Magazine

Nov 2018

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News


Asian

Asia: Singapore, HK and Korea have highest estimated health insurance gaps per household

In Asia, the estimated average health insurance gap for all households for 2017 is the biggest in Singapore, followed by Hong Kong and South Korea, according to a study by Swiss Re, ‘Asia’s Health Protection Gap: Insights for building greater resilience’.
 


Australia: Inquiry tables life insurance policy questions

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has exposed systemic issues in the life insurance market and its code of practice. The commission’s interim report released late in September questions the adequacy of the current regulatory regime to protect consumers from detriment.
 


China: Insurance salespersons are mostly female and aged 25-45

The profile of China’s 8m insurance salespersons can be summarised as ‘female’ and ‘young’ whose customer base comprises people close to them, according to the ‘2018 China Insurance Intermediary Market White Paper’.
 


Indonesia: Government launches national disaster risk financing strategy

Indonesia has launched a new strategy to fund disaster recovery, which includes selling catastrophe bonds and insuring state assets against major disasters.
 


Hong Kong: Insurance premiums grow by 8% to $62bn in 2017

The total gross premiums in the Hong Kong insurance market reached HK$489.2bn ($62.4bn) in 2017, representing a y-o-y increase of 8.3%, according to data released by the Insurance Authority.
 


India: Modicare to have a domino effect on the entire healthcare landscape

The government’s ambitious social health insurance programme, the Pradhan Mantri Jan Arogya Yojana (PMJAY) or Modicare as it is dubbed, will transform the Indian health insurance landscape Bajaj Allianz General Insurance CEO Tapan Singhel, has said.
 


Japan: 40% of health insurance societies anticipate losses for latest financial year

Over 40% of the 1,394 health insurance societies catering to employees of large companies and their families are estimated to have reported losses for the financial year ended 31 March 2018 (FY2017). In the previous year, the proportion was 38.7%.
 


Malaysia: Government looking at increasing retirement age

The government is looking to review the current retirement age of 60, in view of the high number of retirees who lack enough money to see them through their golden years, said human resources minister M Kula Segaran.
 


Philippines: Government works with Lloyd's and World Bank on insurance protection

Philippine government officials are talking with representatives of Lloyd’s of London and the World Bank to discuss possible insurance structures for government assets.
 


South Korea: Hikes in premiums in reimbursement-backed private medical insurance to be capped

South Korea’s financial regulator, the Financial Services Commission (FSC), and the health ministry have said that limits will be placed next year on increases in premiums in reimbursement-backed private medical insurance (also called indemnity insurance).
 


Singapore: Leading insurers to accelerate digital transformation

Four leading insurance companies – Great Eastern, LumenLab-MetLife’s Innovation centre in Asia, NTUC Income and Prudential Singapore – have signed a Memorandum of Intent (MOI) with the Infocomm Media Development Authority (IMDA), to accelerate the insurance sector’s digital transformation.
 


Taiwan: Taiwanese spend $4,998 a year on insurance

The financial regulator has urged Taiwanese to examine whether the insurance products they purchase meet their actual needs, as each person pays an average $4,998 on premiums per year.
 


Vietnam: Government agencies aim to regularise traffic accident data

Differences in statistics on motor accidents released by various agencies have hindered road safety efforts.
 


Global

Natural catastrophes cost global economy 'tens of billions' in September - Aon

Aon’s Impact Forecasting team evaluated the impact of the natural disaster events that occurred worldwide during September 2018 in the latest edition of its monthly Global Catastrophe Recap report.
 


Risk

Cyber-related losses expected to rise across all business lines in next 12 months - Willis Re

Six out of 10 insurers are expecting increased cyber-related losses across all business lines over the next 12 months, driven by increasing reliance on technology and high-profile cyber attacks, according to a report from Willis Re.