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.
There was an overall increase in embedded value (EV) and value of new business (VNB) across the region in 2023, reflecting the bounce-back of many economies, said Mr Heerak Basu, principal and consulting actuary at Milliman, a premier global consulting and actuarial firm.
In 2018, typhoons Jebi and Cimarron "toppled over several turbines in Japan", according to an article published by Swiss Re, Climate Change and Wind Power: The Winds of Change.
German global insurer Allianz's proposed acquisition of a majority stake in leading Singapore insurer, Income Insurance, would clearly strengthen Allianz's business profile in Asia, a strategic area of growth for the group, says Mr Manuel Arrive, a director of insurance at Fitch Ratings.
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.
Arch Insurance (Arch) has appointed Mr Alex Mackinnon as Northern Region executive assurance underwriting manager. In his new role, lead the continued growth of Arch's executive assurance portfolio across the Northern Region, which includes New South Wales, Queensland and the Australian Capital Territory.
Manulife has appointed Ms Bonnie Qiu as chief distribution officer, Asia, effective 19 August 2024 and Mr Rishi Srivastava as chief agency officer, Asia, also effective 19 August 2024. Both appointments are to Manulife's Asia distribution team.
State-owned Sri Lanka Insurance Life (SLICL), has declared the highest ever bonus in the Sri Lankan industry to its policyholders, amounting to SLR11.2bn($36m) for the year 2023.