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AI not the answer for APAC’s ‘healthy appetite’ for risk solutions: Russell Group’s Suki Basi

Need to 'get the basics right' first with data flowing exponentially to the region, the managing director of the risk exposure specialist says.
Lockton snaps up Willis’ Terence Montgomery as APAC head of transaction liability

Singapore-based Montgomery was the Asia Pacific practice leader for M&A at Willis since June 2018.

Lockton snaps up Willis’ Terence Montgomery as APAC head of transaction liability

Singapore-based Montgomery was the Asia Pacific practice leader for M&A at Willis since June 2018.

Singapore-based Montgomery was the Asia Pacific practice leader for M&A at Willis since June 2018.
Swiss Re names Pavel Huerta Uribe as head property underwriting globals for APAC

Uribe will be based in Tokyo and succeeds Andy Tran.

Swiss Re names Pavel Huerta Uribe as head property underwriting globals for APAC

Uribe will be based in Tokyo and succeeds Andy Tran.

Uribe will be based in Tokyo and succeeds Andy Tran.
Aon India names Manoj Kumar head of sales and growth for commercial risk and health solutions

Mumbai-based Kumar was most recently head of specialty products for the global broker.

Aon India names Manoj Kumar head of sales and growth for commercial risk and health solutions

Mumbai-based Kumar was most recently head of specialty products for the global broker.

Mumbai-based Kumar was most recently head of specialty products for the global broker.
KDIC aims to recover US$740m through SGI Seoul Guarantee stake sale: report

South Korean deposit insurer has begun offloading a 33.85% stake to recoup public funds injected during the Asian financial crisis.

KDIC aims to recover US$740m through SGI Seoul Guarantee stake sale: report

South Korean deposit insurer has begun offloading a 33.85% stake to recoup public funds injected during the Asian financial crisis.

South Korean deposit insurer has begun offloading a 33.85% stake to recoup public funds injected during the Asian financial crisis.
Nepal’s ‘Gen Z riot’ losses impose financial strain on (re)insurers: AM Best

Outsized proportion of losses, reported to be over US$177m, could impact earnings and capital of the market, which has a combined GWP of US$317m.

Nepal’s ‘Gen Z riot’ losses impose financial strain on (re)insurers: AM Best

Outsized proportion of losses, reported to be over US$177m, could impact earnings and capital of the market, which has a combined GWP of US$317m.

Outsized proportion of losses, reported to be over US$177m, could impact earnings and capital of the market, which has a combined GWP of US$317m.
Tower raises cat limit to US$536m in FY26 reinsurance renewal

Kiwi carrier switches large individual property risks cover from proportional treaty to XoL structure, estimates lower premium expense.

Tower raises cat limit to US$536m in FY26 reinsurance renewal

Kiwi carrier switches large individual property risks cover from proportional treaty to XoL structure, estimates lower premium expense.

Kiwi carrier switches large individual property risks cover from proportional treaty to XoL structure, estimates lower premium expense.
Marsh ANZ elevates Scott Eccleston to Pacific head of risk management

He has spent more than 20 years of his career at Marsh.

Marsh ANZ elevates Scott Eccleston to Pacific head of risk management

He has spent more than 20 years of his career at Marsh.

He has spent more than 20 years of his career at Marsh.
Marsh Asia appoints Dale Williams as corporate and commercial leader

Singapore-based Williams was most recently commercial leader at Mercer Asia.

Marsh Asia appoints Dale Williams as corporate and commercial leader

Singapore-based Williams was most recently commercial leader at Mercer Asia.

Singapore-based Williams was most recently commercial leader at Mercer Asia.
Marsh appoints Youn Wook (Cleo) Kang as senior client adviser for Asian power, energy specialty

Seoul-based Kang is a seasoned legal professional with deep experience in large-scale energy projects, project finance, and offshore wind, according to Benjamin Chang, Marsh's managing director and energy and power leader for Asia.

Marsh appoints Youn Wook (Cleo) Kang as senior client adviser for Asian power, energy specialty

Seoul-based Kang is a seasoned legal professional with deep experience in large-scale energy projects, project finance, and offshore wind, according to Benjamin Chang, Marsh's managing director and energy and power leader for Asia.

Seoul-based Kang is a seasoned legal professional with deep experience in large-scale energy projects, project finance, and offshore wind, according to Benjamin Chang, Marsh's managing director and energy and power leader for Asia.
Super Typhoon Ragasa: Hong Kong insurance industry braces for world’s strongest storm in 2025

Tens of millions of people could be impacted as the storm passes south of the major centres of Hong Kong, Macau, Shenzhen and Guangzhou.

Super Typhoon Ragasa: Hong Kong insurance industry braces for world’s strongest storm in 2025

Tens of millions of people could be impacted as the storm passes south of the major centres of Hong Kong, Macau, Shenzhen and Guangzhou.

