Magazine

Oct 2014

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News


Asia: AEC promises radical transformation for ASEAN

The ASEAN Economic Community (AEC) vision to create an integrated regional market with free flow of services and financial liberalisation holds much potential in radically transforming ASEAN, however, there is still a lot of work that needs to be done, according to Dr Kurt Karl, Chief Economist of Swiss Re, in an interview with Asia Insurance Review.

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Asia: Companies in Asia face increased regulatory actions on data privacy - Marsh

Companies across Asia face increased scrutiny on data privacy and cybercrime as governments in the region either strengthen existing laws, or create new ones, in response to the increased frequency and severity of cyber-attacks, Marsh said in its report Cybercrime in Asia: A Changing Regulatory Environment.


27th EAIC: Stage set with more than 1,200 delegates to attend

With about a month to go, about 1,200 delegates have already registered for the 27th East Asian Insurance Congress which will be held in Taipei from 2 to 6 November.


Allied World to acquire RSA's Hong Kong and Singapore operations

Allied World Assurance Company Ltd has reached an agreement to acquire the Hong Kong and Singapore operations of Royal & Sun Alliance Insurance plc (RSA) for approximately US$215 million.


ASEAN capital market regulators launch framework for the cross-border offering of CIS

The ASEAN Capital Markets Forum (ACMF) has announced that the ASEAN Framework for cross-border offering of collective investment schemes (CIS) is now operational in Malaysia, Singapore and Thailand (member jurisdictions).


QBE Asia Pacific launches online insurance portal and SME product

QBE has launched an online insurance portal in Singapore and Hong Kong that will enable agents and brokers to transact insurance directly with the insurer, along with a new insurance product for small and medium enterprises (SMEs).


Asia: Emerging markets driving global construction industry

For the first time, construction in emerging markets is now outpacing developed markets, according to new research by AIG.


Lloyd's construction consortium extended to Asia

Following a successful launch in 2013, the Construction Consortium at Lloyd's has been extended to operate from the Lloyd's Asia platform.


XL Group establishes Kidnap and Ransom capability in Asia

XL Group has announced the transfer of Mr Alex Smith, Kidnap and Ransom underwriter, to Asia to establish the group's Kidnap and Ransom insurance capability in the region and boost its local Crisis Management team.


Australia: QBE to sell or float some businesses

QBE will sell off or float businesses in US, central and eastern Europe as well as in Australia as it works to get back on track after posting a net profit of US$392 million for the six months to June, down 18% from $477 million for the same period a year earlier, reported Herald Sun.


Beijing licence awarded to Lloyd's China

The Chinese Government has awarded Lloyd's China a licence to establish a branch office in Beijing which will enhance local access to international specialist (re)insurance expertise.


Foreign insurers still optimistic about prospects in mainland China - EY

Although mainland China is noted to be a very challenging market for foreign insurers, the country is still seen to be offering a compelling opportunity for them, said a new EY report, Future Directions for Foreign Insurance Companies in mainland China 2014.


China Re P&C collaborates with RMS to strengthen typhoon model

China Property and Casualty Reinsurance Company (China Re P&C) will work with RMS to reduce the uncertainty in the RMS China Typhoon model.


Hong Kong: Latitude Brokers launches as independent Marine specialists.

Latitude Brokers Ltd, previously the Marine Division of Cooper Gay Asia, has been launched as a separate entity. The newly incorporated and independently branded company is now conducting business in the Asia Pacific region.


Hong Kong's inaugural Insurance Awards unveil 12 winners

12 winners are unveiled at the inaugural "The Hong Kong Insurance Awards" which was launched by the Hong Kong Federation of Insurers (HKFI) with Asia Insurance Review as a media partner and co-launcher, local radio channel, Metro Finance (FM 104).


India: GIC Re to expand operations in SAARC region

India's national reinsurer, GIC Re, has decided to further expand its operations in Bhutan as well as in the SAARC (South Asian Association for Regional Cooperation) region.


Indonesia: New state-owned reinsurer to be launched in Oct

The Indonesian government plans to launch a new state reinsurer next month to manage domestic reinsurance needs that have until now been met by foreign companies.


Indonesia: FWD Life partners with Bank Victoria for bancassurance

PT Bank Victoria International Tbk and PT Finansial Wiramitra Danadyaksa (FWD Life Indonesia), a strategic alliance of FWD Group, have signed a bancassurance partnership agreement.


Japan: Insurers to cut duration of disaster covers

The increased costs resulting from typhoons and torrential rain have prompted Japan's non-life insurance companies to do a radical rethink on the length of policy coverage they will offer.


South Korea: Disasters dent overseas operations of insurers

The overseas operations of South Korean insurance companies swung to a combined net loss in the first half of this year, due mainly to an increase in insurance payouts, the Financial Supervisory Service (FSS) said.


Myanmar: World Bank to help in insurance sector development

The World Bank has an interest in developing the insurance market in Myanmar and will help the country do so, reported Eleven Myanmar.


Pakistan: Up to 25 new takaful windows expected next year

The insurance penetration level in Pakistan which is currently at 0.9% of GDP is set to get a boost with the regulator, the Securities and Exchange Commission of Pakistan (SECP), granting two takaful licenses to conventional players in the market and another 10 applications being processed by the regulator.


Taiwan: Policyholders can swap life policies for other covers

The Financial Supervisory Commission (FSC), Taiwan's top financial regulator, said that non-investment life insurance policy holders in Taiwan are allowed to swap their policies into other categories, such as health insurance, long-term care insurance and annuities, reported the Central News Agency.