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Global: Financial stability, CAT risk management and aging populations are key concerns in 2012 - The Geneva Association |
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International insurance think tank, The Geneva Association, has identified financial stability, governmental management of natural catastrophe risk and demographics and old age society, as three key areas of interest for the global insurance industry in 2012. |
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India: IRDA says insurers should focus on cover for hospital daycare treatment
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The IRDA has said that the number and scope of daycare procedures covered by insurance have to be expanded. It urges non-life insurers to focus more on introducing products to cover daycare treatment. |
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China: Life insurers need to revamp product structure |
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Insurance industry players anticipate that with bancassurance sales continuing to face pressure this year and with limited scope for improvement in the capital markets, premium revenues will be flat. However, insurers which adjust their product structure stand to turn in a better performance this year. |
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Thailand: Back to business as usual as OIC co-hosts OECD Asia Seminar on insurance statistics
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"The city is dry and life goes on even though the insurance industry was hit by US$10 billion in claims from the floods," said Mr Pravej Ongartsittigul, Secretary General of Thailand's Office of Insurance Commission (OIC), at the opening of the OECD-Asia Regional Seminar on insurance statistics with the theme of enhancing transparency and monitoring insurance market. Facing the issues squarely, he announced that the Thai Catastrophe Insurance Fund of about THB50 billion (US$1.6 billion) should be in operations within the next few weeks as the pertinent law has been passed. The fund will go a long way in boosting the confidence of householders to have uninterrupted insurance covers. |
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Australia: Only 3% of financial plans by advisors are rated good |
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Australia's financial planning advisors have failed to provide adequate advice to clients, a survey showing that only 3% of financial plans are rated as good, says the corporate and financial services regulator, the Australian Securities & Investments Commission (ASIC). |
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