National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

National approach needed to combat devastating climate change impact in Australia

Rising temperatures will lead to “dramatic changes” in the frequency and intensity of extreme weather in Australia, according to a report released by Australia’s biggest non-life insurer IAG and the US National Center for Atmospheric Research (NCAR). The report, Severe Weather in a Changing Climate, includes the latest data on the state of the climate and predictions on future extreme…

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Beazley boosts Asia-Pacific expansion plan by taking 30% stake in Hong Kong’s Pegasus

Specialist Lloyd’s-based insurer Beazley has followed up its announcement made earlier this week about its Asian expansion plans, by revealing that it has taken a 30% stake in Pegasus, a Hong Kong-based coverholder. Beazley began working with Pegasus in January 2019, in an arrangement that the insurer said combines the coverholder’s knowledge of the market and strong broking relationships with…

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Rising risk awareness among customers drives Beazley expansion plan across Asia-Pacific

Beazley, the Lloyd’s-based insurance and reinsurance group, has announced plans to significantly expand its business in Asia-Pacific out of its exiting Singapore, Hong and Chinese operations, by hiring new staff, offering its specialty products on a sector-specific basis and entering into new ‘white-label’ partnerships whereby its products are sold by other carrier such as managing general agents. The insurer said…

Castel Specialty enters construction and engineering market

Castel Specialty enters construction and engineering market

Castel Specialty enters construction and engineering market

Castel Specialty, a division of club-style MGA platform Castel Underwriting, has entered the construction and engineering market to take advantage of improving conditions for carriers. The new proposition is primarily aimed at the UK, North America, Australia and Canada as well as other key markets. It will be headed by Colin Rose, who joins from Beazley, and is backed by…

Majority of employees believe equal pay is enough for gender equality: MAXIS

Majority of employees believe equal pay is enough for gender equality: MAXIS

Majority of employees believe equal pay is enough for gender equality: MAXIS

Two thirds of employees across the globe (65%) believe equal pay is enough to create gender equality, with issues such as equal opportunities and non-discrimination and sexual harassment policies seen as less important factors, according to new research from MAXIS Global Benefits Network. MAXIS’s research involving 1,000 workers in ten countries also found that 67% of employees said annual gender…

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

Australian Reserve Bank warns that climate change could threaten viability of insurance sector

The Reserve Bank of Australia (RBA) has warned that if investors and financial institutions do not take the impact of climate change more seriously, there is a good chance that critical business and personal risks will become increasingly uninsurable. The bank also warns in its latest Financial Stability Review that if insurers fail to price the related risks accurately enough,…

Food recall cover launched in NZ on the back of ‘alarming’ increase in incidents and tighter regulation

Food recall cover launched in NZ on the back of ‘alarming’ increase in incidents and tighter regulation

Food recall cover launched in NZ on the back of ‘alarming’ increase in incidents and tighter regulation

New Zealand’s only locally owned specialty liability insurer – Delta Insurance NZ – has responded to the growing risk of food recalls in New Zealand with a broader offering for food manufacturers. The specialty insurer, which recently welcomed Kent Chaplin, former chief executive officer and regional head for Lloyd’s in Asia-Pacific, to its board in August, has also published a…

Australia’s continuous disclosure regime under the microscope as class actions rise

Australia’s continuous disclosure regime under the microscope as class actions rise

Australia’s continuous disclosure regime under the microscope as class actions rise

The rapid rise in class actions brought in Australia against corporations operating under the continuous disclosure regime for listed companies shows no signs of abating, based on latest analysis from law firm Jones Day in its recently published fifth review of Australian class actions. The recent connected rise in directors and officers (D&O) claims will inevitably continue as a result,…

Australian risk managers in mining sector must prepare for tough renewal: WTW

Australian risk managers in mining sector must prepare for tough renewal: WTW

Australian risk managers in mining sector must prepare for tough renewal: WTW

The Australian mining industry continues to be a significant contributor to global mining insurance losses that reached an “atrocious” $1.3bn in 2018 after a pretty awful loss total of more than $1bn in 2017, according to Willis Towers Watson’s (WTW) latest market analysis. WTW’s Mining Industry Review finds that the loss trend continued into this year. Total losses incurred by the…

APAC nations show increasing resilience as global picture worsens: Swiss Re

APAC nations show increasing resilience as global picture worsens: Swiss Re

APAC nations show increasing resilience as global picture worsens: Swiss Re

The world economy is less resilient than it was at the time of the credit crisis and the protection gap has reached a global record high of $1.2trn, according to the latest research from Swiss Re. But there is relatively good news for the Asia-Pacific region. The Swiss reinsurance giant concludes that, in relative terms, the composite insurance resilience index…

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