Magazine

Mar 2017

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News


Asian

Asia: Higher quality & lower medical costs for insurers & patients

The results from Global Personal Medical Case Management are “unequivocal”, said Ms Sigal Atzmon, President of Medix Medical Services in an interview with Asia Insurance Review. It “serves as a bridge between its clients and today’s complex medical world, ensuring that they are correctly diagnosed and receive the best possible treatment” and this will help insurers too, she said. 
 


Asia: InsurTech - A key part to the insurance success story?


Asia: Hurdles need to be removed to facilitate insurers' investments in infrastructures

The infrastructure sector in Asia’s emerging markets promises huge opportunities for insurers but first, hurdles like state monopolies and regulatory frameworks need to be re-examined, said Mr Chandri Gunawardhana, a former Director General of the Insurance Board of Sri Lanka.
 


Australia: Cost shifting by public hospitals drives up premiums

Patients who choose the private option at public hospitals are unwittingly pushing up medical insurance premiums, with health insurers now paying more than A$1 billion (US$768 million) a year for care at public hospitals.
 


Bangladesh: Govt secures World Bank loan to strengthen insurance

The Bangladeshi government will soon sign a US$65 million loan agreement with the World Bank to increase insurance coverage, enhance consumer protection and improve the efficiency of the insurance market.
 


China: Insurance market grew 27.5% in 2016, fastest pace in 8 years

Insurance premiums in China last year grew at their fastest pace since 2008, driven by life insurance, according to CIRC data.
 


Hong Kong: Insurers look for growth in corporate sector

Mandatory employees’ compensation insurance is likely to continue to be a driver for the Hong Kong market in 2017, with businesses seeking premium rate reductions that are currently consistently obtained due to stiff competition, says Aon Risk Solutions in its Asia Market Review 2017.
 


India: FY2017-18 Budget hailed for pro-insurance measures

The government’s FY2017-18 Budget has been hailed for boosting the potential for increased insurance coverage in the country. Among the fiscal measures announced in his Budget speech on 1 February, Finance Minister Arun Jaitley increased the coverage under the crop insurance scheme Pradhan Mantri Fasal Bima Yojana (PMSBY) from 30% of crop areas currently to 40% in 2017-18 and 50% in 2018-19. 
 


Indonesia: Regulator to urge insurers to invest in Eximbank securities

The Financial Services Authority (OJK) will encourage investments by insurance companies and pension funds in securities issued by the Indonesian Export Financing Agency (LPEI), or Indonesia Eximbank, to support its export promotion programmes.
 


Japan: Insurers face uncertain ride in future of self-driving cars

Non-life insurers in Japan are trying to determine how self-driving cars will affect their automobile insurance premiums which currently account on average for around half of their revenue.
 


South Korea: Most traditional market shops lack fire insurance

Only a quarter of shops at traditional markets across South Korea are insured against fire as petty merchants are reluctant to pay premiums amid a protracted economic slowdown, a survey has shown.
 


Laos: Sompo Japan forms partnership with Lao-Viet

Sompo Japan Nipponkoa Insurance has entered into a comprehensive partnership with Lao-Viet Insurance, Laos’ second-largest non-life insurer.
 


Malaysia: Uber, Grab & taxi drivers to be covered by work injury plan

More than 100,000 self-employed cabbies as well as Uber and Grab drivers will be covered under the Employment Injury Scheme (EIS) when the Self Employment Social Security Bill 2017 becomes law this year. The new law is set to take effect on 1 June.
 


Nepal: Yield-based insurance introduced for spring padi

Spring padi growers can now insure their crop with the introduction of a new yield-based insurance policy by the Insurance Board (IB).
 


New Zealand: 3 out of 4 Kiwis want car insurance to be compulsory

Three out of four Kiwis think that third party insurance should be compulsory for the three million passenger vehicles currently on New Zealand roads, according to research from customer satisfaction research and ratings firm Canstar Blue. 
 


Pakistan: Life market enjoys high growth mode

Pakistan’s life insurance sector has been in a high-growth mode for the last few years, with its performance in 2016 estimated to have been consistent with this trend, according to EFU Life Assurance Managing Director and Chief Executive, Mr Taher Sachak.
 


Singapore: MAS to help financial sector gear up for the Future Economy

Singapore’s central bank, MAS, has announced a series of specific measures to build technology infrastructure to drive innovation. The goal is to position the financial services industry, including the insurance companies, for the future economy.
 


Sri Lanka: Regulator issues standards for investigations of insurance claims

The Insurance Board of Sri Lanka (IBSL) has issued guidelines on conducting investigations into insurance claims.
 


Taiwan: Regulator limits insurers' investments in global corporate bonds

Taiwan’s financial regulator is curbing investments by domestic insurers in international corporate bonds redeemable by issuers within five years, as it moves to clamp down on risk. The new rule is set to take effect on 25 March 2017.
 


Thailand: Protection insurance to grow as interest rates stay low

Interest rates will remain at a low level even as they are expected to increase this year, according to Allianz Ayudhya Assurance (AZAY) which added that the low-interest environment is a key factor for protection insurance growth.
 


Vietnam: Life insurers grab 90% of 30-year govt bonds in 2016

Life insurance companies were the major investors in government bonds last year, particularly long-term paper, snapping up nearly 90% of 30-year government bonds, worth more than VND21 trillion (US$925 million).
 


Global

IAIS Sec Gen Yoshihiro Kawai to retire in November

Mr Yoshihiro Kawai, Secretary General of the IAIS, will retire following its Annual Conference in November this year. He will be succeeded by Mr Jonathan Dixon of South Africa’s Financial Services Board, who will join the Secretariat in September for a two-month transition before taking over.
 


Blockchain insurance consortium grows to 15 members

10 more insurers and reinsurers have joined an industry initiative to advance the use of blockchain technology to exchange data more efficiently between reinsurance and insurance companies, giving the initiative a truly global scope with members from Asia, Europe and the Americas.
 


Increasingly challenging conditions for insurers - IAIS

The insurance sector remained well-functioning and stable in 2016, as evidenced by high capital levels, positive profitability, and a persistent inflow of additional capital, said the 2016 edition of the Global Insurance Market Report (GIMAR) authored by the International Association of Insurance Supervisors (IAIS). 
 


Corporate Risk Management

Australia: Centre launched to manage critical infrastructure

The Australian government has launched a centre dedicated to managing the complex and evolving national security risks to Australia’s critical infrastructure.
 


Global

Ransomware to dominate in 2017: Beazley

Ransomware attacks quadrupled in 2016 from the year before, with nearly half of them in the healthcare sector, and are expected to double in 2017, according to recent breach insights from Beazley’s Breach Response Services (BBR) unit.
 


RIMS '17: Risk Revolution!

The 2017 annual conference and exhibition of the Risk and Insurance Management Society (RIMS) heads for the East Coast of the USA and will take place in Philadelphia from 23-26 April 2017.


Product Bytes


Events Page

Mitsui Sumitomo Insurance Welfare Foundation awards grants for research to projects addressing Singapore's social issues

Four projects which aim to tackle some of Singapore’s healthcare and traffic issues have been awarded the Mitsui Sumitomo Insurance Welfare Foundation (MSIWF) research grant for 2016.