Composite insurance rates in the Pacific region, comprising mainly the Australian market, declined by 5% in the second quarter of 2024, after falling by 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Swiss Re Corporate Solutions has appointed Mr Kevin Bates as country head of Australia and New Zealand, effective 4 November 2024. He will take over from Ms Christine Bell, who has decided to retire.
The failed CrowdStrike update that caused mayhem for the computer systems of many corporates in Asia Pacific could see insurers in the region faced with hefty claims that no one saw coming.
The property insurance market in the Asia-Pacific (APAC) region is projected to grow at a compound annual growth rate (CAGR) of 10.8%. The property insurance portfolio in APAC wrote around $93bn in written premiums and this is expected to touch $152bn in 2028 according to a new report by GlobalData.
WTW has appointed Mr Steven Torresan as head of M&A in its Financial & Executive Risks business, for APAC and Africa.
The Australian Consumers Insurance Lobby (ACIL), a consumer advocacy group, has stressed the urgent need to address the disparity in insurance premiums between northern and southern Australia, advocating for a fairer and more equitable system.
Encouraging more Australians to access equity in their homes combined with changes to stamp duty and the Age Pension could give asset-rich, income-poor retirees a valuable income boost and help free up more housing for young families, a new paper published by the Actuaries Institute yesterday suggests.
LM Re has appointed Mr Mark De La Mare as head of Australia and New Zealand, effective October 2024. In his new role, he will lead the LM Re underwriting team based in Sydney and playing a pivotal role in LM Re's strategy for the region.
Agile Underwriting Services has appointed Mr Matthew Rowan as group risk and compliance officer. In his new role, he will oversee both the syndicate service company and MGA operations, as well as the claims handling units and work with broking partners.
Fitch Ratings ranks Resolution Life Australasia's (RLA) company profile as 'Moderate', compared with other insurers in Australia, reflecting its larger operating scale and strategy of managing run-off businesses.