Magazine

Dec 2018

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News


Asian

Asia Pacific: 3 markets in region have above average pension systems

The pension systems of three markets in the Asia Pacific have been rated as above the average of 34 retirement income systems reviewed by Monash Business School’s Australian Centre for Financial Studies and global human resources consulting firm, Mercer.
 


Australia: Modest returns spur Aussie owners to divest life


China: Life insurers report narrowing decline in cumulative monthly gross premiums

The latest data from the CBIRC show that life insurers posted gross premium income totalling CNY2.19tn ($316bn) for the January to September period, a y-o-y decrease of 3.5%.
 


Hong Kong: Typhoons lift territory's insurance penetration rate

The Hong Kong insurance market is now the ninth highest in terms of insurance penetration as a percentage of GDP, says Lloyd’s in its underinsurance report titled ‘A world at risk: Closing the insurance gap’.
 


India: Call to change crop insurance scheme to prevent 'abnormal' gains by insurers

The financial administration of the government-backed giant crop insurance flagship scheme for farmers, the Pradhan Mantri Fasal Bima Yojana (PMFBY) should be tweaked to ensure that insurers do not make ‘abnormal’, yet participate in the scheme, says a report by the Centre for Management in Agriculture of the Indian Institute of Management Ahmedabad.
 


Indonesia: 93% of population devoid of life insurance

Only 6.6% of Indonesians have a life insurance policy, which means that 93.4% of the market remains untapped the Indonesian Life Insurance Association executive director Togar Pasaribu has said.
 


Japan: Non-life insurers to enjoy stable pricing conditions

Private companies operating in Japan’s non-life insurance market hold solid risk-adjusted capital positions and profitable underwriting results despite economic- and weather-related pressures, noted A.M. Best which has a stable outlook on the sector, despite the elevated risks of catastrophe losses and modest economic expansion.
 


Malaysia: 4m non-life policyholders hit by sales tax changeover

About 4m general insurance policyholders who renewed or purchased their policies during the goods and services tax (GST) holiday period are affected by the sales and services tax (SST) regime, says the General Insurance Association of Malaysia (PIAM).
 


Myanmar: Microinsurance mart attracts $1.1m investment

The UK Department for International Development (DFID) and a Swiss insurance technology firm are set to invest in Myanmar’s microinsurance market. 
 


New Zealand: Country is ranked second riskiest in the world

New Zealand is ranked as the second riskiest country in the world in a major international study released by Lloyd’s of London.
 


Pakistan: Regulator to tighten governance rules for insurers

The Securities and Exchange Commission of Pakistan (SECP) has proposed to issue a directive to the insurance sector to provide information about the sponsors, promoters and major shareholders of insurers and insurance intermediaries, which would now also include the details of ultimate beneficial owners of these companies.
 


Philippines: CAT risk scheme to boost insurance mart

The Philippine insurance market is expected to get a boost from the government’s proposal to launch a PHP10bn ($190m) catastrophe risk insurance scheme, says Moody’s Investors Service.
 


Singapore: Insurance broking to lead in new fast-track sandbox

The MAS is proposing to create pre-defined sandboxes, known as Sandbox Express, to complement the existing FinTech Regulatory Sandbox that was launched in 2016.
 


South Korea: Significant proportion of adults financially unprepared for retirement

Nearly half of all South Koreans say they are economically unprepared for life after retirement.
 


Sri Lanka: A bancassurance union

Union Assurance (UA) recently entered into a preferred bancassurance partnership with Union Bank (UB) to provide life insurance solutions to the customer network of the bank. The preferred partnership is a mutually beneficial agreement that allows UB to provide one-stop financial solutions for its customers across the branch network, while allowing UA to tap into a wider customer base.
 


Thailand: IFC funds online motor insurance platform

IFC, a member of the World Bank Group, has announced a $7m Series A investment in Roojai, an online car insurance platform in Thailand. The aim is to improve consumers’ access to insurance in a transparent and cost-effective way.
 


Vietnam: Non-life sector sees declining underwriting margins

Underwriting margins have been decreasing rapidly in Vietnam’s non-life market, according to a new A.M. Best report.
 


Global

California wildfires slated for multi-billion dollar insured losses

The series of wildfires that raged across the state of California is expected to cost the insurance industry several billion dollars in pay-outs, according to Aon’s Impact Forecasting.
 


IAIS conference embraces FinTech, cyber risks, climate risk and sustainable development

The International Association of Insurance Supervisors (IAIS) has concluded its 25th annual conference preceded by the annual general meeting of members and three days of committee meetings.
 


Risk

Hong Kong: Regulator sets out approach towards virtual assets

Hong Kong’s Securities and Futures Commission (SFC) has issued rules governing virtual assets such as cryptocurrencies, crypto assets and digital tokens in a bid to enhance investor protection.
 


Global

India: Cyber attacks, data fraud and volatile weather top risks for Indian corporates

Large scale cyber attacks, massive incidents of data fraud or theft, and extreme weather events are the top three risks for India Inc, according to a joint survey by Marsh and RIMS, the risk management society.