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…

Beazley covers charities for event cancellation

Beazley covers charities for event cancellation

Beazley covers charities for event cancellation

Beazley has launched a worldwide event cancellation insurance product for registered charities to protect costs and loss of revenue. Beazley said the bespoke product covers charities for income that would have been raised at events, ranging from donations to raffles. The insurer added that charity clients will receive a 10% discount on its standard event cancellation premium. Seren Eaglestone, contingency…

Munich Re hires senior execs for its Asian syndicates

Munich Re hires senior execs for its Asian syndicates

Munich Re hires senior execs for its Asian syndicates

German reinsurer Munich Re has announced a trio of executive appointments at its Asian branch, Munich Re Syndicate Asia. Tony Betteridge has been promoted to head of marine where he will be responsible for cargo, project cargo, hull and marine liability. Joel Pridmore has been appointed as head of financial lines and business development and will be expected to build…

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

A new Hong Kong-based managing general agent (MGA) has been launched by independent insurer HWI International Group. NuVu Underwriting Hong Kong is set to begin writing business from 1 July 2018, subject to regulatory approval, and will be headed by Jeremy Austen. The MGA will initially concentrate on property, marine, personal accident, fine art, specie and terrorism. While HWI has…

New man to head up Beazley’s APAC operations

New man to head up Beazley’s APAC operations

New man to head up Beazley’s APAC operations

Specialist insurer Beazley has appointed Lucien Mounier to leads its operations in Asia-Pacific. Mr Mounier has been based in Paris for the past two years, where he has been in charge of Beazley’s cyber and technology insurance lines. This business has been mostly based in continental Europe but has recently grown to include Asia, hence Mr Mounier’s recent promotion. He…

RKH Specialty signals Asia push with new CEO appointment

RKH Specialty signals Asia push with new CEO appointment

RKH Specialty signals Asia push with new CEO appointment

International broking group RKH Specialty has appointed Stuart Beatty as its new chief executive for Asia-Pacific, a position he previously occupied at JLT Re. The position, which is based in Singapore, is newly created and signals RKH Specialty’s intention to develop a larger presence in the region. Its most senior executive in Asia was Singapore chief executive Karly Shaw, who…

EU speeds up completion of free trade agreements – Atradius

EU speeds up completion of free trade agreements – Atradius

EU speeds up completion of free trade agreements – Atradius

The European Union and trading partners are speeding up the completion of free trade agreement negotiations, driven by the growing insecurity over US trade policy, according to credit insurer Atradius. “Many say that the growing insecurity over the direction of US trade policy is a curse for international trade; however, it could turn out to be a boon for the…

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

Climate change exacerbating natural disasters as PNG crisis exposes protection gap

The ongoing effect of climate change is worsening the impact of natural disasters and costing the agriculture sector billions of dollars, according to a report from the United Nations’ Food & Agriculture Organisation (FAO). Furthermore, the much-talked-about protection gap between insured and economic losses has yet again been starkly exposed in the ongoing humanitarian crisis in Papua New Guinea, following…

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Global trade credit insurer Atraidus has given a moderate and stable forecast for the economic prospects within Asia-Pacific in its latest report, which examines the political and economic risks in the region’s 11 major economies. And while no major risks are highlighted in the report, it does warn of an expected increase in the number of insolvencies in the region,…

AGCS launches entertainment insurance in Asia

AGCS launches entertainment insurance in Asia

AGCS launches entertainment insurance in Asia

Allianz Global Corporate and Speciality (AGCS) is expanding its entertainment insurance coverage to Asia, with launches planned in Singapore, Hong Kong and China. The new division, Entertainment Asia Pacific, will be headed by Damian Kerrin. Entertainment has become an important growth sector in the region, with Asia now accounting for close to half of the world’s movie production and a…

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