The Risk Management Institution of Australia (RMIA) is rebuilding and looking forward with confidence as they start to roll out their plans for 2013.
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General insurance companies have received more than 65,000 claims from four catastrophes, with insurance losses conservatively estimated at A$674 million (US$697 million), according to a statement recently released by the Insurance Council of Australia (ICA).
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Total premium income in China grew 8.01% year-on-year in 2012 to CNY1.548 trillion (US$248.19 billion). The property and casualty (P&C) sector jumped 15.44% to CNY533.09 billion and the life sector rose 4.48% to CNY1.01 trillion, according to statistics released by the CIRC.
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Insurance Regulatory and Development Authority (IRDA) Chairman J Hari Narayan has retired after completing his five-year tenure at the helm of the regulatory body.
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The Insurance Regulatory and Development Authority (IRDA) has permitted insurers to hold up to 15% of equity stake in any company, up from the current 10% limit. In a statement, the IRDA said: "Insurance companies will now be allowed to increase their exposure in equity in a given company from the present level of 10% to a higher level of 12% and 15% depending upon the size of the controlled fund of any given insurer."
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The new premium rate scheme for properties which takes into account the flood exposure of properties will be implemented in the middle of this month in Jakarta, said Asosiasi Asuransi Umum Indonesia (AAUI).
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The General Insurance Association of Japan (GIAJ) has commented in response to the process document proposed by the Reinsurance Task Force set up by the National Association of Insurance Commissionera (NAIC), stating that it is "unreasonable to apply a duplicative, complex and burdensome evaluation process to both 'Certified Reinsurers' and 'Qualified Jurisdictions'" and that applying such a process "constitutes double jeopardy".
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Top executives in Japan have ranked data leakage as the number one risk being faced, surpassing the risk of natural disaster, according to a recent survey conducted by AIU Insurance (Japan).
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Dutch financial services group ING has announced its plan to sell its 5% stake in KB Financial Group (KBFG) to institutional investors for approximately EUR500 million (US$668 million).
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The new takaful risk-based capital (RBCT) framework which is due take effect in 2014 is a necessary medicine for healthy growth, especially to an industry still very much in a growing stage, said the Malaysian Takaful Association (MTA). The framework will be used to set capital requirements based on insurers' size and degree of risks.
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Jardine Lloyd Thompson (JLT) Malaysia has announced its acquisition of Insfield Insurance Brokers Sdn Bhd, a leading insurance broker in the country. The acquisition is part of regional expansion plans for the UK-based broker and consultancy.
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The 12th SIRC, themed "Managing Growth, Optimising Profitability", will focus on how best to meet and mitigate growth risks while keeping in view strategies to ensure underwriting profitability. The conference will take place from 5-7 November 2013 at the Marina Bay Sands, Singapore.
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The insurance industry received a total of S$2.176 billion (US$1.756 billion) in weighted new business premiums in 2012 to conclude the year with an 8% increase from the previous year, the Life Insurance Association of Singapore (LIA) said in a recent statement.
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The Taiwan Insurance Guaranty Fund (TIGF) is considering setting up an early warning system to strengthen the oversight of domestic insurers, following the insolvent Kuo Hua Life's ownership transfer to TransGlobe Life, according to the local media.
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Five leading insurers will be offering microinsurance products at 7-Eleven convenience stores following Counter Service Co Ltd, the payment service provider of 7-Eleven, receiving the first licence from the Office of the Insurance Commission (OIC) to sell microinsurance products.
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