Magazine

Mar 2019

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News


Asian

Asia Pacific: Number of M&A deals grows fastest in the region in 2018

Asia Pacific saw the biggest gains year-on-year in insurance M&A deals last year, with 59 completed deals, up from 42 in 2017, with such activities accelerating through the year, says legal firm Clyde & Co in a new report. The number of deals in the region increased by 40.5% during the year.
 


Australia: Royal Commission's report signals a makeover for insurance industry

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.
 


Bangladesh: Regulator strengthens insurance customer service

The Insurance Development and Regulatory Authority (IDRA) has introduced steps to address customer dissatisfaction in the insurance sector through digitalisation.
 


Hong Kong: Reinsurance sector gains from Beijing policy

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.
 


India: Some general insurers lose money on flagship crop insurance scheme

Several general insurers offering the government backed crop insurance scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), are posting losses from this line of business.
 


Indonesia: Trade ministry hastens registration of insurers for coal exports

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.
 


Japan: Sompo Japan uses AI to decide fault in car accidents

Sompo Japan Nipponkoa Insurance will use AI to examine car insurance claims, using GPS and dash cam recorder data to enable quicker claim settlements.
 


Malaysia: Transport ministry seeks insurers' ideas on ways to reward safe drivers

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.
 


New Zealand: Review of life insurers to extend regulatory reach

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.
 


Pakistan: Govt defers privatisation of state owned insurers

The government has postponed the privatisation of State Life Insurance Corporation (SLIC), National Insurance Corporation Limited and public reinsurance companies. 
 


Philippines: Regulator issues outsourcing guidelines for insurers

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.
 


Singapore: 2018 new business life premiums grow by 3%

The life insurance industry posted a 3% growth in weighted new business premiums to S$4.2bn ($3.1bn) in 2018, compared with 2017.
 


South Korea: Several small general insurers see huge profit declines

Small non-life insurers are suffering lower earnings due to a worsening business environment and cutthroat competition, reported The Korea Times.
 


Taiwan: Life insurers post net forex losses of $7.5bn for 2018

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: National reinsurer rakes in profits of $2.4m in 2018

Vietnam’s national reinsurer has posted pre-tax profits of VND55.4bn ($2.38m) for 2018, an increase of 6% over 2017. 
 


Global

New York insurers may use social media data to evaluate premiums


Italy's banks take on insurance

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.
 


Risk

Global: Top priorities for boards in 2019

In today’s world of unrelenting disruption and innovation, a company’s board plays a more active role in overseeing strategy and risk management. Digital and emerging technologies, industry convergence and workforce transformation, shifting consumer attitudes, increased climate risk, diminishing trust in organisations, political polarisation, rising income inequality and various other megatrends are shaping the business environment.
 


Global: The 2019 AFP Risk Survey - The Evolving Treasury Ecosystem

Strategic and financial risks, along with cyber security, will dominate the risk landscape for the next 18 to 36 months. The 2019 AFP Risk Survey: The Evolving Treasury Ecosystem, prepared by the Association for Financial Professionals with the support of Marsh & McLennan Insights, captures updates on the challenges facing finance and treasury professionals.
 


Global: CFOs may be held accountable for natural catastrophe losses

FM Global whitepaper ‘Master the Disaster: Why CFOs must initiate natural catastrophe preparedness in 2019 and beyond,’ turns to 10,000 filings and business-risk experts to explore financial consequences of extreme weather.