Magazine

Mar 2014

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News


Asia: Asian investors' three common retirement mistakes

Fortified by the belief that they will be able to continue working beyond the official retirement age while their expenditure will stay around two thirds of their current salaries, the prospect of retirement for the majority of Asia investors is one of promise rather than dread.


Asia: AXA renews partnership with NGO CARE for projects

The AXA Group and the international humanitarian NGO CARE have renewed their partnership, with financial support from AXA of EUR2.3 million (US$3.1 million) over the next three years.


Asia: AIA signs 5-year partnership with Spurs

Following the success of AIA's Cup Shirt partnership with English Premier League football club Tottenham Hotspur ("Spurs") in the 2013/14 season, AIA Group has entered into a new long-term partnership with Spurs.


Asia: China and Thailand offer best risk vs opportunity potential - EY

China, Thailand and Mexico offer the best risk versus opportunity potential for insurers between now and 2020, said EY in their report, Waves of Change: The shifting insurance landscape in rapid growth markets.


Australia: Bushfires getting deadlier and more destructive

Bushfires in Australia are getting more deadly and destructive, said News Corp Australia.


Australia: ICA's revised General Insurance Code of Practice

The Insurance Council Board (ICA Board) has approved the revised General Insurance Code of Practice (Code) which will be formally launched on 1 July 2014.


China: Motor insurers can expect higher pricing this year

Insurers can expect lower pricing in many business classes this year, except for motor where rates are forecast to increase by up to 5%, says global insurance broker, Marsh, in its 2014 Asia Insurance Market Report.


China: Forty-five licences granted in 2013 for operations in provinces

Approvals to open 45 provincial branches or subsidiaries were granted to insurers by the CIRC in 2013. In comparison only 25 such licenses were approved in 2012.


India to host an international microinsurance summit

Society for Elimination of Rural Poverty (SERP), an autonomous body promoted by Government of Andhra Pradesh, India, in partnership with the World Bank Group and Insurance Institute of India is organising 1st International SERP Summit on Microinsurance on 20-22 March 2014 in Hyderabad, India.


India: Government allows foreigners to invest in insurance

The Indian Government has allowed a 26% Foreign Direct Investment (FDI) in insurance-related activities like broking, third party administrators and surveyors and permitted Foreign Institutional Investors (FIIs) and Non-Resident Indians (NRIs) to also invest in insurers within the stipulated limit.


India: Public banks not keen on pursuing insurance broking model

Public sector banks in India are not keen to pursue the insurance broking model as advised by the Government in a recent circular. Instead, they are keen to continue with the existing corporate agency model.


Indonesian insurance likely to benefit from tariff regulations - Fitch

Indonesian insurance is unlikely to be dented by the January floods, said Fitch Ratings, and added that long-term benefits could accrue from recent tariff regulations which are positive for the stability and improvement of non-life underwriting margins, and which could sustain a healthier bottom-line performance.


Japan: Worst snowfall in 45 years creates havoc

Following the week in early February when Tokyo saw its worst snowfall in 45 years when it registered as much as 27 centimetres of snow, the country saw another snow deluge a week later as snow piled up to 26 centimetres in the capital, disrupting road, rail and air travel.


Korean Re aims to be top 3 reinsurer in the world by 2050

Korean Re has highlighted its ambition to be one of the top three reinsurers in the world, as it unveiled its Vision 2050 early this year.


Malaysia: AIG to set up retakaful business

AIG Malaysia is set to venture into the retakaful business within the first quarter of this year, having recently obtained regulatory approval to establish a retakaful company, said new CEO Antony Lee.


Pakistan: SECP proposes amendments on outstanding insurance premium issue

In order to strike a balance between the interests of policyholders and insurers, the Securities and Exchange Commission of Pakistan (SECP) has proposed to replace the provisions of the existing Rule 35 with a new rule as a prudent method of market practice, to be named as "Manner of Receipt of Premium and Claims Payment".


New proposed CAT insurance for the Philippines

The United Nations Office for Disaster Risk Reduction (UNISDR) has teamed up with the global insurance industry to propose a major new approach to catastrophe risk financing for the Philippines in advance of this year's typhoon season as the country continues to deal with the economic fall-out of US$13 billion in losses from Typhoon Haiyan/Yolanda.


Singapore: Life insurance industry posts 28% growth in 2013

The life insurance industry posted strong results for 2013, hitting S$2.8 billion (US$2.22 billion) in weighted new business premiums, a gain of 28% over the previous year's record.


Singapore: Great Eastern premiums up 21% but profits drop 12% for FY13

Singaporean insurer Great Eastern Holdings' full-year gross premiums grew 21% to S$7.98 billion (US$6.34 billion) from $6.61 billion in 2012 but saw a 12% decline in its full year profit for 2013 to S$674.8 million, compared to $$767.5 million a year earlier after stripping out a one-off disposal gain.


Singapore takes quick steps to ensure safety at sea after 3 collisions

Following three collisions in Singapore waters in two weeks in end January/mid February, the Maritime and Port Authority (MPA) has said it would implement several measures with immediate effect, such as conducting briefings for the shipping community, to minimise such incidents, according to local media.


Thailand: Bangkok unrest 2014 - Re-examination of SAR policy wordings may be necessary

The Standard All-Risks policy as approved by the Thai Office of Insurance Commissioner (OIC) may provide cover for loss and damage to property, however, the cover may not be effected if the damages fall within specified exclusions, which can include damage caused by acts of "terrorism" or "civil commotion assuming the proportions of or amounting to an uprising" and where usually the policy does not define these perils, said law firm, RPC, in a note released recently with regard to the ongoing unrest in Bangkok.