The composite insurance rate in the third quarter of 2024 decreased by 2% in the IMEA region, where rates for large and complex organisations are often driven or influenced by the reinsurance market, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
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.
Composite insurance rates in Asia declined by 4% in the third quarter of 2024, following a dip of 3% in 2Q and 2% in 1Q2024, according to the "Global Insurance Market Index" published by the world's biggest insurance broking group Marsh.
Asia Pacific insurers are reducing their exposure to equity or credit risks, while increasing capital allocations to diversified business growth, says Mr Frank Yuen, VP senior credit officer at Moody's Ratings.
Lloyd's, the world's leading marketplace for insurance and reinsurance, has published a scenario which reveals the global economy could be exposed to losses of $14.5tn over a five-year period from the threat of a hypothetical geopolitical conflict causing widespread disruption to global trade patterns and supply chains.
The average days receivable for Asia Pacific companies in 2023 was 71 days. Although a small increase from 2022, an increase in days receivable reflects a decrease in working capital availability and indicates slower collection of cash from customers, says Aon, a leading global professional services company.
Generali Global Corporate and Commercial (GC&C) has appointed Mr Joshua Lynch as head of business development, Asia and Ms Winnie Chu as head of financial lines underwriting, Asia, effective 30 September.
Markel has appointed Ms April Tam to the roles of senior underwriter, professional financial risk (PFR) and head of financial institutions, Asia. In her new role, she will strengthen Markel's financial institutions proposition in Asia.
US-headquartered BAM Mutual, the mutual bond insurer focused on reducing the cost of debt sold for essential infrastructure, is opening a Melbourne office and will begin insuring bonds and loans sold to finance projects in Australia and New Zealand.
Zurich Singapore has appointed Mr Edward Rayfield as head of casualty, APAC and Mr Robin Cooper-Driver as head of financial lines, APAC.