JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

Chinese e-commerce giant JD.com is to acquire a third of Allianz China General Insurance as part of its push into the financial services sector. The 33.3% stake, which is still subject to government approval, will cost JD.com $85.4m (CNY537m) and will make it the second-largest shareholder in the insurance operation, after Allianz. JD.com, the second-largest e-commerce company in China after…

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

A new Hong Kong-based managing general agent (MGA) has been launched by independent insurer HWI International Group. NuVu Underwriting Hong Kong is set to begin writing business from 1 July 2018, subject to regulatory approval, and will be headed by Jeremy Austen. The MGA will initially concentrate on property, marine, personal accident, fine art, specie and terrorism. While HWI has…

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Burst pipe causes fatal oil spill in Indonesia

Indonesia’s national oil company Petramina has stated that a ruptured undersea pipe was the cause of an oil spill on the island of Borneo that forced the local authorities to declare a state of emergency in the area. The spill started on Saturday in the port city of Balikpapan and claimed the lives of five fisherman when it ignited. Since…

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

The 1 April reinsurance renewals continued the trend set in January with a broadly flat pricing environment for loss-free programmes, as reinsurers failed to push through rate increases, according to Willis Re. Although ongoing reinsurance price declines witnessed during recent years have halted, plentiful capital, ongoing interest from the insurance-linked securities (ILS) sector and large primary insurers re-entering the reinsurance…

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Berkshire Hathaway opens Perth office for specialty insurance

Commercial insurer Berkshire Hathaway Specialty Insurance (BHSI) has expanded its Australian presence with an office opening in Perth, Western Australia. The new office will be led by casualty underwriting head Anthony Prindiville and property underwriting head Mark Shephard. The Perth office will add to BHSI’s existing branches in Sydney, Melbourne and Brisbane and will focus on underwriting casualty, property, mining,…

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

The ongoing effect of climate change is worsening the impact of natural disasters and costing the agriculture sector billions of dollars, according to a report from the United Nations’ Food & Agriculture Organisation (FAO). Furthermore, the much-talked-about protection gap between insured and economic losses has yet again been starkly exposed in the ongoing humanitarian crisis in Papua New Guinea, following…

Asian commercial rates fall despite first global increase in five years: Marsh

Asian commercial rates fall despite first global increase in five years: Marsh

Asian commercial rates fall despite first global increase in five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up in Australia, the UK and Latin America, they fell by 0.6% on average across Asia, albeit at a declining pace compared…

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

Insurers still facing claims from 2010 NZ quakes

The long tail of earthquake-related loss events has been illustrated by news that insurers are still facing claims from historic earthquakes in Canterbury, Christchurch and Kaikoura in New Zealand. Two Australian insurers, IAG and Suncorp, reported that they are still paying out several years after the events. IAG said it was being passed on cap claims from the New Zealand…

XL Catlin extends accident and health insurance product for Australian businesses

XL Catlin extends accident and health insurance product for Australian businesses

XL Catlin extends accident and health insurance product for Australian businesses

International broker XL Catlin has announced the extension of its Protect and Assist health and accident insurance product to cover Australian corporate customers. The policy expansion has been partly inspired by heightened security threats and the growing need for Australian businesses to meet their duty of care in the face of these threats and to protect their staff, said XL…

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

Taiwan earthquake collapses buildings and injures hundreds

An earthquake in the popular Taiwanese tourist city of Hualien has left four dead and more than 250 injured. The shallow quake had a magnitude of 6.4 and struck on Tuesday night, following a series of tremors earlier in the week. Roads were ripped up and at least two hotels were partially toppled by the quake, leaving many trapped inside.…

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