Magazine

Sep 2018

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

News


Asian

Australia: Productivity Commission urges action on add-on insurance products

The Australian Securities and Investments Commission (ASIC) should proceed as soon as possible with its proposal to mandate a deferred sales model for all sales of add-on insurance by car dealerships, said the Productivity Commission.
 


China: Ping An Insurance harbours Asian expansion ambitions

China’s largest insurer by market value, Ping An Insurance, has evaluated buying UK-headquartered Prudential’s Asia business, Bloomberg has reported citing people familiar with the matter. Such a deal would immediately extend its reach to insurance markets from Singapore to Indonesia, bringing it into more direct competition with international brands like AIA and Manulife Financial.
 


Hong Kong: New Lloyd's coverholder Pegasus Underwriting begins ops

Pegasus Underwriting, a Lloyd’s coverholder, commenced operations in Hong Kong on 18 July.
 


Hong Kong: UK's Prudential to change main regulator

The UK’s largest listed insurance group, Prudential, will change its main regulator to the Hong Kong Insurance Authority after it spins off its UK business.
 


India: Picture-based loss assessment need of hour for crop insurance

The way forward to making crop insurance more of a success in India may lie in advanced methods such as picture-based loss assessment accurately to determine beneficiaries International Food Policy Research Institute (IFPRI) economist Dr Berber Kramer has said.
 


Indonesia: Commodities fuel heavy vehicle insurance

The commodity sector in Indonesia, which has revived since the end of last year, has brought blessings to heavy vehicle insurance. This is due to the growth of financing in the heavy equipment sector.
 


Japan: AI at Tokio Marine to enable same-day insurance pay-outs

Japanese insurance giant Tokio Marine will begin same-day insurance pay-outs for automobile claims as soon as 2020, shortening the claims process by two to three weeks. Pay-outs could be made within 12 hours.
 


Malaysia: Government urged to act to encourage savings

An economist has urged the government to enact policy measures to encourage Malaysians to save following the disclosure that the bulk of some 22m employees have no formal social protection. Sunway University Business School Yeah Kim Leng told Free Malaysia Today that it was alarming that so many Malaysians were in this situation.
 


Myanmar: State owned insurer plans to form credit guarantee firm

Myanma Insurance is preparing to set up a credit guarantee corporation, which provides credit guarantee to businesses to obtain credit facilities from financial institutions, reported The Myanmar Times.
 


New Zealand: Health insurer in telemedicine trial for employees

Listed health insurer, nib, has carried out a trial on a teleconference-style health programme aimed at improving corporate workers’ health without their having to leave work.
 


Phillppines: Some insurers exposed to public school loans

Salary loans to public school teachers has become a social issue, and four or five insurance companies have exposures in such loans, according to the insurance commissioner, Mr Dennis Funa.
 


Singapore: Life market surges by 20% in 1H2018

Singapore’s life insurance industry posted a 20% y-o-y increase in new business premiums for the first half of this year to reach a total of S$2.02bn ($1.47bn).
 


South Korea: Motor business dips in 1H2018

South Korea’s auto insurance market contracted slightly in the first half of this year, hit by intensifying competition and lower premiums, according to data from the Financial Supervisory Service (FSS).
 


Thailand: Bright outlook for non-life business

There is room for non-life business to expand in Thailand because health insurance penetration in the country was below 1% in 2017 and its population is ageing at one of the fastest rates in the region, said Fitch Ratings. 
 


Vietnam: Life sector more than doubles revenue in 1H2018

The total revenue of the 18 life insurance firms operating in Vietnam reached VND36tn ($1.55bn) in the first six months of this year, while their insurance premiums from new contracts reached VND12.5tn, up by 128% and 125%, respectively, against the corresponding period last year.
 


Global

July drought and wildfires likely to result in minimum $2.9bn economic loss in Europe

Aon’s latest catastrophe report reveals that many countries saw a worsening in drought-related and wildfire conditions during July, leading to hundreds of deaths and a significant financial impact globally – particularly on the agriculture, forestry, water management, and fisheries industries.
 


Commercial insurance prices continue upward trend

According to the latest Global Insurance Market Index by Marsh, average commercial insurance prices around the world rose during the second quarter this year amid an uptick in insurance pricing for property lines (which continued to be affected by 2017 catastrophe losses) and increases in financial and professional lines.
 


Risk

Singapore: 11 critical sectors told to step up cyber security measures


Indonesia: Green financing gets leg up via IFC's Bank OCBC NISP investment

Green financing in Indonesia to combat climate change has received a boost, with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, committing $150m in a green bond issued by Bank OCBC NISP.
 


Global: 2017 third-warmest year ever

2017 was the third-warmest year on record for the globe, behind 2016 (first) and 2015, according to the 28th State of the Climate report released recently.