Mar 2015

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Asia: 25th Anniversary Summit to salute insurance and its contribution to society

Marking 25 years as the voice of the region's insurance industry, Asia Insurance Review is hosting a world first international summit to recognise and salute the role of insurance in life, economy, society, and nation-building.

Young ASEAN Manager Award: Winner inspires others around him

Continually building upon one's strength is a motto which the recent Young ASEAN Managers Award (YAMA) winner lives by, and has worked well to motivate himself and those around him.

Australia: Life insurance lacking in those with most to lose

Research commissioned by Australia's largest life insurer, TAL, shows a dramatic difference between the number of Australians who rate the importance of life insurance and the number who have it.

Australia: ANZIIF starts new programme to promote the insurance industry

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has started a Corporate Supporter Program, which from 2015-2018, will focus on a number of initiatives, with a major focus on raising awareness of, interest in and avenues to insurance careers through a variety of actions across Australia and New Zealand.

Bangladesh: IDRA concerned over high lapse rates

The Insurance Development and Regulatory Authority (IDRA), the insurance regulator of Bangladesh, has expressed concern over the high lapse rates of policies issued by private life insurance companies.

China Life is country's top insurer in 2014

The top life insurer in China last year was China Life with premium income of CNY331.24 billion (US$52.97 billion), according to CIRC data.

China: Insurance sector doubles annual profits to CNY204.7 bln

China's insurance industry recorded profit of CNY204.7 billion (US$32.8 billion) last year, more than double the amount of the previous year, said the country's insurance regulator in a media statement, reported

Markel to write reinsurance on Lloyd's China platform

Markel International will provide treaty and facultative reinsurance for Chinese insurers via its Syndicate 3000 at Lloyd's and the business will be written through the Lloyd's China platform.

India: IRDAI working on regulations to support Ordinance

The Insurance Regulatory and Development Authority of India (IRDAI) is currently working on replacing or amending 40 regulations for the insurance industry on the back of the Government promulgating the Insurance Laws (Amendment) Ordinance in December 2014.

Indonesia: Fitch says new reinsurance plan raises challenges for domestic sector

Proposals by Indonesia's financial services authority (OJK) to increase the amount of insurance business placed with domestic reinsurers could potentially add to challenges for both the domestic insurance and reinsurance sectors, said Fitch Ratings.

Japan to regulate "insurance shops"

Agencies that sell insurance policies to walk-in customers will see new rules that require them to be transparent about the plans' costs and benefits as well as disclose whether the agencies have any capital tie-up with the insurer, reported Nikkei.

South Korea: Dongbu Insurance teams up with North American giants

One of the largest non-life insurers in South Korea, Dongbu Insurance, has formed a US$200 million joint investment fund with MetLife and Manulife Financial to expand its foreign investment portfolio.

Pakistan: Government to launch National Health Insurance Programme

The Government of Pakistan plans to launch the Prime Minister's National Health Insurance Programme for 66 selected districts of the country in phased manner with estimated cost of PKR45.078 billion (US$446 million) over a period of five years.

Malaysia: Missing MH370 declared "an accident"

The Malaysian civil aviation authorities has officially declared the disappearance of MH370, which had been en route from Kuala Lumpur to Beijing on 8 March last year, an "accident" and that all 239 people aboard were presumed dead. The declaration meant the process of compensation could begin, said Department of Civil Aviation (DCA) director-general Azharuddin Abdul Rahman.

Singapore's life sector sees 23% increase in single premium products sales in 2014

The Life Insurance Association Singapore (LIA Singapore) has announced that the industry results for the period January to December 2014 showed a robust 7% increase in the overall sum assured for new business, totalling S$88.7 billion (US$65.6 billion) compared to 2013.

Insurers in Singapore welcome SG50 with promotions and more

AIA, AXA and Great Eastern have announced various promotions and initiatives to celebrate the island's 50th birthday. The country's jubilee year is represented by the logo SG50.

Taiwan: Primary insurers not significantly affected by TransAsia crash

The primary insurers of the crashed TransAsia Airways GE235 which killed at least 31 people have said they will not be significantly impacted, according to Reuters.