Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

A broadening of coverage in business interruption (BI) insurance due to price pressure and competition is leading to concerns about claims certainty, according to Swiss Re Corporate Risk Solutions (SRCS). The BI proportion of Property Damage claims continues to grow and in some cases eclipses physical loss to assets by more than double. It is not uncommon for BI losses to…

Chubb launches new unit for Asian SMEs

Chubb launches new unit for Asian SMEs

Chubb launches new unit for Asian SMEs

Chubb has announced the formation of a new business unit to meet the risk management needs of small and medium-sized enterprises (SMEs) in Asia Pacific. The small commercial division will focus “on delivering a sustainable value proposition to SMEs through innovative products, tailored distribution strategies and convenient sales platforms”, said Chubb in a statement. Chubb has also made three executive…

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Willis Towers Watson appoints new head for North Asia P&C insurance

Evariste Yeung has been appointed to lead Willis Towers Watson’s (WTW) property and casualty (P&C) division in north Asia. Mr Yeung will be based in Shanghai and will report to Richard Collis, managing director for WTW’s insurance consulting and technology business in Asia-Pacific. In what is a newly created role, he will be responsible for developing the broker’s north Asia…

China and Asia poised to take the lead on insurtech: WTW report

China and Asia poised to take the lead on insurtech: WTW report

China and Asia poised to take the lead on insurtech: WTW report

Insurance penetration in Asia-Pacific may be as little as a third of the global average but it could lead the world when it comes to the development of the insurtech market. This is the finding from a report issued by global broker Willis Towers Watson (WTW), its Third Quarter Insurtech Briefing. Much has been made of the disruptive potential of…

RMS opens Sydney office to bolster APAC client support

RMS opens Sydney office to bolster APAC client support

RMS opens Sydney office to bolster APAC client support

Risk modelling and analytics firm RMS has opened a new office in Sydney, Australia as part of its effort to grow its presence in the Australian and New Zealand markets and to increase its support for APAC-based clients. The office will focus on insurers and reinsurers looking to adopt new models in light of a particularly active year for natural…

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

UN issues disaster risk warning for Asia-Pacific

The risk of natural catastrophe in Asia-Pacific is outpacing resilience and could push those in the most disaster-prone areas into poverty unless action is taken, according to a recent report from a United Nations regional commission. The report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) urges countries to explore ways to close the…

Rate increases likely as record cat losses take toll

Rate increases likely as record cat losses take toll

Rate increases likely as record cat losses take toll

With predictions of record catastrophe losses for insurers in 2017, premium rate increases look increasingly likely in 2018. However, with near-record levels of capacity and recent growth in alternative capital, any hardening in insurance and reinsurance pricing is expected to be shortlived. Following the double whammy of Hurricanes Harvey and Irma in late August and early September, few were forecasting…

QBE predicts record loss year for insurance industry and announces $600m hit

QBE predicts record loss year for insurance industry and announces $600m hit

QBE predicts record loss year for insurance industry and announces $600m hit

2017 is likely to beat all records and become the costliest year in the history of the global insurance industry, according to insurer QBE, as it announced an increase in its own reserves for large individual risk and catastrophe claims that will hit earnings by $600m. This year has seen a spate of natural catastrophes, including several hurricane losses during…

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

More than $1.2bn paid to date for Tianjin claims, says CIRC

The Tianjin bureau of the China Insurance Regulatory Commission (CIRC) has revealed that more than CNY8.1bn ($1.2bn) of insurance claims related to the Tianjin port explosions had been settled by the end of 2016. The explosions occurred in two chemical warehouses back in August 2015 and killed 165 people. This was one of the biggest and costliest man-made catastrophes reported…

China’s first online-only insurer’s IPO rockets as investors scramble for shares

China’s first online-only insurer’s IPO rockets as investors scramble for shares

China’s first online-only insurer’s IPO rockets as investors scramble for shares

If anyone in the Asian and international risk and insurance market still doubts that insurtech is the future of the business, then they need to take a look at the huge demand for shares in China’s first online-only insurer and probably think again. ZhongAn Online Property & Casualty Insurance, China’s first online-only insurer, looks set to raise an impressive $1.5bn…

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