Global insured losses due to Nat CAT is on the rise, according to Munich Re's NatCatSERVICE January 2025 report, "Natural disasters in 2024". The report showed that, adjusted for inflation, insured losses have climbed from $106bn in 2023 to $140bn in 2024.
In his welcome address at the 2nd IFSCA-IRDAI GIFT IFSC Global Reinsurance Summit, International Financial Services Centres Authority (IFSCA) executive director Praveen Trivedi, said that setting up businesses in India has been gaining notable traction in the past period thanks to the regulatory effort which focused more on enhancing ease of doing business. Mr Trivedi said that it is a positive sign that the 2nd edition of the Summit is attracting guests from all around the world representing various insurance, reinsurance and insurance-related entities as well as regulators and other industry professionals.
Japanese trading firm Itochu is set to purchase a 20% stake in Thailand's non-life insurer Thaivivat Insurance. According to a release by Itochu, it will invest around THB1bn ($29m) to buy new shares issued by the Thai company.
Nepalese prime minister KP Sharma Oli has asked the ministry of health and population to formulate on priority an action plan for reforms based on the report of the Health Insurance Reform Suggestion Task Force.
The Asian Development Bank has come out with a report on Cambodia's disaster risk financing that also highlights the nation's vulnerabilities to natural disasters and the urgent need for robust financial mechanisms.
People are the cornerstone of any organisation, serving as its pillar and backbone. At Allianz Asia Pacific, we place our people at the centre of everything we do, fostering a culture of care that extends from today into the future. Our employees are our greatest assets, and we prioritise building and maintaining trust with them, just as we do with our clients. Through open communication channels, our employees feel confident in sharing their views and feedback. Their constructive input helps us understand their challenges and enables us to create the right environment for our employees to thrive and find satisfaction in their work.
A record number of close to 1000 delegates from 45 countries have registered for the 18th India Rendezvous that kicks off in Mumbai today.
The number of major accidents and resulting fatalities in China in 2024 saw a significant year-on-year decline of nearly 50% according to the ministry of emergency management.
Hong Kong life insurance sales in the first nine months of 2024 set a record mainly driven by local customers. According to Insurance Authority (IA) Hong Kong new life insurance sales in the January -September 2024 period were HKD169.7bn ($21.8bn), the highest since the authority was set up in 2016.
The Philippine Health Insurance Corporation (PhilHealth) continues to be in sound financial position despite being given zero subsidies for 2025.