Berkley Re Asia Pacific (a Berkley Company)

As the cosmetic surgery industry continues to flourish globally, Australia has seen significant growth, with a notable 38% of adults considering a procedure in the next decade. This booming market, however, brings increased risks and complexities, particularly concerning patient outcomes and liability for medical practitioners. 🔍 In response to these challenges, Australia has implemented rigorous reforms. Following an independent review by Ahpra and the Medical Board, new National Safety and Quality Cosmetic Surgery Standards were introduced, aimed at enhancing patient safety and care quality. These standards, effective from July 2023, include stringent guidelines for medical practitioners performing both surgical and non-surgical procedures, such as Botox and dermal fillers. For insurers, these developments are critical. They not only impact the risk landscape but also dictate our approach to underwriting and claims management in this sector. Enhanced regulations ensure better practice standards and patient safety, potentially leading to more predictable and manageable claims scenarios. For a deeper understanding of these regulatory changes and their implications for the insurance and reinsurance industry, click here to read the full article: https://ow.ly/nvha50RvjF4

Resilience in Australia’s Insurance Sector: A Leap Forward Post-COVID, Australia's insurance industry has swiftly rebounded, driven by technological advancements. Glen Riddell and S&P Global's Craig Bennett discuss in Asia Insurance Review how innovations like satellite imagery and predictive modeling are key to managing increased climate-related claims and maintaining insurer profitability. 📰 "Over the coming year, inflation, though reducing, would also continue to play a role in how insurers price products, according to Mr Riddell. He also predicts health inflation to remain an area “that needs to be monitored with pressures on the supply of workers, which plays a factor on liability costs”. As inflation softens, Mr Bennett said, premium growth is expected to moderate. The industry’s combined ratio to is predicted to stabilise near 92%-93%, and the return on equity towards 12%-13%." Dive into the full discussion on how technology is shaping the future of insurance: https://ow.ly/skYr50Rvh0h

Berkley Re provides INsights on Battery Risk In a world where technology constantly evolves, so do the risks associated with it. Lithium-ion batteries are ubiquitous, powering everything from our smartphones to electric vehicles. But what happens when these power sources pose significant risks? 🎙️ Join Glen Riddell, on the latest episode of the Insurance News podcast as he delves into the critical implications of lithium-ion batteries.

World Health Day is a reminder of the crucial role health plays in our lives and the lives of those around us. Last week, the Berkley Australia team came together to celebrate this important day in the most vibrant way possible! We started our morning with a nutritious smoothie and continued with a rejuvenating walk across the dyanmic landscapes of Barangaroo and Sydney Harbour. Here's to a continued journey of health! #WorldHealthDay #SocialClub #Reinsurance

Re Brief Update - Crystalline Silica and Silicosis In a groundbreaking move to combat silicosis, WHS ministers across Australia unanimously agreed, to prohibit the use of engineered stone. This decision, driven by Safe Work Australia, aims to shield workers from the dangers of respirable crystalline silica—a prevalent mineral compound found in many construction materials, including engineered stone, which contains up to 97% crystalline silica. Starting July 1, 2024, this prohibition mandates that no business may engage or permit work involving engineered stone, impacting its manufacture, supply, processing, and installation. This measure is a response to the rising silicosis cases among workers, particularly those in the engineered stone industry, with alarming statistics predicting over 103,000 diagnoses due to current exposure levels. For the insurance sector, especially in general liability and workers' compensation, this development signifies a critical juncture. Despite the ban, continued exposure in construction and manufacturing underscores the need for vigilant claims management and risk assessment. For a deeper dive into the implications of this prohibition and the ongoing battle against silicosis, click here: https://lnkd.in/gdpYA9mF #SilicosisPrevention #WHS #Casualty #Reinsurance

Celebrating the Excellence Awardees! Congratulations to Glen Riddell who has been selected as an Excellence Awardee for CEO of the Year for the annual Insurance Business Australia Awards. Glen has worked for Berkley Re since 2015, originally in Singapore and in 2021 relocated back to Sydney. As a reinsurer, Glen has held a number of different roles ranging from facultative, treaty and reinsurance broking across Asia Pacific including Hong Kong, New Zealand, Singapore and Australia.

Automated Vehicles (AVs) stand as both a promise and a challenge. Our latest article delves into the intricacies of navigating the risks and opportunities presented by AV technology. INSURANCE IMPLICATIONS With AVs, traditional risk assessments undergo a seismic shift. Who bears liability in the absence of a human driver? Our article explores innovative insurance solutions tailored to these complexities. REGULATORY AGILITY As AV technology outpaces regulatory frameworks, staying abreast of evolving regulations is crucial. We examine how countries like Australia and Singapore are addressing this challenge. Investing in understanding emerging technologies and forging strong partnerships will be pivotal. Read the full article for valuable insights: https://lnkd.in/eBvANCjm

Under the leadership of Rob Berkley, W. R. Berkley Corporation champions a decentralised model, setting a precedent for specialisation and empowerment in the reinsurance sector. This approach is the foundation of our strategy at Berkley Re Asia Pacific, where we prioritise local expertise and decision-making authority to navigate the complexities of the global market efficiently. “Most of our peers operate very much in a ‘centralised command and control’ model, where the decisions are made at the centre. Then those decisions are shared, and direction is provided to their organisation outside of the core," Rob Berkley, Insurance News Feb/Mar Edition. Our commitment to fostering a culture of ownership and autonomy among our teams is pivotal. It ensures that we remain agile and responsive, offering tailored reinsurance solutions that align with the unique needs of our clients and the markets we serve. Read the full article here: https://lnkd.in/eXJReSBv