Magazine

Jul 2017

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News


Asian

Asia: Underwriting will remain central to operations despite new technology, says Swiss Re

Even as technology changes the way insurers assess risk, underwriters will remain a core component of the business moving forward, said Ms Sharon Ooi, Head of P&C Underwriting for Asia, Australia & New Zealand. She assumes the role as part of a newly-formed Property & Casualty Underwriting Hub for Asia which comes under its reinsurance business unit. 
 


Asia Pacific to top the world in wealth by 2019 - Boston Consulting Group

The Asia Pacific region, excluding Japan, will likely surpass Western Europe this year as the world’s second largest wealth market behind North America, according to the Boston Consulting Group (BCG). Asia Pacific will probably have wealth assets of about US$42.3 trillion at the end of 2107, compared to $41.9 trillion for Western Europe. 
 


Asia: SMEs are prime targets for cyber crime

SMEs remain an easy target for cyber criminals to get to bigger companies in the supply chain, experts have warned. 
 


Australia: Study shows limitations of life insurance aggregators

Most life insurance product comparison websites (PCWs) receive a similar commission level to qualified financial advisers, according to a study by financial services consulting firm Rice Warner.
 


China: Par business to regain dominance

As a result of regulatory dynamics and the market environment, participating business has a great chance to reclaim its once dominant position in the Chinese market, according to independent actuarial and consulting firm Milliman.
 


India: GIC Re achieves record growth of 82% in FYE17

GIC Re, India’s national reinsurer, is on a growth trajectory, having achieved an impressive growth of 82.2% during the fiscal year ended 31 March 2017 (FYE17).
 


India: At least 6 insurance IPOs by early next year

India will see at least six (re)insurance companies in both the private and public sectors float their shares on the stock exchange this year or next.
 


Indonesia: Higher concentration risk for insurers

Recent regulations requiring insurers to cede risks to domestic reinsurers has led to a change in the counterparty risk landscape for a number of insurers, said reinsurance advisory firm JLT Re. 
 


South Korea: Big traditional insurers making impact online

South Korea’s major insurers have emerged as big players in the country’s online life insurance market, with a focus on savings-type policies that life planners shun due to low commissions.
 


Malaysia: MPI Generali Insurans expands in commercial segment

MPI Generali Insurans has launched a new business line that will further expand its position in the corporate and commercial segment. 
 


Nepal: Life market to usher in 10 new players

Nepal’s life insurance market is set to witness intense competition with a slew of new companies entering the sector. The government has given the go-ahead to 10 life insurance companies to begin operations, bringing the total number of these insurers in the market to 19.
 


New Zealand: IAG wants foreign insurers to hold assets locally

New Zealand’s largest general insurer, IAG, wants overseas insurers with local business to be required to hold a certain amount of assets in the country.
 


Pakistan: Call for manpower improvements in insurance sector

Insurance industry veteran, Muhammad Ishaque Khan, has urged the government, insurance companies and educational institutions to conduct insurance courses to train manpower for the insurance industry.
 


Philippines: Online community portals to market microinsurance

Pru Life Insurance Corp of the UK, the Philippine subsidiary of British insurer Prudential, and German government development agency Gessellschaft für Internationale Zusammenarbeit (GIZ) intend to bridge the protection gap among Filipinos by distributing microinsurance via online community portals.
 


Singapore: First local life insurer licensed in 47 years

Singapore Life Pte Ltd has been approved as a fully licensed direct life insurer by the MAS, thus making it the first local insurer to be licensed since 1970.
 


Taiwan: Transglobe to sell building in biggest property deal this year

Transglobe Life Insurance plans to auction off an office building in downtown Taipei to better allocate its assets in what is likely to be the biggest commercial property deal this year.


Thailand: Intercity bus operators oppose third-party insurance requirement

A group of inter-city bus operators is protesting against a new Land Transport Department rule requiring them to buy motor third-party insurance in case of accidents. 
 


