Magazine

Nov 2017

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News


Asian

Afro-Asian insurance body held in the GCC for the very first time

The Federation of Afro-Asian Insurers and Reinsurers (FAIR) held its 25th Conference in Bahrain with the theme of “Insurance Transformation in FAIR-Land” on 9-11 October.
 


Australia: Policyholders urged to use their insurer's pool of health providers

Health insurance customers, who use their insurer’s pool of health providers, can save hundreds of dollars more a year. For those making extras claims relating to dental, optical, physiotherapy and chiropractic treatments, experts are urging policyholders to make sure they know they can access many treatments and reduce their out-of-pocket expenses, reported news.com.au
 


Australia: Michael Rice named Actuary of the Year

The Actuaries Institute has named Mr Michael Rice 2017 Actuary of the Year in recognition of his ongoing dedication to his profession, the industry and the formation of good public policy across Australia’s superannuation and retirement sectors.
 


Australia: Gallagher Bassett on the lookout for acquisitions

Gallagher Bassett’s Australian operations is looking for further growth through acquisition across Australia and New Zealand, as well as expansion into Asian markets, using Australia as a home base.
 


China: Solvency improves for life insurers, declines for P&C and reinsurers

The average solvency ratio for Chinese life insurers increased in the first half of 2017, ending a decline in 2016, according to S&P’s analysis of the June 2017 solvency summary report under the China Risk-Oriented Solvency System (C-ROSS). At the same time, solvency ratios for property and casualty (P&C) insurers and reinsurers continued to decline. 
 


Hong Kong: Mandatory pension system needs to centralise

Hong Kong’s Mandatory Provident Fund will benefit from a centralised database, a push to digitise transactions, and differentiating members by income and age, consultants from the international professional services firm PwC have said.
 


India: Health insurance plan for poor families seen as falling short

The government-run Rashtriya Swasthya Bima Yojana (RSBY), launched in 2008, is seen to have failed in its mission to protect poor households from financial risks due to health spending.
 


India: Mr Atul Boda inducted into FAIR Hall of Fame

Mr Atul Dhirajlal Boda, Chairman, J B Boda Group of Companies was the recipient of the FAIR Hall of Fame Award at the 25th FAIR Conference held in Bahrain in October 2017. Mr Boda has more than 30 years of experience in the insurance and reinsurance industry around the world.
 


Indonesia: The continuing battle against fraud

With Mt Agung still threatening to erupt, delegates braved the risk to attend the Indonesia Rendezvous in Bali which has been held for 23 years now.
 


Indonesia: Country's first farm insurance scheme launched

The government has launched the country’s first farm insurance programme to help farmers avoid losses from agricultural activities, Agriculture Minister Amran Sulaiman has announced.
 


Japan: Local units of foreign players are now buyout targets

Midsize foreign-affiliated life insurers in Japan are becoming acquisition targets.
 


South Korea: Consumers prefer installment savings plans

Most South Korean financial consumers still prefer safer choices such as instalment savings plans, despite the current low interest rates and a booming stock market.
 


Malaysia: Proposed employment insurance plan to help 57,000 for a start

Around 57,000 people who lost their jobs are projected to be among the first to be eligible for benefits when the interim Employment Insurance System (EIS) is launched next year.
 


Myanmar: Local insurers eye partnerships with international parties

Local insurers are ready to forge ventures with global companies to cash in on the potential of the under-served insurance market in Myanmar.


Pakistan: SECP proposes MTPL compensation limit be 10 times current cap

Among several amendments to be made to the Motor Third Party Liability Insurance (MTPL) Scheme, the Securities and Exchange Commission of Pakistan (SECP) has proposed that the compensation limit be raised 10 times the current level to PKR200,000 (US$1,900) from PKR20,000, in case of death.
 


Sri Lanka: New tax law pressures insurers

Sri Lankan insurance companies are likely to face higher tax expenses under a new Inland Revenue Act, that was passed by Parliament last month and that will take effect next 1 April.
 


