Regulatory sophistication within the insurance sector is on the rise across Asia-Pacific as the region responds to the reach and influence of global regulatory initiatives and now faces a second stage of opportunity and change, said Standard & Poor's in a new report titled, Amid Sweeping Changes To Insurance Regulation, Where Does Asia-Pacific Stand Within The Global Regulatory Landscape?
The level of reinsurance catastrophe limit being purchased in Asia continued to increase in 2014, said Guy Carpenter & Co, LLC, in a new report. However, a confluence of factors, including the weakening of some key zone currencies has meant that reinsurance premium spend in the region has declined significantly.
During the National Day holiday in China, Catlin's Beijing Chief Representative Freeman Zhang had the opportunity to participate in an expedition by the Catlin Seaview Survey team in Bali, Indonesia.
Targeting new customer segments in existing markets is the top strategic priority for more than 30% of respondents of the survey based in Asia Pacific (APAC), followed by strengthening distribution models (20%), enhancing product offerings (10%), entering new geographic markets (10%) and optimising investment portfolio returns (10%), said State Street Corporation, a global provider of financial services to institutional investors, in its new study, "Platforms for Growth: Technology Innovations in the Insurance Business".
Australians are being warned about trusting in luck rather than good management to secure their financial futures. When it comes to financial protection, Aussies are seriously mistaking the odds when calculating the need and value of having adequate financial protection in place should one's income stop, said TAL Group CEO Jim Minto.
AMP Ltd, Australia and New Zealand's leading independent wealth management business, has agreed to acquire a 19.99% stake in China Life Pension Co Ltd, the largest pension company in China.
Cambodia's insurance industry has reported total premiums of US$34.8 million for the first eight months of this year, up 24% over the same period last year, official data show.
China-US Insurance Advisory Co, a joint venture set up by industry giants PICC and AIG, opened a branch in Shanghai last month to tap into the growing wealthy urban population.
Natural disasters across China claimed 29 lives and left one missing in October, causing direct economic loss of CNY8.11 billion (US$1.33 billion), according to an official statement, said Xinhua.
AXA and the Principal Financial Group have entered into an agreement for The Principal to acquire AXA's Mandatory Provident Fund (MPF) and Occupational Retirement Schemes Ordinance (ORSO) businesses in Hong Kong for HK$2.6 billion (US$335 million).
According to the Impact Forecasting catastrophe report, Cyclone Hudhud that hit four states of India and killed 68 people, is likely to cause economic losses of around INR700 billion (US$11 billion) with insured losses estimated to be in the region of INR40 billion ($650 million), as commercial, residential and agricultural lines of business were heavily impacted.
A revolution is happening in the health insurance sector in India as various government-backed health insurance schemes are being rolled out which will impact millions of lives across the country, said Mr Sushobhan Sarker, Director of The National Insurance Academy (NIA) at a one-day seminar on health insurance which was organised by NIA in Mumbai in October.
In July this year, Aioi Nissay Dowa Insurance Company Ltd (ADI), a member of MS&AD Insurance Group, had established LLC Toyota Insurance Management (Insurance Brokers) in Moscow, Russia, as a wholly owned subsidiary of Toyota Insurance Management Limited, in which the Aioi Nissay Dowa Insurance Company of Europe Ltd (a wholly owned European subsidiary of ADI) holds a 75% stake.
Standard & Poor's has raised the financial strength and counterparty credit ratings on Korean Re to 'A' from 'A-.' The rating upgrade reflected the reinsurer's sound risk-based capitalisation, stable operating performance and adequate risk management with strong risk controls. The outlook on the ratings is stable.
The Competition Commission of Pakistan (CCP) has voiced its concern to the Securities and Exchange Commission of Pakistan (SECP) over proposed changes to capital requirements for surveyors in the Insurance Rules, 2002, saying that these rules would affect competition in the insurance surveyors' market.
The general insurance industry, which continues to face challenges, expects to chart steady growth in premiums next year in line with the projected economic growth of 5% to 6% in 2015.
MetLife has set up futureLab, a first-of-its-kind innovation centre in the life insurance industry, which will launch disruptive new business models and capabilities for the company's Asian operations.
The Life Insurance Association Singapore (LIA Singapore) said industry results for the period January to September 2014 showed a significant 23% increase in sales of single premium products, totalling S$640.9 million (US$494 million) in weighted new business premiums, and of which 14% were CPF-funded policies.
SHC Insurance Pte Ltd of Singapore which was owned by the German-based ERGO Insurance Group since August 2014, has been named ERGO Insurance in November.
Manulife (Singapore) Pte Ltd has entered into an exclusive agreement with RHB Bank Berhad Singapore to make Manulife Singapore's insurance and retirement products available to RHB's clients through the bank's distribution network in Singapore.
The Government of Sri Lanka has launched a US$110 million climate resilience programme that will allow the nation to adapt better to changing climate patterns.
Cathay Financial Holding Co Ltd has announced that its subsidiary, Cathay Life Insurance Co Ltd will purchase Conning Holdings Corp and all of its subsidiaries, for up to US$240 million from funds managed by Aquiline Capital Partners, LLC (a New York-based private equity firm investing in financial services) and other shareholders.