Vietnam: Social insurance agency and Health Ministry share household database

Vietnam Social Insurance (VSI) has agreed to share with the Ministry of Health (MoH) its database of more than 24 million households.
 


Announcement

RNA Analytics acquires IBM® Algo Financial Modeler®

RNA Analytics announced it has acquired the assets and technology of IBM Algo Financial Modeler, an actuarial, risk and financial modeling software solution suite.
 


Global

Regulation on FinTech must be future-proof - Insurance Europe

Insurance Europe has advised the European Commission to ensure that regulation on FinTech is future-proof and supportive of innovation that benefits consumers. 
 


AIG pilots first multinational insurance policy using blockchain

American International Group Inc (AIG), together with IBM and Standard Chartered Bank plc, have successfully piloted the first multinational, “smart contract” based insurance policy using blockchain, a distributed ledger technology. 
 


Shipping losses decline but cyber security looms - Allianz

There were 85 large ships lost worldwide in 2016, a decline of 50% over the past decade, said the Allianz Safety & Shipping Review 2017, a report published by Allianz Global Corporate & Specialty SE (AGCS). The review also noted the South China and Southeast Asian waters as top loss location, with East Mediterranean replacing the British Isles as the top incident hotspot.
 


Principles on supervisory approach to relocations from the UK

The European Securities and Markets Authority (ESMA) has published an Opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom. The opinion is addressed to national competent authorities (NCAs), in particular of the 27 Member States that will remain in the EU (EU27).
 


Corporate Risk Management

Singapore: RIMAS highlights importance of global communication in cyber attack defence


Global cyber incident reporting portal created for shipping industry

A global cyber crime reporting portal for the shipping industry has been created through a collaboration of several maritime entities. This was announced by Mr Mark Sutcliffe, founder of CSO Alliance, an online community of maritime company security officers driving best practices to combat maritime crime.
 


Change management and cyber risk are insurers' top risks

The global insurance industry’s ability to confront structural and technological changes is now the greatest risk it faces, according to a new survey of insurers and close industry observers.
 


Agents and Advisers

Saluting Agents: Looking back to that first Award

On 12 July, the winners of the 2nd Asia Trusted Life Agents and Advisers Awards will be feted at a Gala Dinner held in conjunction with the 1st ever International Training Summit in Singapore.
 


The 1st International Training Summit for agents in Asia

Our agents are professional. Yet their thirst to get better is never quenching. Hence we take pride in responding to this with our 1st ever International Training Summit, holding it in conjunction with the Gala Dinner of the 2nd Asia Trusted Life Agents & Advisers Awards.
 


Product Bytes

Product Bytes

APAC: XL Catlin launches real estate environmental protection solution
Asia: New critical illness products in Hong Kong and Singapore
Singapore: MSIG and Etiqa Insurance launch usage-based motor insurance


Events Page

ANZIIF raises money for charity

Hosted by ANZIIF, the South Australia Charity luncheon saw insurance professionals from over 30 Insurance companies from across the state, as well as from Victoria, New South Wales, Western Australia and Queensland, come together to raise much needed funds for SIDS & KIDS South Australia for the second year in a row. 
 


APLIC: Prepare to manage disruptive forces

Life insurers have to prepare themselves to manage disruptive forces that are bombarding their businesses today, said Mr Gan Leong Hin, management committee member of the Life Insurance Association of Malaysia (LIAM) in his keynote address at the 16th Asia Pacific Life Insurance Congress (APLIC) that was held in Kuala Lumpur, Malaysia, in May. 
 


MetLife announces Uniphore as winner of collab

Uniphore, a speech recognition solutions company, has been named as the winner in LumenLab’s inaugural corporate-startup engagement programme, collab. 
 


FAIR Curtain-raiser

Advancing the Afro-Asian affair

As the Federation of Afro-Asian Insurers & Reinsurers (FAIR) prepares to host its biennial conference in Bahrain from 9 to 10 October, we bring you the highlights of the last FAIR meeting in Cairo where members were urged to cooperate more closely to develop the Afro-Asian insurance markets for the future.