Tens of millions of people could be impacted as the storm passes south of the major centres of Hong Kong, Macau, Shenzhen and Guangzhou.
ARPC revises cyclone pool rates with SME risk mitigation discounts

Australian Reinsurance Pool Corporation (ARPC) makes no other changes to the premium rating, with home and strata premium rates unchanged.

ARPC revises cyclone pool rates with SME risk mitigation discounts

Australian Reinsurance Pool Corporation (ARPC) makes no other changes to the premium rating, with home and strata premium rates unchanged.

Australian Reinsurance Pool Corporation (ARPC) makes no other changes to the premium rating, with home and strata premium rates unchanged.
Everest Re launches in India, opens Gift City office

Everest Re joins the growing list of reinsurers opening offices in India's special economic zone.

Everest Re launches in India, opens Gift City office

Everest Re joins the growing list of reinsurers opening offices in India's special economic zone.

Everest Re joins the growing list of reinsurers opening offices in India's special economic zone.

more news →

“Too many people think that AI is the solution, but that is looking at it through the wrong end of the telescope. Get the basics right – name matching, for example, then build from there.”

Suki Basi, Russell Group

Analysis

Bedrock of offshore energy market facing structural threat from technology amid underwriting disquiet

Statistics show that offshore energy premiums declined to US$4.34bn in 2024, representing a 7.9% fall compared with the previous year.
Cat bond momentum building in underrepresented APAC, driven by regulatory support, demand for alternative protection

Hong Kong's efforts to become an ILS hub are driving the growth of third-party capital in Asia Pacific, industry sources tell InsuranceAsia News.
Opportunity knocks for marine insurers, Sompo’s David Ong says, as tariffs redraw Asia’s intra-trade landscape

As pricing pressures and evolving risks bite, the Japanese carrier is empowering local underwriting teams to help it become a 'truly international carrier of Asian origin'.
‘An enabler of resilience’: cyber insurance key as APAC SMEs face up to ransomware, AI threat

As threat actors exploit AI and third-party ecosystems, Howden cyber specialist Edward Wong discusses the need for brokers and insurers to go beyond transactional coverage.

Between The Lines

A fortnightly podcast that unpacks the pivotal stories and trends shaping the (re)insurance industry across Asia Pacific.

Episode guest: Wei Wang, Chief Executive, Rare Earth Insurance Partners

With Mithun Varkey, Andrew Mullen, Aidan Gregory, Joana Nguyen and Roshan Nambiar

More Episodes

Spotlight

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M&A

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ESG

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Opinion

As Fukushima continues to demonstrate, risks have the ability to bite you years after the event, underpinning the need for ever more robust capital support.

Marcus Alcock

When will Fukushima’s shadow finally disappear for the insurance market?

A bruising year lies ahead for APAC’s underwriters

No handouts, please!: How long should the taxpayer foot the bill for India’s partly bad, partly good insurance market?

After Russia earthquake scare, is Japan’s resurgent nuclear industry really prepared for the ‘Big One’?

How far must temperatures rise before APAC commercial market really walks away from climate risk?

Specialty market set to be tested in the fire once again as Iran escalation evokes memories of Gulf War

Without a captain of the ship, are India’s insurance reforms in danger of being blown off course?

With great expectations, will India’s growing but potentially vulnerable surety bond sector avoid the mistakes of past markets?

Lloyd’s

Carbon credit specialist Oka launches in Singapore

Ariel Re to launch new Lloyd’s syndicate 2006

Lloyd’s looks to drive regional penetration, but conditions have to be right: Patrick Tiernan

Agile appoints Gordon McNab to lead construction build out

Lloyd’s Asia surpasses US$1bn GWP milestone in 2024 amid double-digit growth

Frontier Global taps Tokio Marine HCC for commercial PI capacity in Australia, New Zealand

Canopius adds Jinnan Tang to Singapore casualty treaty team

Rhodian-backed Australian construction-focused MGA receives Lloyd’s coverholder status

Partner Content

Peak Re | From climate modelling to market opportunity: Forging a new clarity on Southeast Asia’s climate risk

Southeast Asia's protection gap: a crisis of clarity, not just capital
BHSI WICare+ | Accelerating Payments, Empowering Recovery

Launched in cooperation with Steadfast’s Singapore network, WICare+ fills the gaps found in traditional coverage and keeps businesses and their workforce secure by covering up to SG$350,000 in medical expenses per claim.

Cyber

‘An enabler of resilience’: cyber insurance key as APAC SMEs face up to ransomware, AI threat

Circles seeks to close the loop on ‘massive gap’ faced by Singapore’s SMEs with Singlife tie up

Howden strengthens Pacific cyber offering with Lockton hire

Axa XL India hires Bipin Titus as senior underwriter

Australian MGA Blue Zebra eyes commercial lines expansion, earning its stripes overseas

BMS boosts Australian financial lines, cyber teams with dual promotions

‘It’s a trust game’: with cyber claims spikes front and centre, alternative solutions offer cover for growing threat

India’s reinsurance market poised for massive growth, driven by infrastructure boom: Policybazaar for Business

People

Lockton snaps up Willis’ Terence Montgomery as APAC head of transaction liability

Singapore-based Montgomery was the Asia Pacific practice leader for M&A at Willis since June 2018.