Aviva to exit Taiwan

Aviva plc has agreed to sell its entire 49% shareholding in its joint venture in Taiwan, First Aviva Life (Aviva Taiwan) to Aviva’s joint venture partner, First Financial Holding Co Ltd.
 


Taiwan: Insurers to retain big role in retirement saving

Many Taiwanese use life insurance as a savings tool, because they can garner higher interest rates than if they place deposits with banks.
 


Thailand: Elderly to outnumber the young next year

2018 will be the first year the elderly will outnumber the young, Mr Porametee Vimolsiri, Secretary General of the National Economic and Social Development Board (NESDB) has said.
 


Vietnam: Number of workers in informal sector exceeds 18 mln

Vietnam has more than 18 million unofficial workers, with seven out of every 10 of them ignorant about employment policies and more than 40% unaware of voluntary social insurance, according to a survey by various national agencies and the International Labour Organisation (ILO).
 


Global

B3i expands with new members joining its prototype Market Testing phase

The Blockchain Insurance Industry Initiative B3i announced the expansion of the group, with 23 new entrants joining its Market Testing programme. This follows the successful launch of a working market testing prototype at the Monte Carlo RVS conference this year.
 


IUA survey on business priorities for London company market

The top three challenges facing London market companies are a soft market, Brexit and regulatory compliance, according to a survey of International Underwriting Association members.
 


Corporate Risk Management

Australia: International Cyber Engagement Strategy launched

The Australian government has launched a new International Cyber Engagement Strategy which outlines its cyber affairs agenda for the next three years, and creates the environment for digital trade to generate economic growth for the country.
 


Global

Singapore: MAS sets up international advisory panel for cybersecurity

The Monetary Authority of Singapore (MAS) has established a Cyber Security Advisory Panel (CSAP), comprising cybersecurity experts from around the world.
 


Global: COSO updates 2004's ERM framework

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has released the highly-anticipated ERM Framework: Enterprise Risk Management-Integrating with Strategy and Performance, an update to a 2004 document which has been one of the most widely-recognised and applied risk management frameworks in the world.
 


Product Bytes

Product Bytes

  • APAC: Chubb launches innovative travel app for business travellers 
  • Australia: Chubb introduces new Business Pack Insurance for SMEs
  • Malaysia: Allianz 3H Cover tackles the “3 Highs”
  • Singapore Life launches suite of life insurance products
 


Events Page

Dive In: Embracing diversity

A global event promoting inclusion and diversity within the insurance industry, Dive In is a three-day festival that spans 17 countries and 32 cities. Started by Lloyd’s of London in 2015, the festival navigates today’s global, multi-generational workplace, looking at making the most of a work-life blend, the importance of inclusive leadership and supporting the needs of the disabled. The programme has something for everyone.
 


South African delegation in Singapore share information and best practices

A South African delegation of 35 insurance professionals (a mix of insurers, reinsurers, brokers, risk managers and others) was in Singapore in September at the invitation of the Singapore Insurance Institute (SII).
 


IGP&I to provide certification and reinsurance for MLC abandonment cover

The International Group of Protection and Indemnity Clubs (IG) said they will be providing certification that is required under the Maritime Labour Convention (MLC) and has also arranged reinsurance cover which will provide in total US$200 million MLC abandonment cover.
 


114 students conferred PGDM by National Insurance Academy

114 students of 2014-16 and 2015-17 batches of PGDM programme (Post Graduate Diploma Programme in Management) of National Insurance Academy (NIA), received their diplomas at the convocation held at the NIA campus in Pune on 16 September this year.
 


Singapore: DBS Bank lays path for instant claims payment

DBS Bank, the largest banking group in Singapore and Southeast Asia, recently shared insights on how the insurance claims experience could be transformed with instant claims payments – through leveraging on its new API named DBS IDEAL RAPID.