Asia Pacific

IAG strikes five-year cat ri deal with Berkshire and A$650mn Enstar ADC

IAG has purchased long-term natural perils volatility protection from Berkshire Hathaway and Canada Life Reinsurance providing up to A$680mn of limit annually for future events and a A$650mn adverse development cover from Enstar to protect its A$2.5bn long-tail reserves for prior years.

ICA backs move to add climate resilience to building code

The Insurance Council of Australia has welcomed the decision by Commonwealth, state and territory building ministers to include climate resilience as a specific objective of the Australian Building Codes Board from 2025, a move the lobby group said could save an estimated A$4bn ($2.67bn) annually.

UIB builds out Asia footprint with Aon and Marsh hires in marine fac and specialty

United Insurance Brokers Group has expanded its presence in the Asian market across marine treaty and facultative, and facultative and specialty.

Latest battery blaze reignites insurer concerns on renewables fire risk

An explosion of several lithium-ion batteries at a factory in South Korea has sparked renewed warnings of the fire-related risks related to certain renewable energy projects.

Insurtech Ibisa raises $3mn to expand parametric offering in Asia and Africa

Climate insurtech Ibisa has closed a $3mn funding round, with the proceeds set to go towards scaling its parametric insurance solutions for weather-related risks across Asia and Africa.

April Japan hail claims payouts hit $354mn: GIAJ

Claims payouts from the April 16 hailstorm in Japan’s Hyogo Prefecture have reached ¥56.44bn, according to the General Insurance Association of Japan.

Noto Peninsula earthquake payouts rise 7% to $570mn: GIAJ

Insurers have now paid out ¥90.97bn ($570mn) in claims related to the earthquake that hit the Noto Peninsula on New Year’s Day, according to the General Insurance Association of Japan.

ICA welcomes A$5.7bn resilience package in “big win” NSW budget

Australian insurers have collectively welcomed the significant funding for resilience in the New South Wales government’s 2024-25 budget as a positive step for communities that should support efforts to improve insurance affordability.

InsuResilience Solutions Fund backs continuation of parametric programs in India and West Africa

The German government-backed climate risk insurance fund has announced new support for parametric programs in Burkina Faso, Côte d’Ivoire and India.

Fitch: Japanese insurers tread ESG tightrope of transition finance and asset returns

Japanese insurers are managing to “tread the ESG tightrope”, according to Fitch Ratings, by investing in ESG-related assets with attractive risk-return profiles for shareholders while also adhering to an internationally anomalous definition of transition finance in underwriting.

Japanese non-life insurers’ overseas profit to offset poor motor performance: Fitch

Weak earnings contributions from domestic underwriting among Japan’s three largest non-life insurance groups will be offset by overseas business profitability and investment profit from the ongoing sale of “strategic shareholdings”, according to Fitch Ratings.

Zurich acquires majority stake in India’s Kotak for $670mn

Zurich Insurance Group has completed its acquisition of a majority stake in India’s Kotak Insurance, becoming the first foreign insurer to enter the country after new rules were introduced in 2021.

Allianz in talks with Singapore's Income Insurance on potential deal

Allianz is engaged in talks which could see the European insurance giant acquire a stake in Singapore’s Income Insurance in a move which would bolster the insurer’s presence in the Asia Pacific region.

MS&AD apologises in FSAJ business improvement order update

MS&AD has apologised to its customers and stakeholders in a progress report issued to the Japanese Financial Services Agency on behalf of its subsidiaries Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance.

Tokio Marine eyes Asia M&A for international unit expansion

Tokio Marine continues to see organic and inorganic growth opportunities all over the world with Asia and Southeast Asia a particular target for acquisitions, according to Brad Irick, co-head of the carrier’s international business.

Extreme heat triggers parametric payout to over 46,000 women workers in India

A parametric policy provided by insurer ICICI Lombard and underwritten by Swiss Re has paid more than $340,000 to support the income of women during extreme heat in India.

ICA ups loss bill for Christmas and New Year storms to A$1.2bn

Insured losses from the devastating Christmas and New Year storms have surpassed A$1.2bn ($790mn), according to new data released by the Insurance Council of Australia.

Tower increases profit guidance amid benign weather losses in NZ

Tower Limited has updated its profit guidance for the 2024 financial year amid a benign weather environment and positive trading conditions in New Zealand.