According to Aon's 2024 Climate and Catastrophe Insight, total economic losses in APAC hit $65bn in 2023. Of the total, only $6bn (9%) were insured losses.
In Indonesia's (re)insurance market, health protection products will "experience adjustments in both premium pricing and terms and conditions (T&C) to better meet the evolving needs of the market and ensure financial sustainability" over the coming year, according to Indonesia Re president director Benny Waworuntu.
Nepal Insurers' Association (NIA) has filed a writ petition against the government in the country's supreme court for not settling the payments due to the insurers for the COVID-19 claims incurred in 2020-21. NIA has sought the highest court's intervention to make the government liable to pay the insured amounts. NIA is the umbrella organisation of country's non-life insurers.
The circumstances are all too familiar: a mutating virus that can spread from animals to humans, a threat amplified by a globalised world, has created what experts say is a public health emergency of international concern.
Tokio Marine Kiln (TMK) has appointed Ms Stephanie Hong as marine underwriter in APAC. In her new role, she will primarily be focused on deepening TMK's presence in target markets across Asia.
Forvis Mazars has appointed Mr Aidan Khoo as director, management consulting and Ms Kirsty McMillan as partner, tax.
Global reinsurance giant, Hannover Re, anticipates prices and conditions to remain on a sustained stable level for treaty renewals in property and casualty reinsurance as at 1 January 2025 and anticipates a balance of supply and demand in most markets.
Beazley's recent survey of 3,500 global business leaders has revealed that despite the growing risk landscape, only 24% of executives based in Singapore ranked cyber as their top risk this year.
The M&A market in the Asia Pacific (APAC) region has been comparatively resilient in 2024, noted the global law firm Clyde & Co In its "Insurance Growth Report 2024 Midyear Update".
Euclid Transactional, a leading global managing general agent focused on transactional insurance underwriting and claims handling, has launched in the Asia Pacific (APAC) with a company in Singapore.