Magazine

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Sep 2013

News


Asia: Huge growth potential for reinsurance in the region - Fitch

The robust development of insurance in Asia, coupled with the region's low contribution to global reinsurance premiums written and strong economic growth, underlines huge growth potential for reinsurance, said Fitch Ratings.

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Australia: Winners of 2013 Australian Insurance Industry Awards unveiled

The Australian Insurance Industry Awards recognised and honoured the industry's best companies and individuals for the past year in front of more than 750 insurance industry leaders at the Sydney Convention and Exhibition Centre last month.

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China: Insured losses from Typhoon Utor likely to be below US$200 mln

The insured losses from Typhoon Utor which hit southern China last month is expected to be below US$200 million, said EQECAT.

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Hong Kong: PCG's new insurance company comes to life

Pacific Century Group's new insurance business has been named FWD. Consequently, ING Hong Kong will be renamed FWD Hong Kong with immediate effect.

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Hong Kong: Sompo Japan Re renamed Sompo Japan Nipponkoa Re

Sompo Japan Reinsurance has changed its name to Sompo Japan Nipponkoa Reinsurance (SJNK Re).

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India: IRDA permits banks to act as brokers

The IRDA has released regulations permitting banks to act as insurance brokers and sell products of more than one insurer.

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New Chairman for Life Insurance Corporation of India

Shri S K Roy has taken charge as Chairman of Life Insurance Corporation of India from 29 June 2013.

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Indonesia: Govt plans to spend US$34 mln to insure farms

The Agriculture Ministry is proposing to allocate IDR345 billion (US$33.6 million) in the 2014 State Budget to finance a farmer insurance programme expected to begin early next year.

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South Korea: MBK Partners in talks for ING's local unit

Private equity firm MBK Partners has replaced Tong Yang Life as the party in exclusive talks and is looking to buy a 90% stake in ING's South Korean unit.

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Philippines: Microinsurance dispute resolution guidelines issued

The Philippine Insurance Commission (PIC) has issued concrete guidelines to implement the Alternative Dispute Resolution for Microinsurance (ADReM) framework, which aims to provide options to resolve disputes outside of the courtroom and to minimise the expense and delay of litigation.

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Singapore: AXA using SingPost for distribution

AXA has entered into an exclusive postassurance partnership with Singapore Post Limited (SingPost) to sell life insurance products via its retail network in Singapore with effect from January 2015.

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Singapore: Life sector sales grow 24% to top US$1 bln in 1H

Life insurers saw weighted new business premiums grow 24% y-o-y to reach S$1.29 billion (US$1.02 billion) for the first half of 2013, driven by particularly strong sales of regular premium products amounting to S$983.8 million, said the Life Insurance Association of Singapore (LIA).

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Taiwan: Life insurers' focus on agency sales affects banc first-year premiums

The bancassurance channel generated NT$262.4 billion (US$8.77 billion) in first-year premiums in the first half of 2013, shrinking 31% y-o-y, as major life insurers increased their focus on agents to promote protection policies.

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Vietnam: Voluntary pension insurance regulations to be issued soon

Vietnam's Ministry of Finance (MoF) is set to unveil soon the legal framework for voluntary pension insurance which will be introduced across the country.

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Two foreign entities strengthen their ties in Vietnam

Vietcombank Cardif Life Insurance Company (VCLI), a subsidiary of BNP Paribas Cardif, has signed a bancassurance partnership agreement with Saigon Commercial Bank (SCB), while ERGO Insurance Group has purchased a further 10% share in Global Insurance Company (GIC), a property-casualty insurer in the country.

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