Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

Asia counts the cost of Typhoon Mangkhut

The clean-up from Typhoon Mangkhut has begun as the devastated areas of the Philippines, China and Hong Kong assess the loss of life and long-lasting damage that resulted from the most severe storm of the year so far. The super typhoon is also likely to raise the issue of the insurance gap in the region, given that insured losses in…

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Re to acquire Chaucer Group for $950m

China Reinsurance is set to spend close to a billion dollars acquiring specialty insurer Chaucer from Hanover Insurance. The deal, which is still subject to shareholder and regulatory approval, is expected to close by early 2019. China Re will acquire Chaucer Insurance, Hannover Australia and Hannover Insurance International Holdings in return for $865m in cash and an $85m dividend to…

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

Insured losses from Typhoon Jebi estimated between $2.3bn and $4.5bn

The estimated insured property losses from Typhoon Jebi, which hit Japan on 4 September, could reach somewhere between $2.3bn and $4.5bn according to catastrophe risk modelling firm AIR Worldwide. The typhoon, which was the strongest to hit Japan in 25 years, made landfall in Japan at midday on the island of Shikoku with sustained wind speeds of 180km/h. It then…

Chubb launches major accounts division for Asia-Pacific

Chubb launches major accounts division for Asia-Pacific

Chubb launches major accounts division for Asia-Pacific

Chubb has announced the creation of a major accounts division in the Asia-Pacific region. The insurer describes the new operation as a “dedicated premium service encompassing underwriting, risk engineering and claims for the region’s large, global and multinational clients and business partners”. The new major accounts division will led by Doug White, currently Chubb country president of Hong Kong, Taiwan and Macau.…

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Reinsurers bemoan lack of rate change in Asian insurance market

Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

Rousseau takes charge at restructured SCOR Business Solutions, promising to increase ‘client-centricity’

SCOR has reorganised its growing SCOR Business Solutions (SBS) unit in a move it says will make the firm more relevant to customers, be easier for brokers to use and help deliver planned growth in the large global corporate primary market. The Paris-based group said that in line with its current strategic ‘Vision in Action’ plan, it is “enhancing the…

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

The Japanese government is set to fund the launch of a parametric disaster insurance pool designed to provide Asean nations with easily distributable recovery funds following natural catastrophes. According to a report in the Nikkei Asian Review, the Southeast Asia Disaster Risk Insurance Facility (Seadrif) will be formally announced later in May at the annual meeting of the Asian Development…

RMS launches new HD model for Japanese earthquakes

RMS launches new HD model for Japanese earthquakes

RMS launches new HD model for Japanese earthquakes

Risk modelling firm RMS has released its new Japan Earthquake and Tsunami High Definition (HD) model. According to RMS, the model, which was developed in partnership with scientific agencies, insurers and local experts, offers a more detailed representation of earthquake and tsunami risk for the region. In addition to the input from its collaborators, the model also incorporates research gained…

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Emerging risk landscape hots up as law firms seek opportunities

Litigation funders are travelling the world looking for fertile ground to bring claims and finding success in an increasing number of places, warns Tricia Hobson, Norton Rose Fulbright global chair and head of its Australia and Asia-Pacific insurance practice. Speaking in London recently, she said much of the pattern of behaviour follows the US, but claimant lawyers and litigation funders…

JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

JD.com buys 33.3% share in Allianz China General Insurance

Chinese e-commerce giant JD.com is to acquire a third of Allianz China General Insurance as part of its push into the financial services sector. The 33.3% stake, which is still subject to government approval, will cost JD.com $85.4m (CNY537m) and will make it the second-largest shareholder in the insurance operation, after Allianz. JD.com, the second-largest e-commerce company in China after…

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