Some insurance companies in China will halt on 30 June the sales of incremental wholelife insurance policies that have an assumed interest rate of 3% and instead launch new policies with an interest rate of 2.75% on 1 July.
The number of family offices in China has been growing, with insurance companies being relatively new players in the market.
The Insurance Association of China (IAC) has issued its "Proposal on the Insurance Industry Pro-Actively Carrying Out Anti-Insurance Fraud Work". The proposal, issued on 12 June, states that insurance fraud must be dealt with severely and is not to be tolerated.
Japanese life insurers have reported a significant increase in core profits and net income after tax, benefiting from lower pandemic-related claims and an improved investment environment with higher interest rates and a weakened yen, noted CreditSights, a Fitch Group company which has just published its outlook for the life insurance sector.
The IRDAI has issued a Master Circular on Life Insurance business in a move towards making life insurance simple, easy to understand and enhancing transparency for a well-informed decision by prospects/policyholders.
The National Rural Health Alliance (the Alliance) has voiced concern over new extras offered by some of Australia's biggest health insurers with the claim that they will be an offset to high premiums.
China Life Insurance, the country's biggest insurer, is purchasing half of a Beijing property project for CNY3.1bn ($436m).
Kuwait Insurance Company (KIC) has a track record of strong operating performance supported by robust underwriting results from both non-life and life portfolios over the past five years, notes AM Best.
AIA Cambodia recently kicked-off the second edition of their AIA Children's Day football tournament by expanding the well-received and inclusive event to 40 teams.
CTBC Financial Holding (CTBC) has dismissed media reports that it was eyeing an acquisition of Shin Kong Financial Holding whose biggest subsidiary is Shin Kong Life Insurance.