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.
Property insurance premiums across New Zealand have increased by nearly 30% in just 18 months, with more insurers now pricing down to address level as their risk modelling becomes more sophisticated.
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.
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.
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.
Chubb has appointed Mr Ben Howell as country president of general insurance business in Australia and New Zealand, effective 1 September 2024 and subject to regulatory approval. In his new role, he will have responsibility for Chubb's P&C and personal lines operations across Australia and New Zealand.
The Insurance Council of New Zealand (ICNZ) is urging the government to take a leadership role on climate adaptation and build New Zealand's resilience against the impact of climate change on lives and property.