Magazine

Jan 2017

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News


Asian

Asia: Compensation alignment is key success factor for bancassurance -FALIA

“Compensation alignment” was chosen as a key success factor for generating leads from banks, according to a bancassurance survey by The Foundation for the Advancement of Life & Insurance Around the world (FALIA) conducted last year, which targeted life insurance companies, life insurance associations and regulators in the Asia Pacific region that have a relationship with FALIA. 
 


Asia: CEOs face crossroads in corporate evolution


Asia: Finding new ways to use Big Data

InsurTech is a term that is only a year old, but has already grown into a US$4.7 trillion industry, with Big Data and Analytics acting as two of the underlying forces that are shaping the future of insurance.
 


Australia: Financial advisers push innovation in vulnerable areas

Financial advice practices will seek this year to innovate in areas where they consider themselves most vulnerable, according to a joint report released by Zurich Insurance and the Beddoes Institute which carries out benchmarking for financial advice practices.
 


Bangladesh: Insurers want industry-friendly law and regulations

Insurers are demanding revisions to the Insurance Act and regulations to give the sector a much-needed shot in the arm. 
 


China: Insurance sector roiled by crackdown on "barbarian" stock mart players

The Chinese insurance industry has been put on edge, awaiting further actions by CIRC on corporate governance and stock market dealings.
 


Hong Kong: Card issuers close loophole in savings insurance purchases

Curbs on mainland Chinese insurance purchases overseas, notably Hong Kong, have been extended to cards issued on the mainland by Visa and MasterCard since 10 December, further narrowing channels for Chinese to move money out of the mainland.
 


India: Foreign reinsurers likely to open branches in 6-9 months' time

IRDAI is hopeful that the Indian branches of global reinsurance companies will be operational in the next six to nine months.
 


Indonesia: OJK to increase auto & property premiums

Indonesia’s Financial Services Authority (OJK) will increase motor vehicle and property insurance premium rates with effect from this month.
 


Japan: Quake insurance penetration low despite quake vulnerability

The 21 November M-7.3 quake off Fukushima in eastern Japan has brought the spotlight on the country’s low earthquake insurance penetration.
 


South Korea: Financial institutions to draw up crisis recovery plans

Korean regulators are seeking to require financial companies, including insurers, to draft plans to arm themselves to cope with crises. The plans include measures to increase the capital base and reduce liabilities.
 


Macau: Life insurance premiums surge by 61% in Jan-Sep 2016

Life insurers saw their total premiums soar by 61% year-on-year for the first three quarters of last year to MOP14.8 billion (US$1.9 billion), according to data released by the Monetary Authority of Macau (AMCM).
 


Malaysia: Life insurance posts strong 1-3Q 2016 performance

The life insurance industry has delivered a strong performance in the first three quarters of 2016, says the Life Insurance Association of Malaysia (LIAM).
 


Myanmar: National policy needed for growing number of senior citizens

The Ministry of Social Welfare, Relief and Resettlement is working to draft a national policy for the growing number of people aged over 60.
 


Nepal: Regulator cuts auto premium rate for private vehicles

The Insurance Board (IB) has reduced the insurance premium rate on private-owned four-wheelers by 30%, effective from 16 December. With this revision, the insurance premium falls by NPR7,000 (US$65) to NPR12,000 annually.
 


Singapore: MAS approves sale of ACR to Chinese parties

MAS has approved the sale of 100% of ACR Capital Holdings (ACR), Asia Capital Re’s parent company, to Shenzhen Qianhai Financial Holdings (QFH) and Shenzhen Investment Holdings (SIHC).
 


Taiwan: Modest growth in premiums forecast for 2017

Life insurance premiums in Taiwan are forecast to grow by up to 5% this year, while the general insurance sector will see growth of 3-6%, according to the Taiwan Insurance Institute (TII).
 


Thailand: Rules for online insurance sales to be implemented this year

The Office of Insurance Commission (OIC) aims to implement regulations for online insurance sales by early this year.
 


Vietnam: Insurance market sees revenues soar in 2016

Total premium revenues in Vietnam’s insurance market are estimated to have reached VND85.5 trillion (US$3.8 billion) in 2016, a 22% increase compared to 2015, said the Insurance Supervisory Authority (ISA).
 


Global

Dr Nikolaus von Bomhard is 2017 Insurance Hall of Fame Laureate

The International Insurance Society (IIS) has announced Dr Nikolaus von Bomhard, Chairman of the Board of Management of Munich Re, as the 2017 Insurance Hall of Fame Laureate. He will be inducted at a 3 July 2017 gala awards dinner held in conjunction with the IIS Global Insurance Forum in London.
 


Liberty Mutual acquires Ironshore Inc from Fosun for US$3 bln

Liberty Mutual Insurance has signed a definitive agreement to acquire global specialty lines insurer Ironshore Inc from Chinese conglomerate Fosun International Limited. The transaction is expected to close in the first half of 2017 following regulatory approvals and customary closing conditions. 
 


Growing concern over container ship fires: IUMI

The maritime insurance community is concerned that fire risks are growing as ships get larger, highlights a report from the International Union of Marine Insurance’s (IUMI).
 


Lloyd's cuts market subscriptions and restructures for 2017

Lloyd’s will reduce its 2017 market subscription by 10%, Chairman John Nelson and Chief Executive Inga Beale announced in an end-of-year email last month. They said that current year underwriting was not profitable in aggregate and was a matter “of great concern”.

 


Kay International's new Dubai office to serve Middle East, Asia and Africa

Kay International AMEA Limited has launched an office at the Dubai International Financial Centre which will serve the Asia market, in addition to the Middle East and Africa.
 


Corporate Risk Management

PARIMA and ANZIIF announce partnership and designation for risk professionals

The Pan-Asia Risk and Insurance Management Association (PARIMA) and the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) have entered into a partnership agreement to provide risk professionals in APAC with a professional designation and ongoing professional education. 
 


D&Os at risk from new liability scenarios and anti-corporate litigation culture

Corporate leaders are facing heightened risk of executive liability due to new cyber and data privacy threats, tighter regulations and shareholder activism, according to a recent report by Allianz Global Corporate & Specialty (AGCS), D&O Insurance Insights: Management liability today. 
 


Product Bytes

Product Bytes


Events Page

RMIA conference: Risk management from all corners of the world

The Risk Management Institution of Australasia (RMIA) hosts the industry’s peak risk management conference each year. The 2016 event took place recently at the stunning Crown Promenade in Melbourne, attracting more than 450 delegates from all facets of the profession.
 


Industry catch-up well attended

Well over 80 members and friends of the Insurance Law Association Singapore (ILAS) turned up for their inaugural “Speed Networking” evening last Nov. It was held at the function room of Penny Black, a well-known Victorian bar located along Boat Quay in Singapore.
 


Women in Reinsurance (WiRE) celebrates a successful start at year-end networking event

The Singapore Reinsurers’ Association (SRA) launched a sub-committee – Women in Reinsurance (WiRE) - in September to support women in the reinsurance industry. Its main focus in the first year has been to build the community and provide networking opportunities.