Magazine

Aug 2014

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News


Asia: GAMA International - A greater energy in Asia

Since she assumed her role as CEO of GAMA International, Ms Bonnie Godsman has set her sights to increase the association's international membership. With Asia accounting for the bulk of its members outside of the US, more programmes which are specific and tailored to the region are expected. By Benjamin Ang


Asia: Insurers need to strategise for digital age - PwC

Increasing digital engagement with customers is now essential for general insurers to get customer attention and ensure their product and service offerings stand out in the market, according to PwC in its latest report.


Australia: First-time survey on human resource in Australia

The Australian and New Zealand Institute of Insurance and Finance (the Institute) has launched an unprecedented national survey to identify trends in hiring, skills shortages and staff retention in insurance.


Australia: UAC - Filling the gaps

Mr Heath Amber, Chairman of Underwriting Agencies Council (UAC), shares why underwriting agencies will become more prominent moving forward, and that he hopes to expand the association's reach in Asia Pacific. By Benjamin Ang


China: Govt to speed up development of insurance industry

The Chinese government has said that it would improve insurance services in a bid to stimulate innovation and entrepreneurship.


China: New motor premium rules to be out

The CIRC is working on reforming the auto insurance pricing system with new rules likely to be unveiled this month.


Swiss Re agrees to acquire RSA China

Swiss Re Corporate Solutions has agreed to acquire 100% of Chinese insurer Sun Alliance Insurance (China) Limited for GBP71 million (US$120 million).


China: AXA Tianping targets online direct motor insurance

Following its formal establishment earlier this year, AXA Tianping Property & Casualty Insurance Company Limited is undergoing a transformation of its business model to capitalise on online direct motor insurance sales, launching new e-commerce and mobile channels to better serve its customers, said the insurer in a press release.


Ironshore International opens Hong Kong office

Ironshore International has opened an office in Hong Kong to build upon the company's presence in the Asia-Pacific region.


India: JLT invests in Independent Insurance Brokers

Jardine Lloyd Thompson Group plc (JLT) has completed the acquisition of a 26% shareholding in Independent Insurance Brokers Private Limited (IIB), the Mumbai and Chennai based insurance and reinsurance broking subsidiary of the Sunidhi Group.


India: Govt proposes hike in FDI cap to 49%

India's Finance minister has proposed to increase the foreign direct investment (FDI) limit in the insurance sector to 49% from the current level of 26% with a rider that management and control of the company will remain with the Indian partner.


Japan's snowstorms most costly Nat CAT globally in 1H 2014 - Munich Re

The snowstorms which hit Tokyo and central Japan in particular in February were the most costly natural catastrophe worldwide in the first half of 2014, said Munich Re.


Japan: First group of agents certified as "General Insurance Total Planners"

The General Insurance Association of Japan (GIAJ) has certified the first group of 6,535 agents (agency sales personnel), which amount to 0.3% of the total number, as "General Insurance Total Planners" (GITP).


Malaysia: Liberty Mutual subsidiary finalises acquisition of Uni.Asia General

Liberty Mutual Insurance Group today announced that its subsidiary, Liberty Seguros, Compania de Seguros y Reaseguros, S.A. (Liberty Seguros), has acquired Uni.Asia Capital Sdn Bhd's 68.09% stake in Uni.Asia General Insurance Berhad (Uni.Asia General) for approximately US$118 million.


Malaysia: Tragic downing of MH17 to incur payouts of US$150 mln-1 bln

Initial loss estimates for the tragic downing of MH17 over eastern Ukraine on 17 July have put the figures at between US$150 million to $1 billion. Hull loss is estimated to be at $97.3 million while a mandatory $150,000-175,000 per passenger under the Montreal Convention amounts to about $52 million in total.


Malaysian Takaful Association identifies key reasons for protection gap

In a bid to expand the coverage of takaful to the masses in Malaysia, the Malaysian Takaful Association (MTA) has commissioned a "Protection Gap Study" to obtain a fair degree of accuracy of the gap in takaful/conventional insurance coverage of the Malaysian population at large.


AIG Philippines expects 30% growth across all financial lines products for 2015

In the Philippines, there is still a low take-up in cyber insurance policies, but AIG sees a huge potential in the market, said AIG Philippines President Mark Lwin and Head of Asia - Financial Lines Jason Kelly, as they discussed the growing threat of cybercrime in July's Asia CEO Forum, one of the largest business events in the Philippines.


ERGO acquires SHC Insurance in Singapore

The ERGO Insurance Group is entering the Singapore insurance market by acquiring 100% of the property-casualty insurance company SHC Insurance Pte Ltd.


Zurich Life Singapore launches its first multi-currency protection plan

Zurich has launched a multi-currency protection plan that addresses a gap in the market for flexible life insurance solutions for internationally mobile customers.


Thailand: Life insurance market grows 20% in first 5 months

Total life insurance premiums in Thailand hit about THB210 billion (US$6.53 billion) for the first five months of this year, representing year-on-year growth of 20.5%.


Ceylinco Insurance recognised as "Best Insurance Company - Sri Lanka"

Ceylinco Insurance has received an award for the "Best Insurance Company - Sri Lanka - 2014" from Global Banking & Finance Review which is based in London.