Asia
Johnson to lead FP Marine as broker joins RKH Specialty
Former CEO of JLT Thailand Mark Johnson is to become CEO of Hyperion-owned specialist marine broker FP Marine starting on 1 March.
Insurance Council of Australia to review Code of Practice
With two Senate general insurance inquiries underway and criticism around the selling of add-ons, the Insurance Council of Australia has launched a review of the General Insurance Code of Practice.
Bruce Carnegie-Brown confirmed as next chairman of Lloyd’s
Bruce Carnegie-Brown is to become the chairman of Lloyd’s of London.
Hailstorm hits Sydney's insurers for A$40m
Over 17,500 claims have been lodged after an intense hailstorm hit Sydney on Saturday 18 February, according to the Insurance Council of Australia.
Lawyers urge caution over Hong Kong bancassurance deals
Changes could be in store for Hong Kong's insurers and banks should the newly-formed Competition Commission find any issues with the bancassurance model.
Dual's Hillier on the opportunities for title insurance providers in India and the US
While they differ in scale, legislation and stage of development, today’s US and Indian title insurance markets have one important commonality: both offer interesting new opportunities for growth.
Hanjin Shipping declared bankrupt
South Korean shipping giant Hanjin Shipping has been declared bankrupt months after creditors lost patience with the debt ridden company.
IAG to open insurtech incubator in Singapore
Australian-headquartered insurer IAG is opening an insurtech hub in Singapore later this year.
Zurich restructures Asia-Pacific commercial business
Swiss global giant Zurich is reorganising its commercial business in Asia-Pacific, headquartered in Hong Kong, following the worldwide decision to integrate its global corporate and commercial divisions.
Allianz's global P&C profit falls 4.2% in 2016; P&C COR improves to 94.3%
German global insurer Allianz finished the year with a strong fourth quarter to meet its profit expectations for 2016 despite weaker investment returns in its P&C business.
Half of insurers to acquire digital assets, says Willis Towers Watson
Global advisory firm Willis Towers Watson is expecting almost half (49%) of global insurers to acquire digital technologies in the next three years.
Lloyd's employees given business hours alcohol ban
Around 1000 employees worldwide at Lloyd's of London will no longer be able to consume alcohol during business hours from Monday to Friday.
AIG suffers $3bn Q4 loss and 241.6% commercial COR
Global insurance giant AIG saw losses widen in Q4 2016 following a $5.6bn (£4.5bn) pre-tax charge to boost its reserves for prior year commercial claims.
Willis Towers Watson reveals 50% profit drop
Global insurance broker and advisory firm Willis Towers Watson has published a 50% decline in net income for the financial year ending 31st December 2016.
New South Wales bushfires to cost insurers at least A$20m
Over 100 bushfires across rural areas of New South Wales in the last few days will cost insurers at least A$20m (£12m) according to the Insurance Council of Australia.
Japan's AIU and Fuji Fire announce merger date and name
Two large AIG wholly owned general insurers in Japan will complete their proposed merger, first announced in 2013, by the end of the year.
Tam joins Hong Kong's Nova from Marsh
Heathcliff Tam, Marsh's former infrastructure leader in Hong Kong, has joined smaller rival broker Nova Insurance in the Special Administrative Region.
Independent Hong Kong regulator targets Q2 beginning
Hong Kong's Insurance Authority has told Insurance Post that a new regulatory regime for insurance brokers could take until the second quarter of 2019 to implement.
Over 100 bushfires across New South Wales as heat records tumble
New South Wales has seen 120 bushfires over the last few days as temperatures in the state hit record highs over the weekend.
Insured nat cat losses total $39.5bn in 2016 says Willis Re
Global insured natural catastrophe losses totalled $39.5bn (£31.3bn) in 2016, the highest market losses since 2012’s $60bn, according to Willis Re.
Aon revenue falls 2% in 2016
Global broker Aon reported a 2% drop in revenue in its overall 2016 full year results.
Fagen leaves QBE and ICA position
QBE's group chief operations officer Colin Fagen has left the company this week and as a result has relinquished his role as president of the Insurance Council of Australia.
Fairfax has bid accepted for New Zealand's Tower
Canadian group Fairfax Financial has agreed to buy Auckland-based commercial and personal lines insurer Tower for NZ$197m (£113m).
Marketing chief Giles leaves AIA for Chubb
Marcus Giles, who formerly worked at Ace from 1999 to 2010, has left his role as head of direct marketing at AIA to join Chubb.