Magazine

Apr 2018

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News


Asian

ERGO: Getting its Singapore operations more ERGOnomical

ERGO Insurance is in a period of transformation to align its Singapore business with the strategies of the international ERGO Group. We caught up with Mr Karl-Heinz Jung, CEO of ERGO Insurance since August 2017, to learn about the insurer’s activities and ambitions in the city state.
 


Asia: Are you ready for the MAY EAIC in Manila?

“The EAIC (East Asian Insurance Congress), I may say, was born in Tokyo, but it was just in symbol. It was in Manila that it attained substance and manhood.” 
 


Asia: Bancassurance still a "power" force for new business

Bancassurance has emerged as a critical distribution channel in Asia, especially in emerging economies where riding on the bank partnership is propelling growth in value of new business. 
 


Asia: CFOs need to be nimble and data-driven

The ability to adapt to the unexpected quickly and seamlessly is a major priority for today’s financial executives. In order to adjust course, decision makers must have a top-down perspective that makes it easy to account for every variable and hence be nimble and flexible. 
 


Cambodia: Dai-ichi Life to set up a subsidiary

Major Japanese insurer, Dai-ichi Life Holdings, is expanding into Cambodia, anticipating rising demand for insurance in Southeast Asia as the region’s economy grows. 
 


China: Regulator sets out rules for shareholders of insurers

The CIRC issued its amended “Insurer Shareholder Regulations” on 7 March that aim to ensure transparency and to curb undue control by shareholders of insurance companies in a bid to reduce risk.
 


Hong Kong: Insurance M&A scene gets very active

M&A deals involving Hong Kong insurers reached US$2.84 billion in 2017, up from US$1 billion recorded in 2016, according to data from Thomson Reuters. More M&As are expected in the insurance arena. 
 


India: Insurers ask for premium increase to cover govt accident plan

Insurance companies, mainly government-run insurers, are losing money on the Prime Minister’s accident insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY), with losses of 80-100%.
 


Indonesia: Ideal to have 1 mln agents to serve a population of 250 mln

The potential of the agency distribution channel is huge, said the Indonesian Life Insurance Association (AAJI) which has pointed out that the total population of Indonesia which exceeds 250 million would ideally require one million agents to serve it.
 


Japan: Working group to look into issue of uninsured tourists

Plans are underway to help hospitals and other medical institutions avoid payment and other problems related to tourists, including unpaid bills, government sources have said.
 


South Korea: Nonghyup group plans expansion in insurance in Asia

Nonghyup Financial Group has said that it plans to enter the Chinese and Southeast Asian insurance markets as part of its effort to expand its presence abroad.
 


Malaysia: Insurers pay more than US$1 bln in motor claims in 2017

Total motor insurance claims paid out by insurers amounted to MYR5.38 billion (US$1.38 billion) last year. On a daily basis, this works out to MYR14.7 million per day in claims for property damage, bodily injury and vehicle theft by all the motor insurers, according to the General Insurance Association of Malaysia (PIAM).
 


New Zealand:New insurance statistics made available by Central Bank

The central bank, the Reserve Bank of New Zealand, has begun publishing new quarterly statistics that will provide insights into the structure and activities of the insurance industry.
 


Pakistan: Farmers give input to improve crop insurance

Farmers are urging effective assessment of individual loss, quick settlement of insurance claims, increases in claim amounts and cover for horticulture as well, especially orange orchards and vegetable crops.
 


Philippines: Debate over degree of capitalisation of insurers continues

The Philippine insurance industry is likely over-capitalised, says Mr Reynaldo A de Dios, an insurance industry doyen. 
 


Singapore: Regulator acts against mass poaching of financial advisers

The MAS aims to promote responsible recruitment practices in the financial advisory industry and address risks that may arise from the mass poaching of insurance agents from rival insurers.
 


Taiwan: Regulator wants life insurers to hold more fixed income assets

The Financial Supervisory Commission (FSC) has said that regulators would work toward deregulation to revive the appetite of local fixed-income investors – mainly insurers’ – for structured-finance products.
 


Thailand: Regulator to make insurers disclose more information

The Thai insurance regulator recently circulated two draft notifications that will impose new disclosure requirements on insurers.
 


Global

Severe cold weather and Storm Emma cause extensive impacts across Europe - Aon

The outbreak of cold, arctic air and Storm Emma affected a large area of Europe during the second half of February and into early March with temperatures falling to some of their coldest levels in decades, causing thousands of flights to be cancelled or delayed and many different sectors were closed due to inclement conditions. Local governments also reported that at least 88 fatalities had occurred due to hypothermia and other incidents.
 


Corporate Risk Management

Updated ISO 31000 risk management standard keeps things simple

The International Organization for Standardization (ISO) has issued a newly revised version of the ISO 31000, Risk management – Guidelines. The updated ISO 31000:2018 is a clearer, shorter and more concise guide to help organisations improve planning and decision-making through the use of risk management principles.
 


Global

Political risk landscape to remain turbulent in 2018 - Marsh

Political risk will remain a major concern for multinational businesses in 2018, driven by events including the North Korea missile crisis, ongoing Brexit negotiations, and trade protectionism, according to Marsh’s Political Risk Map 2018.
 


Product Bytes

Product Bytes