Swiss Re names Pavel Huerta Uribe as head property underwriting globals for APAC

Uribe will be based in Tokyo and succeeds Andy Tran.

Aon India names Manoj Kumar head of sales and growth for commercial risk and health solutions

Mumbai-based Kumar was most recently head of specialty products for the global broker.

Marsh ANZ elevates Scott Eccleston to Pacific head of risk management

He has spent more than 20 years of his career at Marsh.

Marsh Asia appoints Dale Williams as corporate and commercial leader

Singapore-based Williams was most recently commercial leader at Mercer Asia.

Marsh appoints Youn Wook (Cleo) Kang as senior client adviser for Asian power, energy specialty

Seoul-based Kang is a seasoned legal professional with deep experience in large-scale energy projects, project finance, and offshore wind, according to Benjamin Chang, Marsh's managing director and energy and power leader for Asia.

Allianz Trade moves into Vietnam with country manager hire

Trade credit insurer hires Ly Dao from WTW to spearhead its expansion.

WTW promotes Choo You Bin to head of terrorism and political violence for APAC

Singapore-based Choo was most recently executive director for crisis management, terrorism and politcal violence.

Atradius appoints Bart Poublon as director of risk services for Asia and Oceania

Poublon has spent 24 years at Atradius, having joined the firm in 2001 before joining the Asia team in 2005.

Sompo taps Alessa Quane as new CEO of international markets

Regional management of the UK, continental Europe including Turkey, Brazil and Asia Pacific excluding Japan will report directly to Quane.

Comment

Aviation : ''Without a deeper talent pipeline, better training infrastructure, and more rigorous oversight, the region’s capacity to meet rising demand may falter, impacting insurers and operators alike''

Tan Soon Keat, McLarens Aviation

Cybersecurity: ''For insurers, rather than treating certifications as sufficient proof of security, they should demand evidence of ongoing monitoring of their security posture''

Marc Krisjanous, SixBlocks Audit

Trade credit: ''Asia-Pacific countries are well-positioned to benefit from redirected trade flows as global supply chains adjust''

Nicholas Davies, Markel

Insurtech: "The industry is transforming towards a smarter, more personalised risk ecosystem, where AI becomes a foundational capability embedded within intelligent products and processes."

David Lynch, bolttech

2004 tsunami: "Memories of the tsunami are painful; they prompt us to reflect on the steps we have taken – and how far we must go – to build the region’s resilience to disasters of this scale in future."

Victor Kuk, Swiss Re

IFRS 17: "Rather than looking for temporary workarounds and tactical solutions, the efficiency of the whole end-to-end (E2E) financial reporting chain will need to be reengineered."

Martyn van Wensveen, EY

Flood resilience: "Mitigating and adapting to urban flooding requires a comprehensive approach that combines structural solutions along with non-structural approaches."

Sonia Rawal, Allianz Re

Maritime energy transition: "Commercial considerations that act as a brake to information sharing must be weighed up against the risk of missing important pieces of the decarbonisation jigsaw."

Helen Barden, NorthStandard

Analytics

Lloyd’s Asia surpasses US$1bn GWP milestone in 2024 amid double-digit growth

Offshore fund demonstrates strong performance despite challenges in the Singapore unit and varied underwriting results across business lines.

Hong Kong’s P&C reinsurance market narrows gap with Singapore

Hong Kong benefitted from RBC implementation in 2024, however, Singapore retained top spot in terms of GWP and underwriting results.

Short-tail performance boost for Australia’s P&C carriers

APRA data shows general insurance COR improves in Q4 2024, while profit after tax almost doubles to US$1bn.

Australian intermediated premiums grow 8.2% in 2023-24

While the GWP placed with Lloyd’s in the 12 months grew at a comparable pace, business placed with unauthorised foreign insurers declined marginally.

Alternative risk solutions on the table for non-modelled perils at 1.1 renewals

The APAC reinsurance market is transitioning from a market of corrections to a market of solutions, Tony Gallagher, CEO, Asia Pacific, Guy Carpenter tells InsuranceAsia News.

Hong Kong premium growth and claim frequency are converging to normal level: HKIA

According to 2023 data from the regulator, the SAR's general insurance business reported the worst overall loss ratio in five years at 62.8%, while COR sank to a near five-year low after an 8.3 percentage point deterioration year-on-year.

APAC 2023 marine premiums up 7.5% as global trade recovery drives cargo insurance growth

While the upswing in trade is expected to help premium growth and and the overall claims impact remained stable, uncertainty posed by geopolitical tensions and regional economic outlook could impact the sector.

Australian underwriters incur 23% lower public liability claims in 2023

Lloyd's public liability claims doubled and PI claims went up 13 times in the country in the last year while other insurers' PI claims were 9% higher year-on-year across all states, according to the 2023 claims data released by the Australian Prudential Regulation Authority.