Japan’s PPP drive could be worth $1bn in premiums

Japan’s PPP drive could be worth $1bn in premiums

Japan’s PPP drive could be worth $1bn in premiums

Global insurers could benefit from a surge in demand for insurance linked to public-private partnerships (PPP) in Japan. Swiss Re estimates that growth in PPP schemes for public infrastructure could be worth nearly $1bn in annual premiums from 2018 to 2023. The broader adoption of PPP schemes in public assets comes in response to pressure building on stretched public finances…

Australian catastrophes demand shift in emphasis from cleanup to prevention

Australian catastrophes demand shift in emphasis from cleanup to prevention

Australian catastrophes demand shift in emphasis from cleanup to prevention

The half-year results just published by two of Australia’s leading insurers – Suncorp and Insurance Australia Group (IAG) – show the immediate financial impact of the recent spate of natural catastrophes to hit the country. They also show the urgent need for the national emphasis to shift from damage repair and cleanup post-event to loss prevention, risk mitigation and management.…

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

Japan, Singapore and World Bank to back cat programme for low-income Asian nations

The governments of Japan and Singapore, along with the World Bank, are reportedly developing a natural catastrophe protection programme for lower-income Asian countries that could be launched in the Spring of this year, according to the Nikkei Asian Review. According to the report, Myanmar and Laos will be the first to receive cover under the scheme to protect national infrastructure…

Asian commercial insurance prices rise by highest level in five years: Marsh

Asian commercial insurance prices rise by highest level in five years: Marsh

Asian commercial insurance prices rise by highest level in five years: Marsh

Commercial insurance pricing in Asia showed the highest increase in five years in the fourth quarter of 2019, according to Marsh’s quarterly Global Insurance Market Index. Double-digit increases in property premiums were, however, compensated by liability prices still falling by up to 10% in some Asian countries. The Pacific region had the largest composite pricing increase in the index at…

Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

Market hardening intensifies across Europe and all global regions, finds Marsh

The commercial insurance market hardening accelerated across all regions in the final quarter of last year with average price increases of 6.6% in continental Europe and 13.7% in the UK, according to Marsh’s latest Global Insurance Market Index that also reports a tightening of capacity in certain product lines and parts of the world. As previously revealed during Marsh’s results…

ICA denies claims problems from bushfires as consumer group calls for standard wordings

ICA denies claims problems from bushfires as consumer group calls for standard wordings

ICA denies claims problems from bushfires as consumer group calls for standard wordings

The Insurance Council of Australia (ICA), the body that represents the Australian insurance industry, has accused leading consumer group CHOICE of causing “unnecessary and unjustified fear” among householders about the validity of their household insurance coverage, in relation to the bushfires that have devastated the country in recent months. CHOICE has not accused the insurers of dodging claims yet. But…

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global insurance market hardening accelerated in Q4 with average rate increases of 11%: Marsh

Global P&C insurance market hardening accelerated in the last quarter of 2019 with average price increases of nearly 11%, compared to 8% in Q3, 6% in Q2 and 3% in Q1, according to Marsh that saw revenues increase 4% in 2019. Giving the latest top-level figures from Marsh’s quarterly Global Insurance Market Index during a results presentation, Marsh & McLennan’s…

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Risk managers in the Asia-Pacific region and worldwide need to brace themselves for a difficult start to 2020 as the rapidly escalating coronavirus outbreak in China and now worldwide hits the Chinese economy, global trade and supply chains, and equity prices. This year was predicted by many risk and insurance managers to be a difficult one as political risk rapidly…

WHS claims set to add to Australian class action wave

WHS claims set to add to Australian class action wave

WHS claims set to add to Australian class action wave

Workplace health and safety (WHS) could be the next big thing in the fast-growing Australian class action ‘market’ and could lead to payouts in the tens of millions of dollars, massive legal bills and the imprisonment of directors and officers for industrial manslaughter offences, according to a new note from law firm Norton Rose Fulbright. Australian directors and officers are…

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

IAG secures an extra $1bn cat reinsurance cover as bushfire claims soar

Insurance Australia Group (IAG), the biggest non-life insurer in Australia and New Zealand, has announced that it has finalised its catastrophe reinsurance programme for the 2020 calendar year, not surprisingly increasing its gross reinsurance protection to up to $10bn compared with $9bn for 2019, but at surprisingly stable costs. Rival insurer Suncorp Group has also revealed that it increased its…

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