Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Asia contributes to 42% increase in insured global disaster losses in 2016

Insured losses from global disasters increased by 42% in 2016 to $54bn from $38bn, according to Swiss Re Institute’s sigma report. Although in line with the ten-year average, the bill was the highest annual total since 2012. The increase was driven largely by natural catastrophe losses from earthquakes, storms, floods and wildfires, many of which took place in Asia. Total…

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Intense competition in a mature and competitive economy meant that Singapore’s non-life insurance sector posted premiums slightly up but reduced profits for 2016, according to the General Insurance Association of Singapore (GIA). The outlook is slower economic growth and even higher competition, so the industry must focus on raising standards and improving operational efficiency, said the association. “On the industry…

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

Australia’s Insurance Council declares catastrophe in wake of Cyclone Debbie

A category four cyclone that hit the northeastern coast of Australia on Tuesday 28 March has led to mass evacuations and the closing of goldmines and coalmines, reported Bloomberg. It has also caused insurers to declare a catastrophe in the expectation of thousands of claims. Cyclone Debbie made landfall near Airlie Beach in Queensland, a tourist resort also known as…

Japan insurers’ global expansion justified by operating results: AM Best

Japan insurers’ global expansion justified by operating results: AM Best

Japan insurers’ global expansion justified by operating results: AM Best

The decision by Japan’s leading non-life insurers to significantly expand their international operations through high profile acquisitions in the past couple of years, has helped them to offset higher levels of financial leverage and manage their interest rate exposures. The deals were not cheap but made economic sense, according to AM Best. The expansion of the Japanese insurers in recent…

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

Chinese regulator reveals big social plans for 2017

The China Insurance Regulatory Commission (CIRC) has laid out its big plans for the year and says it will focus on finance and taxation, internet finance, medical sports, agriculture and water conservation among other matters. The supervisor plans to accelerate its strategy of promoting the growth of private medical insurance to support the state system. CIRC says that it will…

Indian insurance buyers can expect tougher renewals

Indian insurance buyers can expect tougher renewals

Indian insurance buyers can expect tougher renewals

Indian non-life insurance rates will rise by up to 15% in some classes of business in the coming 1 April renewals as insurers struggle to maintain margins because of rising losses and stubbornly poor investment returns, according to a report from Indian news agency Press Trust of India. The agency reports that insurers plan premium increases in over 10 industry…

Allied World launches three PI products in Australia

Allied World launches three PI products in Australia

Allied World launches three PI products in Australia

Allied World Assurance Company Holdings has launched three new professional liability products in Australia: Directors and Officers liability insurance, Architects and Engineers professional indemnity insurance, and Miscellaneous professional indemnity insurance. The Miscellaneous professional indemnity insurance is aimed at professional services providers, such as interior designers, management consultants, advertising agents, educational institutes, accountants, technology firms, architects, surveyors and engineers of all…

Allied World launches new products in Australian liability market

Allied World launches new products in Australian liability market

Allied World launches new products in Australian liability market

Allied World, the Switzerland-based international insurance and reinsurance group, continues its expansion in the Australian market with the launch of three new professional liability products. These are D&O liability insurance, architects and engineers professional indemnity insurance, and miscellaneous professional indemnity (PI) insurance. The miscellaneous PI cover is designed mainly for professional services providers such as interior designers, management consultants, advertising…

APAC insurance pricing remains competitive: Marsh

APAC insurance pricing remains competitive: Marsh

APAC insurance pricing remains competitive: Marsh

Insurance rates in Asia-Pacific remained “generally competitive” across most major coverage lines during 2016, according to the Global Insurance Market Index, produced by Marsh. The index shows that global insurance rates continued to decline for the 15th consecutive quarter, however the composite insurance rate decrease in Asia-Pacific was more moderate than the global average. The latest quarterly result also marks…

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