Chaucer Group has appointed Mr Ivan Sit as class underwriter, marine. In his new role, he will launch Chaucer's regional marine offering via the company's Lloyd's Singapore platform.
New Zealand has modernised its insurance legislation with the passing yesterday of the Contracts of Insurance Bill and the Contracts of Insurance (Repeals and Amendments) Bill, providing consumers with significant new safeguards.
Charles Taylor has appointed Mr Allwyn D'Souza as senior surveyor in Sydney, Australia; Mr Duan Mingxin as surveyor in Shanghai, China; Captain Harshvardhan Kumar as director - marine technical services in Australia; Mr Ong Eng Hong as marine surveyor in Singapore and Mr Steve Hawthorne as senior marine surveyor in Hong Kong.
Non-life premium growth is expected to remain robust over the near term and on par with prior years, when New Zealand's non-life gross written premiums recorded average annual growth in the mid- to high single digits, says AM Best.
Technology investments have led to operational efficiencies and product innovation in the life insurance segment in New Zealand, said AM Best.
An estimated 10,000 coastal properties in Auckland, Wellington, Christchurch, and Dunedin could become uninsurable by 2050 due to coastal erosion and inundation. Properties located in flood prone areas inland are similarly at risk, according to a report by the Helen Clark Foundation and engineering consultants WSP.
Suncorp, one of Australia's leading insurers, is working with technology partners on the modernisation and integration of its core policy, pricing and customer platforms as it continues its journey to becoming a digital insurer.
Growth in premiums for residential dwelling insurance is likely to ease overall, although high-risk properties may see further increases, says the Reserve Bank of New Zealand (RBNZ).
Liberty Mutal Insurance has appointed to its recently formed APAC team Mr David Tam as chief information officer; Mr Robert Mercer as head of claims; Mr Tibor Nagy as CFO, effective 6 January 2025 and Ms Vidhi Kapoor as regional head of HR, effective 6 January 2025.
Insurance rates in the Pacific region, dominated by the Australian market, dropped by 6% in the third quarter of 2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.