Australian insurers meet government as insured fire losses hit $700m

Australian insurers meet government as insured fire losses hit $700m

Australian insurers meet government as insured fire losses hit $700m

The Insurance Council of Australia (ICA) and a group of industry leaders have met the country’s federal treasurer Josh Frydenberg and Commonwealth officials to brief them on the insurance industry’s response to the bushfire catastrophe, as the estimated total insured losses from the fires leapt to almost $700m. The ICA insured loss estimate is up from $431m. As the ICA…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

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…

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…

Hong Kong Insurance Authority clarifies validity of cover following banning of masks

Hong Kong Insurance Authority clarifies validity of cover following banning of masks

Hong Kong Insurance Authority clarifies validity of cover following banning of masks

The Hong Kong Insurance Authority (HKIA) has published clarification about the impact of the recently introduced Prohibition of Face Covering Regulation under the Emergency Regulations Ordinance (Cap. 241) on the validity of insurance policies, following various media requests. “Insurance policies are private contracts between insurers and policyholders. The Prohibition of Face Covering Regulation made by the chief executive in council…

Typhoon Faxai insured loss estimate creeps up to potential $9bn

Typhoon Faxai insured loss estimate creeps up to potential $9bn

Typhoon Faxai insured loss estimate creeps up to potential $9bn

The forecast insured cost of Typhoon Faxai, which hit Japan on 9 September, continues to rise as catastrophe modelling firm RMS estimates the event will cost insurers between $5bn and $9bn. Rival modelling firm AIR Worldwide previously estimated that insured losses from Typhoon Faxai will be between $3bn and $7bn. The RMS estimate includes property damage and business interruption caused by…

Singapore’s Etiqa targets SMEs with online insurance platform

Singapore’s Etiqa targets SMEs with online insurance platform

Singapore’s Etiqa targets SMEs with online insurance platform

Singapore-based insurer Etiqa has launched an online platform for small to medium-sized enterprises (SMEs) to buy commercial insurance. The Business Owners Super Suite (BOSS) enables SMEs to engage in what Etiqa claims is a wholly automated or ‘straight-through’ purchasing process. Underinsurance and an absence of formal risk management among SMEs is one of the biggest problems in the Asian commercial…

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