Conclusions drawn by the Royal Commission into misconduct in the banking, superannuation and financial services industry are an opportunity for the sector, including insurers, to start afresh, improve business practices and cultures, and put customers at the forefront of financial institutions’ thinking, according to Insurance Council of Australia (ICA) CEO Rob Whelan.
The Insurance Development and Regulatory Authority (IDRA) has introduced steps to address customer dissatisfaction in the insurance sector through digitalisation.
Hong Kong’s reinsurance industry grew quickly last year thanks to new regulations from Beijing granting reinsurers in the territory an edge over their international rivals.
Several general insurers offering the government backed crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), are posting losses from this line of business.
The Ministry of Trade has announced that there were 10 locally incorporated insurers at 11 February that had received approval to underwrite marine cargo insurance for the export and import of certain goods.
Sompo Japan Nipponkoa Insurance will use AI to examine car insurance claims, using GPS and dash cam recorder data to enable quicker claim settlements.
The transport ministry is waiting for proposals from insurance companies on how to reward prudent car drivers with discounts on premiums, said its minister Anthony Loke.
The implications of the review of the insurance sector’s culture and conduct by the Financial Markets Authority and the Reserve Bank of New Zealand should not be underestimated, according to the law firm Chapman Tripp. There are plainly risks that the changes imposed will add significant compliance cost and will impact on existing modes of doing business, it adds.
The government has postponed the privatisation of State Life Insurance Corporation (SLIC), National Insurance Corporation Limited and public reinsurance companies.
The lnsurance Commission (IC) recently issued guidelines on outsourcing by insurance companies by defining clearly operations that should be carried out in-house and those which can be outsourced to third parties.
The life insurance industry posted a 3% growth in weighted new business premiums to S$4.2bn ($3.1bn) in 2018, compared with 2017.
Small non-life insurers are suffering lower earnings due to a worsening business environment and cutthroat competition, reported The Korea Times.
Net foreign exchange losses recorded by life insurers in Taiwan last year reached NT$230.9bn ($7.5bn) in 2018, reported Reuters citing data from the Financial Supervisory Commission (FSC).
Vietnam’s national reinsurer has posted pre-tax profits of VND55.4bn ($2.38m) for 2018, an increase of 6% over 2017.
An ageing population and struggling state finances could turn into an unlikely boon for Italy’s banks, which have turned to a growing market for insurance to brighten their prospects.
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