Asia
No widescale rate hardening at 1/1 renewals
The 1 January reinsurance renewal season has seen large rate increases in catastrophe-exposed and loss-affected contracts, but there has not been wide market hardening.
News analysis: Lloyd’s CEO Ward outlines diversity message with ambitious three-year plan
The start of every New Year is inevitably accompanied by the desire to deliver on resolutions made the month before — and Lloyd’s is no different.
IAG secures multi-year reinsurance protection
Insurance Australia Group has finalised its catastrophe reinsurance programme for the period commencing 1 January 2012, encompassing protection of up to $4.7bn ($3.63bn), compared to $4.1bn in 2011.
MENA Insurance think tank welcomes three CEOs
MENA Insurance CEO Club has welcomed three industry veterans to its exclusive club, taking the total to 17.
Nat-cats make 2011 the costliest year ever
A sequence of devastating earthquakes and a large number of weather-related catastrophes made 2011 the costliest year ever in terms of natural catastrophe losses, Munich Re’s annual natural catastrophe review has found.
Axa and Japan Post ranked world's largest insurers
French insurer Axa once again came top of AM Best’s ranking of the world’s 25 largest insurance companies as measured by net premiums written, while Japan Post Insurance Company led the ranking measured by nonbanking assets.
Ferma members voice concerns over supply chain management
Commercial insurance buyers generally want better insurance products to cover their supply chain risks, a simple survey by Ferma has confirmed.
Swiss Re reports on 'promising' future for emerging markets
Swiss Re’s latest sigma report claims insurance in emerging markets has experienced strong growth over the past decade and the outlook for the next decade remains promising.
Philippines storm: Port cities hit by Washi devastation
A tropical storm in the Philippines has killed hundreds and caused flood damage to government infrastructure and commercial properties.
Swiss Re reports on emerging markets
Swiss Re’s latest sigma report claims insurance in emerging markets has experienced strong growth over the past decade and the outlook for the next decade remains promising.
Ace dental plan gains foothold in Asia
Ace Asia Pacific, part of global (re)insurer Ace Group, has extended its Ace Dental Care plan to several Asian countries.
View from the top: Market volatility and risk – ‘Keep Calm and Carry On’
As 2011 draws to a turbulent end, minds are now focusing on how best to tackle the continued economic volatility that 2012 is sure to bring for risk managers across the world. Never has the old adage ‘Keep Calm and Carry on’ been more appropriate.
Partner Re to take $88m charge from Tohoku quake
PartnerRe is set to record a charge of approximately $88m (€67.2m) to reserve the full limit of its Tohoku Earthquake exposure related to its largest Japanese cedant.
Review of the year - General insurance: Regulatory dramas
2011, a year dominated by regulatory and legislative change, could yet prove to be a landmark 12 months for the insurance industry.
Stable outlook for Indonesian non-life market
The outlook for Indonesia's non-life market is stable, driven by benign domestic economic conditions, sustainable demand for insurance policies, and enhanced regulatory capital requirements, according to recent report.
Emerging markets poll
Will emerging markets continue to grow?
Motor reform threatens Chinese non-life market
Commercial motor pricing reform and a worsening underwriting deficit of compulsory third liability are threats to the stable outlook of the Chinese non-life market, according to a recent report.
QBE appoints property underwriter for Dubai
QBE has appointed Vladan Radakovic as a property underwriter in QBE’s Dubai office.
QBE appoints Radakovic to Dubai office
Business insurer QBE has recruited Vladan Radakovic from Chartis to be property underwriter in QBE’s Dubai office.
Editor's comment: Impacting the market
Market-turning they may not be but market-impacting they evidently are. Revised loss estimates for the 1500 industrial units hit by the Thai floods have reached $20bn.
News analysis: Escalating loss estimates in Thailand begin to trigger market fallout
It was the worst flooding Thailand had seen for 50 years and, during its four-month spell, more than 600 people died and 77 provinces were submerged in water.
Review of the year - Lloyd's & London Market: The costliest year ever?
The first half of 2011 saw an unprecedented number of catastrophic events, so how has Lloyd’s and the London market coped?
Study exposes supply chain risks in China
A study commissioned by FM Global revealed a natural catastrophe in China on the scale of the 2011 Japan earthquake and tsunami would have an even more severe impact on supply chains, given the country’s critical role in global manufacturing.
$600m of Thai flood losses fall to Swiss Re
Swiss Re estimates its claims costs from severe flooding in Thailand will be $600m of the $11bn total losses.