The insurance industry should be prepared to experience total annual insured losses, from natural catastrophes and crop, of well more than $151bn on average, says Verisk, a New Jersey-headquartered global data analytics and risk assessment company.
Allianz Asia-Pacific reported a 5% year-on-year increase in total operating profit (OP) to EUR388m ($430m) for the first six months of 2024, with contributions from both Life/Health and Property-Casualty business segments, the company reveals in its interim financial statements.
Allianz Commercial has appointed Ms Jenny Wilhelm as head of distribution for Asia. In her new role, she will work closely with the Asia leadership team to drive the distribution and go-to-market strategies to deliver on overall smart growth ambitions across the Allianz Commercial businesses in Asia.
Texel Group has appointed Mr Davis Ng and Ms Hélène Heas as brokers. Both Mr Ng and Ms Heas join the Singapore office. In their new roles, they will be responsible for supporting the growth of Texel's business across the APAC region and in close collaboration with the global broking team, will further enhance the company's client solutions and market reach.
The season of festivals in India for the year that began with Krishna Jayanti celebrations on 25 August 2024 will also bring a short-term bonanza for insurers who provide short-term insurance covers for the organisers and participants celebrating these festivals. Krishna Jayanti will be followed by Ganesh Chaturthi, Durga Pooja, Dussehra, Deepawali and many more until the year end.
Insurance Regulatory and Development Authority of India (IRDAI) has set up a task force to solve the bottlenecks and drive the growth of surety bond insurance in the Indian market. The task force comprises representatives from insurance companies, banks and reinsurers.
Indian health insurer, Star Health Insurance, has launched an industry-first braille version insurance policy tailored for individuals with 40% or more disability and initiated income generation opportunities for them.
Aon has appointed Ms Choo Yen Chu as capital advisory leader for APAC. In her new role, she will assist clients to optimise capital structures from a regulatory, ratings and economic perspective. This will involve improving capital efficiency through strategies such as structured reinsurance, relief covers and legacy transactions.
Miller has appointed Mr Siva Krishnan as head of sports and entertainment. In his new role, he will bring Miller's specialist capabilities into new geographies, in line with the business' broader growth strategy. In APAC, the focus will be on live events, sporting events and tours, sport associations as well as film and TV.
The community programme, called "Hoops+Health", is inspiring engagement, activity and healthy living through basketball by improving community access to courts and education across six Asian markets.