Apr 2013

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Asia : Over supply of RI capacity could spell danger

Over the last five years, global reinsurance capital is up by almost 50%, from US$342 billion to over $500 billion and the trend is not slowing down - it grew 10% in 2012 alone, said Mr Robin Johnson, Regional Vice President, Distribution, AIG.

Asia: AIG's Les Mouat retires

Mr Les Mouat, AIG's Chairman and Head of Distribution, APAC, has retired effective 1 March 2013.

Australia: Federal govt commits US$102.5 mln to beef up flood mitigation

The recent announcement by Prime Minister Julia Gillard, Financial Services Minister Bill Shorten and Attorney General Mark Dreyfus to commit A$100 million (US$102.5 million) in funding over two years for flood mitigation projects was welcomed by the general insurance industry.

China: PICC Chair says insurance can support urban-rural devt

The PICC Chairman has outlined a three-point proposal that would use the insurance sector's capacity to assist the government in coordinating rural-urban development and improving security services and social management.

Chinese govt working towards sustainable pension payment

Although companies' retirement pensions have been lagging behind those of government bodies and institutions, the government is working towards improving the pension system to make overall payments more sustainable, reported the People's Daily.

Hong Kong: Tax cut to energise captive insurance market

In a bid to attract more offshore funds to the territory, especially those from China, the Hong Kong government is planning to offer a 50% tax cut on captive insurers' profit on offshore insurance business.

India: IRDA names former LIC Chief Vijayan as new Chairman

Mr T S Vijayan, former Chairman of Life Insurance Corporation of India (LIC), has taken over as Chairman of the Insurance Regulatory and Development Authority (IRDA).

Foreign reinsurers to get larger slice of Indian business

The Reinsurance Advisory Committee set up by the IRDA has suggested reducing the mandatory cessions placed by Indian non-life insurers with GIC Re to 5% from the current 10%.

Indonesia: Coface opens new rep office

Credit insurance giant Coface has opened a new representative office in Jakarta to better facilitate its co-operation with local player PT Adira Dimanika Asuransi (Adira) in developing the trade credit market in Indonesia.

Japan: Premium hike expected in EQ insurance

Premiums for new earthquake insurance contracts are expected to increase by an average 15% in July 2014 to better reflect the risk of a major earthquake.

Takaful Malaysia reports stellar 2012 results

Syarikat Takaful Malaysia Bhd (Takaful Malaysia) has announced a record net profit growth of 31% - MYR101.2 million (US$32.5 million), up from MYR76.8 million - for the year ended 31 December 2012.

Malaysia: Act proposes to stop composite business

The Financial Service Act has proposed to prohibit insurers from operating both life and non-life businesses simultaneously.

Philippines: Life grew 39%; non-life 8% in 2012

Life insurers' total premium income grew 39% y-o-y to PHP120.3 billion (US$3 billion) in 2012 from PHP86.3 billion in 2011, a "phenomenal growth" the Insurance Commission attributes mainly to the robust sale of variable products.

Philippines: Still "relatively uninsured" for life - APLIC

Finance Secretary Cesar Purisima has said that the Philippines remains "relatively uninsured" as the country's life insurance sector has only 5.42% of the banks' total assets.

William Roberts Lawyers sets up office in Singapore

Australian law firm William Roberts Lawyers has opened an office in Singapore in the last quarter of 2012, as part of its expansion plan.

Singapore: Non-life underwriting profits rose 16% to US$231 mln in 2012

Singapore's domestic non-life sector posted a 16% increase in underwriting profit to S$288.21 million (US$231 million) in 2012, driven mainly by motor's robust profit of $50.36 million which was up by 135.12%, said the General Insurance Association of Singapore (GIA).

Singapore: Flexible plans for next-geneneration expats

Responding to requests from customers and brokers for a health insurance programme that will cater for a next generation of expatriates, Raffles Health Insurance (RHI) has partnered with Bupa International to launch plans that businesses can tailor to their employees' needs.