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…

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…

XL Catlin appoints McMahon to head global property underwriting

XL Catlin appoints McMahon to head global property underwriting

XL Catlin appoints McMahon to head global property underwriting

XL Catlin has appointed Tim McMahon as global chief underwriting officer for property. Mr McMahon is currently head of energy, property, construction for the Asia-Pacific region and has worked at XL Catlin since 2011. In his new role at the company, Mr McMahon will be responsible for XL Catlin’s global property insurance underwriting and will join the firm’s global insurance…

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…

Malaysian insurance market faces ‘challenging’ 2017, says association

Malaysian insurance market faces ‘challenging’ 2017, says association

Malaysian insurance market faces ‘challenging’ 2017, says association

Growth posted by the Malaysian insurance industry plummeted in 2016 compared with 2015 based on latest numbers published by the national insurance association (PIAM). On the plus side the association believes that liberalisation of motor and fire tariffs announced by Bank Negara Malaysia in June last year will “transform” the insurance landscape in the country. The association also said that…

Zurich restructures its APAC business

Zurich restructures its APAC business

Zurich restructures its APAC business

International insurer Zurich has announced a major overhaul of its Asia-Pacific business, merging its corporate and commercial units into a single division. The integration is designed to simplify its business and give clients a single point of entry, said the insurer, and will be conducted on a country-by-country basis. The move will also mean several personnel changes. The new combined…

Vietnam hosts APEC forum on disaster insurance

Vietnam hosts APEC forum on disaster insurance

Vietnam hosts APEC forum on disaster insurance

Experts from the Asia-Pacific Economic Cooperation (APEC) forum and a number of international financial institutions met in Vietnam this week, to debate the establishment of disaster risk financing and insurance policies. The event was designed to address APEC’s own disaster risk financing initiatives, as well as other national financial strategies designed to mitigate the effects of natural catastrophes in the…

IAG plans insurtech hub in Singapore

IAG plans insurtech hub in Singapore

IAG plans insurtech hub in Singapore

Insurance Australia Group (IAG) is the latest insurer to launch an insurtech centre in Singapore, in a bid to spread its presence across Asia. The so-called innovation hub will focus on recruiting startups to act as research and development partners and to help launch new products and services. The initiative, called Firemark Labs, is supported by the Monetary Authority of…

ADB calls for public/private disaster insurance scheme

ADB calls for public/private disaster insurance scheme

ADB calls for public/private disaster insurance scheme

The Asian Development Bank (ADB), a cooperative of financial institutions dedicated to reducing poverty in the region, has called for greater cooperation between governments and private insurers to mitigate Asian economies’ exposure to disaster risks. An ADB policy brief released in January highlights the need for more disaster risk financing. While there are public and private sector risk financing tools…

Asia-Pacific to spearhead growth of IoT insurance market

Asia-Pacific to spearhead growth of IoT insurance market

Asia-Pacific to spearhead growth of IoT insurance market

A report has placed Asia-Pacific at the forefront of the multi-billion-dollar Internet of Things (IoT) insurance market. According to market research firm Markets and Markets, the IoT will be worth more than $42bn by 2022, growing dramatically at a compound annual growth rate of 65.89%. The most dramatic growth will be in Asia-Pacific due to “the increasing urbanisation and modernisation…

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