QBE CEO Pat Regan departs over ‘poor judgement’

QBE CEO Pat Regan departs over ‘poor judgement’

QBE CEO Pat Regan departs over ‘poor judgement’

QBE CEO Pat Regan has left the company after an external investigation into his workplace communications, with media reports connecting the move to complaints about Mr Regan by a female employee in the firm’s North American division. QBE’s board of directors said Mr Regan had “exercised poor judgement” and “did not meet the standards set out in the group’s code…

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Significant catastrophe losses in 2019 and the first half of 2020, together with the impact of the coronavirus pandemic, is expected to see insurers and reinsurers in Asia put renewed emphasis on ensuring the adequacy and appropriateness of their existing (re)insurance protection, according to Fitch Ratings. It said catastrophe losses remain a key concern, noting that Asia accounted for the…

Marsh appoints risk management leader for Asia and Pacific regions

Marsh appoints risk management leader for Asia and Pacific regions

Marsh appoints risk management leader for Asia and Pacific regions

Scott Leney has been appointed as risk management leader for Marsh’s Asia and Pacific regions. In his new role, Mr Leney will oversee Marsh’s regional risk management teams “as they build on existing capabilities and develop strategic solutions that will enable Marsh’s largest clients to navigate an increasingly complex global risk landscape”, according to Marsh. Mr Leney is currently CEO…

Pandemic BI test cases begin in New South Wales

Pandemic BI test cases begin in New South Wales

Pandemic BI test cases begin in New South Wales

The Insurance Council of Australia (ICA) has commenced proceedings in the New South Wales Supreme Court to test the application of certain infectious diseases exclusions in business interruption (BI) policies. Lawyers representing the ICA have submitted pleadings to the court for a combined test case. The test case consists of two separate small business claims that were lodged with the…

Asia-Pacific flood losses a stark reminder that pandemic is not the sole risk

Asia-Pacific flood losses a stark reminder that pandemic is not the sole risk

Asia-Pacific flood losses a stark reminder that pandemic is not the sole risk

The Asia monsoon season cost more than $16bn for the month of July alone, showing risk managers in the region and worldwide that, while their focus needs to be very much on managing and mitigating the various risks posed by the Covid-19 pandemic, Mother Nature still poses an immense challenge to the global economy. Aon’s latest Global Catastrophe Recap report…

Australian insurers and ombudsman to file test case on BI pandemic exclusions

Australian insurers and ombudsman to file test case on BI pandemic exclusions

Australian insurers and ombudsman to file test case on BI pandemic exclusions

The Insurance Council of Australia (ICA) and the Australian Financial Complaints Authority (AFCA) have agreed to file a test case considering the application of infectious diseases cover in business interruption (BI) policies. The news comes as the High Court test case in the UK brought by the Financial Conduct Authority (FCA) against a group of leading insurers nears its conclusion.…

APRA eases restrictions on dividends for banks and insurers

APRA eases restrictions on dividends for banks and insurers

APRA eases restrictions on dividends for banks and insurers

The Australian Prudential Regulation Authority (APRA) has updated its capital management guidance for banks and insurers, easing restrictions around paying dividends as institutions continue to manage the disruption caused by Covid-19. APRA’s updated guidance replaces its previous recommendations issued, which stated that banks and insurers should “seriously consider deferring decisions on the appropriate level of dividends until the outlook is…

BMS follows new Asia chief with Australian energy expansion

BMS follows new Asia chief with Australian energy expansion

BMS follows new Asia chief with Australian energy expansion

BMS Group, an independent specialist (re)insurance broker, has announced the appointments of Richard Nunny, Ben Humphries and Serai Armstrong to form the energy division of BMS Australia. The three will join BMS on 3 August from Aon and will report to Andrew Godden, CEO of BMS Australia. Mr Nunny brings 20 years’ experience in the Australian and London insurance market…

Australia’s bushfires cost industry A$1.9bn, says PERILS

Australia’s bushfires cost industry A$1.9bn, says PERILS

Australia’s bushfires cost industry A$1.9bn, says PERILS

Bushfires that broke out in Australia during the summer months at the end of 2019 and into 2020 will cost insurers A$1.86bn, according to estimates from PERILS, which has raised the loss from an earlier estimate of A$1.57bn. Australia’s ‘Black Summer’ bushfires caused 34 deaths and burned 18.6m hectares of land, peaking around the turn of the year. New South…

1 2 3 22