Insurers in India have paid around INR250bn ($3.28bn) of COVID-related health claims in the two years of the pandemic, according to the General Insurance Council (GIC).
The Asia-Pacific region accounted for the largest portion of economic losses due to natural hazards in the first quarter of 2022. Asia Pacific led the tally with losses more than $15bn, followed by Europe with $7bn and the US at $6bn according to Aon report Global Catastrophe Recap - Q1 2022.
Reinsurers are expected to bear the brunt of the flood season in Australia. The country had declared a national emergency to deal with the floods and the Insurance Council of Australia put insured losses so far in excess of $A2.5bn ($1.85bn). AM Best expects that figure to rise as the estimate reflects current claims reporting rather than the final bill when more claims are submitted.
ANZIIF has announced the return of the Australian Insurance Industry Awards for 2022, which will be hosted 'in person' for the first time since 2019. The awards will be held at The Star Event Centre in Sydney on 25 August.
Various insurance companies in China have paid at least CNY130m ($20.5m) as of 29 March to China Eastern Airlines and the beneficiaries of those who died in the plane crash that took place on 21 March.
The Indian insurance industry needs to adapt technology to solve the long-standing claims settlement issues that have impacted the insurance sector for decades.
Nigeria's Commissioner for Insurance has said that the insurance sector has reached consensus to commence annual rankings of insurers on the number of claims they receive and settle each year.
State-owned Bangladesh Shipping Corp lodged a claim for $22.4m from its insurer for a cargo ship hit by a missile in March, reported Reuters quoting government officials with knowledge of the talks. This is the first major marine insurance claim from the conflict in Ukraine.
Saudi motorists are driving more responsibly on the Kingdom's roads thanks to reforms to the insurance market, according to a spokesman for the insurance sector, Mr Adel Abdulaziz Al-Essa.
Chubb has launched a no-questions-asked policy cancellation and refund campaign in Singapore for all Chubb-underwritten individual single-trip travel policies, issued until 31 March 2022.