London-headquartered RFIB is the new kid on the block in Singapore, having received its licence there in August 2017.
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.
The 3rd Asia Trusted Life Agents & Advisers Awards has been launched by Asia Insurance Review and Asia Advisers Network, together with co-organiser LIMRA.
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).
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.
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.
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.
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.
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%.
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.
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.
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).
Insurers are racing to issue rights and bonus shares to meet capital requirements laid down by the Insurance Board (IB).
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.
The government is taking several actions that could lead to lower insurance health and motor premiums.
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.
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.
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 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, 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.
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.
- 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
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 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.