for the Asia Pacific region Peter Schraa has left the company, The Insurer has learned.
Challenges bring opportunity for (re)insurance in AsiaThe silver lining to any challenge is the opportunity it brings, and, in Asia, reinsurers may be on the cusp of unlocking significant potential, says Fitch’s Jessica Pratiwi and Siew Wai Wan.
Reassessing typhoon risk in JapanRecent typhoon activity in June has been a wake-up call for the (re)insurance industry. RMS’ Margaret Joseph discusses some key learnings from the 2018-19 events.
Typhoon Haishen makes landfall in South KoreaTyphoon Haishen has become the second storm to make landfall in South Korea in successive weeks.
Sri Lanka oil tanker fire threatens latest large P&I market lossThe marine market is bracing for another potential sizeable loss as it closely monitors the situation off the coast of Sri Lanka where a very large crude carrier (VLCC) carrying two million barrels of oil has caught fire.
Typhoon Haishen heads for South Korea; Maysak damage impacts widespreadPreliminary damage reports indicate widespread impacts from Typhoon Maysak following its landfall in South Korea earlier this week.
Emerging markets must ensure higher insurance penetration to ease future volatilityEmerging markets have benefited from advanced economic stimulus measures which have eased the impact of the Covid-19 pandemic on financial conditions, but will need to focus on higher insurance penetration to lower volatility in future, according to Swiss Re.
Typhoon Maysak makes landfall in South KoreaTyphoon Maysak became one of the strongest storms on record to make landfall in South Korea in the early hours of this morning.