It has been a seismically active Asia in the past two months with several powerful earthquakes striking Indonesia, Pakistan and the Philippines.
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While the rich regions of America and Europe have managed to narrowly surpass the pre-financial crisis level only last year, Asia's (ex Japan) wealth level at the end of 2012 was already 70% above the 2007 peak, said Allianz in the fourth edition of its "Global Wealth Report", which surveys the asset and debt situation of private households in more than 50 countries.
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Businesses across Asia should undertake a detailed business interruption review as a means to quicken the recovery process once an event happens, according to a recent Marsh report which takes an in-depth look at the complexities of managing specialty insurance claims.
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Allianz has unveiled its regional Asia office in Singapore's Marina Bay financial district in a move which it said demonstrates its firm commitment to better serve the fast-growing Asian markets and its desire to deliver best-in-class solutions for local customers.
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Swiss Re has entered into an agreement with Pacific Century Group (PCG) to invest up to US$425 million in FWD Group (FWD), the latter's insurance arm. Swiss Re's investment in FWD consists of an initial investment for a 12.3% stake in FWD and a commitment for additional investments to fund FWD's planned expansion across Asia.
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AIA has launched a new brand positioning, "The Real Life Company" in Hong Kong, Malaysia and Singapore, with plans for it to be rolled out progressively across other AIA markets in the Asia Pacific region.
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MetLife has received the regulatory approval from Myanmar's Directorate of Investment and Company Administration to establish a representative office in Myanmar. Meanwhile, it had also earlier signed an agreement to establish a life insurance joint venture in Vietnam with the Bank for Investment & Development of Vietnam (BIDV).
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The Australian insurance market is advanced in its ERM practices, with a far greater proportion of "strong" ERM scores than elsewhere in the Asia-Pacific region, largely due to the requirements of Australian regulator APRA, said Standard & Poor's in a recent report.
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A meeting between China and Chinese Taipei on cooperation in insurance supervision was scheduled on the sidelines of the 20th Annual Insurance Association of Insurance Supervisors (IAIS) conference held in Taipei last month.
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The country's four public sector general insurers have recently established the Health Insurance TPA of India, a common in-house third party administrator (TPA) which will be operational by April 2014.
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Pana Harrison, an Asian insurance and reinsurance group, has expanded to open a new office in Seoul, Korea, following approval by the Korea Financial Supervisory Service on 7 October.
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Malaysia Airlines and Australia's travel insurance company, Cover-More Group, have reported unprecedented growth in ancillary revenue from the travel insurance offer integrated into Malaysia Airlines' new booking engine.
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The Securities and Exchange Commission of Pakistan (SECP) has proposed draft amendments to the Insurance Rules 2002, which deals with the licensing of direct insurance brokers.
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Swiss Re Corporate Solutions' wholly-owned Luxembourg subsidiary Swiss Re International SE has set up a branch in Singapore and received an insurance licence from the Monetary Authority of Singapore.
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Manulife Singapore and Manulife Asset Management Singapore will be launching two products that will allow investors in Singapore to tap into the long-term growth potential of smaller capitalisation companies in Asia.
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Singapore will be introducing several major changes aimed at raising the standards and professionalism of the financial advisory (FA) industry, and enhancing market efficiency in the distribution of life insurance and investment products.
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Jardine Lloyd Thompson (JLT) has strengthened and diversified its presence in Taiwan through the acquisition of ForVision Risk Services Ltd, a leading broker providing insurance, reinsurance, and risk management services for companies with local and international operations.
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The massive rain-triggered floods that began in Thailand in mid-September have claimed at least 30 lives and affected as many as 3 million people. Some 12,667 villages in 33 of Thailand's 76 provinces were inundated as a result.
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The General Insurance Association of Japan (GIAJ) and the Non-Life Insurance Institute of Japan (NLIIJ) held Overseas Seminars of the Insurance School (Non-Life) of Japan (ISJ) in Hanoi and Ho Chi Minh City in September. The main theme of the seminars was "Achieving Healthy Growth in the Non-Life Insurance Market".
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