Tysers has appointed Ms Babita Rai as CEO, Singapore and Mr William Furness-Smith as head of marine, APAC.
The International Group of Protection and Indemnity Clubs (IG) is expected to increase rates by an average of close to 5% in 2025, similar to the increase during the renewals in 2024, according to S&P Global Ratings.
Tokio Marine Kiln (TMK) has appointed Mr Alexandros Ampatzis as head of marine in APAC, effective 1 November. In his new role, he will primarily be focused on deepening TMK's presence in target markets across the region and continuing the team's rapid growth.
Rare Earth Insurance Partners Shanghai (Rare Earth Shanghai) has been launched in mainland China as an independent wholesale insurance broker.
Global marine insurance premiums in 2023 totalled $38.9bn - a 5.9% increase over 2022, according to the International Union of Marine Insurance (IUMI).
Hong Kong's Insurance Authority (IA) will carry out a review next year to strengthen Hong Kong's position as a global risk management centre, revealed Mr John Lee, the territory's Chief Executive.
The Shanghai Bureau of the National Financial Regulatory Administration has issued the "Guiding Opinions on Promoting the High-quality Development of Shanghai's Shipping Insurance Industry", setting out the goal of building the eastern Chinese port city into an international shipping Insurance centre.
The National Insurance Commission (NAICOM) has formed cooperation ties with the Ministry of Marine and Blue Economy to enforce and regulate marine insurance policies.
Gaps in the implementation of the Marine Insurance Act that requires the mandatory cover of imports by local insurance companies have hampered the growth of domestic marine cargo insurance in Kenya, industry sources say.
Climate change and its impact on losses and claims featured highly as major challenges to be faced by marine insurers in the future, according to a general consensus reached at the 150th anniversary conference in Berlin of the International Union of Marine Insurance (IUMI). Changing weather patterns would place increased strain on supply chains causing delays and risk accumulations.