Magazine

Jan 2018

Read the latest edition of AIR and MEIR as an Interactive e-book

News


Asian

Asia: Microinsurers cite profits, branding and CSR as goals

Most respondents to a recent survey on microinsurance in the Philippines, Indonesia and Sri Lanka, place more importance on “Business (profitability)” as their reason for entering this market, said FALIA (The Foundation for the Advancement of Life & Insurance Around the world). But most also gave some weight to “Branding” or “CSR” (corporate social responsibility) as a reason.
 


Asia: Independent broker pinpoints talent as growth cornerstone

London-headquartered RFIB is the new kid on the block in Singapore, having received its licence there in August 2017. 
 


"I go for people over product," says InsurTech investor

Investors get pitched a lot of ideas from InsurTech aspirants but it is the people and not the ideas put forward that wins the day, said Mr Tony Hobrow, CEO of VenturesOne Asia.
 


Launch of 3rd Asia Trusted Life Agents & Advisers Awards: Nominations open

The 3rd Asia Trusted Life Agents & Advisers Awards has been launched by Asia Insurance Review and Asia Advisers Network, together with co-organiser LIMRA. 
 


Australia: Insurers feel the pressure of social media

The use of social media to “pressure” insurers into paying out claims is costing companies millions and driving up premiums, according to the Insurance Council of Australia (ICA).
 


China: CIRC mulls revising rules for guarantee fund

The insurance regulator CIRC is considering amending rules for the country’s insurance security fund, which will allow the fund to provide necessary liquidity support to insurers in case of a crisis.
 


Bangladesh: Strident call for insurance reform

Stringent monitoring and evaluation of the regulatory framework is required to create standards that can help curb corruption and negligence by insurers, said Mr Mamun Rashid, an economic analyst and partner at PwC.
 


Hong Kong: Beauty salons get insurance

A beauty industry group has made a deal with an insurer to provide coverage for small and medium-sized beauty parlours as long as they are accredited by the Hong Kong Beauty Industry Union.
 


India: 2nd state-owned general insurer gets regulatory nod for IPO

The IRDAI has given its in-principle approval to the government-owned National Insurance Company to list its shares, as the insurer has strengthened its balance sheet and improved solvency margins.
 


Indonesia: Reinsurance sector to grow more than 10% in 2018

Prospects are upbeat for the reinsurance industry in Indonesia that saw premiums grow by 13% to IDR8.35 trillion (US$535 million) in the first nine months of this year, according to the Indonesian General Insurance Association (AAUI). For 2018, the reinsurance growth rate is forecast at 10% to 15%.
 


Japan: Govt mulls move to cover some costs of transplants overseas

The Ministry of Health, Labour and Welfare is considering a measure to cover part of expenses shouldered by patients who undergo organ transplants abroad, so as to ease their financial burden.
 


South Korea: Regulator to scrutinise management appointment process

The Financial Supervisory Service (FSS) will examine the appointment processes at major financial holding companies, amid criticism that some current chairmen were extending their rule to second and third terms by using procedural loopholes.
 


Malaysia: Motor insurance detariffication promotes innovation

More innovative motor insurance products with lower prices are expected to be rolled out following the liberalisation of the motor tariff which came into effect on 1 July 1 2017, said the General Insurance Association of Malaysia (PIAM).
 


Nepal: Insurers in rush to raise capital to meet new rule

Insurers are racing to issue rights and bonus shares to meet capital requirements laid down by the Insurance Board (IB).
 


New Zealand: Quakes drain disaster fund totally

New Zealand’s emergency cash stashed away for major natural disasters is forecast to be “fully exhausted” once all of the Canterbury and Kaikoura earthquake claims are settled, according to internal government documents.
 


Singapore: Govt to introduce medical fee benchmarks and remove restrictions on motor warrantiess

The government is taking several actions that could lead to lower insurance health and motor premiums.
 


Taiwan: Regulator signs insurance MoU with Philippine counterpart

Taiwan’s financial supervisory authority has signed a memorandum of understanding (MOU) with the Philippines to promote bilateral cooperation in the cross-border supervision of the insurance business.
 


Book Review

Understanding Insurance of Health


Global

Sedgwick to acquire Cunningham Lindsey

Sedgwick Claims Management Services, Inc., a leading global provider of technology-enabled risk and benefits solutions, has signed an agreement to acquire Cunningham Lindsey, a global loss adjusting, claims management and risk solutions firm.
 


Call for papers for Shin Research Excellence Awards programme

Technology and innovation are influencing strategic growth in the insurance industry and its advancement impacts the industry across a broad spectrum. Recognising that, the International Insurance Society (IIS), in partnership with The Geneva Association, are calling for papers for the Shin Research Excellence Awards program, with the focus on the topic “The innovation transformation”.
 


AXA reaffirms commitment to fight climate change

AXA has announced several new ambitious decisions to accelerate its commitment to fight climate change. These new decisions concern all the levers that the Group can activate: investments, divestments, and insurance, the Group announced in an official press release.
 


Corporate Risk Management

RIMS' inaugural China forum draws government and industry support

RIMS, the risk management society, held its inaugural China forum in Beijing on 22 November. It was attended by an audience of 200 which included Chinese government officials, state-owned enterprises, large private entities, academics and local risk management and insurance professionals.
 


Automotive industry most impacted by product recalls - AGCS

Product-related risk is one of the biggest perils facing businesses today, with recall exposures having increased significantly over the past decade. And it is the automotive sector that is most impacted by product recalls, followed by the food and beverage sector and then IT/electronics, said Allianz Global Corporate & Specialty (AGCS) in a recent report, based on analysis of claims.
 


Product Bytes

Product Bytes

  • APAC: BHSI launches new PI Insurance for FIs and new Contractors Plant & Equipment (CP&E) policy
  • Malaysia: Hong Leong Assurance’s policy serves the need of the 45-70 set
  • Singapore: Income aims to plug protection gap of “sandwiched” generation
  • Singapore:  AXA announces two new life insurance products
 


Events Page

Combining forces for the resounding success of PMFBY

With the introduction of Pradhan Mantri Fasal Bima Yojana (PMFBY) two years ago, a scheme which is very much in the interest of farmers and which has given the biggest boost in premium earnings for Indian insurers, there is a significant capacity that is required from reinsurers to enable insurers to support in the role expected of them.
 


North P&I Club celebrates 10 years in Singapore

North P&I Club celebrated the tenth anniversary of its office in Singapore with a reception in December, attended by shipowners and representatives of the Singaporean and Asia-Pacific shipping community.