Magazine

Dec 2017

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News


Asian

Asia: ADB forms partnership with AFI to improve access to insurance and financial services

The Asian Development Bank (ADB) has signed a memorandum of understanding (MOU) with the Alliance for Financial Inclusion (AFI) to promote greater financial inclusion in the Asia and Pacific region including access to insurance and credit services.
 


Asia: Termination of proposed ACR-Shenzhen deal "a mutual decision"

All parties involved in Asia Capital Re’s (ACR) US$1-billion sale to Shenzhen Qianhai Financial Holdings and Shenzhen Investment Holdings, have jointly decided to walk away from the deal, due to additional approvals required by the Chinese regulators.
 


Asia Insurance Review launches the Asia Advisers Network to serve agents and advisers

The region’s premier insurance publication Asia Insurance Review (AIR) has launched the Asia Advisers Network (AAN), a dedicated platform to meet the information needs of advisers and agency leaders at www.AsiaAdvisersNetwork.com
 


Australia: Legal poser over proposed code for insurance in superannuation

The Association of Superannuation Funds of Australia (ASFA) has said that getting the governance of a proposed Code for insurance right in a complex environment like the superannuation industry is vital. 
 


China: Questions aplenty over nod for 100% foreign ownership of insurers

Foreign insurance players are keeping an eye on new regulations from CIRC following the Finance Ministry’s announcement that it would allow 100% foreign ownership of insurers in mainland China.
 


AIA introduces Hong Kong's first blockchain-enabled bancassurance network

AIA Hong Kong has announced a new blockchain solution that enhances customer experience and improves efficiency for its bancassurance operations. The solution, co-developed with its bank partners, is the first instance of blockchain technology being deployed in a bancassurance partnership in Hong Kong. 
 


Winners of HK Insurance Awards


India: More players eyeing entry into insurance mart


India: Some insurers go public, others need more time


Indonesia: Life morbidity table to be developed

Several major players in the Indonesian life market have signed a Memorandum of Understanding to develop the country’s first morbidity table.
 


Japan: Govt to set up national health insurance database by 2020

The Health Ministry plans to assign an identification number to each person covered by Japan’s universal public health insurance system. The changeover will affect more than 100 million insured people.
 


South Korea: Interest rate hikes to disrupt insurance mart

South Korea’s insurance industry will face “disruptive change” if the nation’s central bank raises interest rates, a senior official at the financial regulator has said. 
 


Malaysia: Insurance business models seen as "broken"

Existing business models in the insurance market are essentially broken from the perspective of the population that remains underserved, said Bank Negara Malaysia (BNM) governor, Datuk Muhammad Ibrahim.
 


Myanmar: Burnt down iconic hotel insured for over US$1 mln

Large parts of the fire-razed Kandawgyi Palace Hotel, one of Yangon’s most iconic buildings, have been classified as being 100% burnt down and insurance claims were set to be paid last month.
 


New Zealand: Rising seas could render coastal communities uninsurable

Whole communities on New Zealand’s coasts could become uninsurable no-go zones as rising sea levels cause more frequent coastal flooding and tidal surges.
 


Philippines: Call for dashcams to be made mandatory in vehicles

Fortune General Insurance (FGen) has urged regulators to make mandatory the use of dashboard cameras in motor vehicles to speed up and simplify insurance claim processing.
 


Regulator sets in place plans for Singapore to be a global capital for Asian risk transfer

The Singapore authorities is stepping up the buzz in an already burgeoning insurance industry with a slew of initiatives announced last month, including strategies for the Lion City to be a global capital for Asian risk transfer.
 


Singapore: Peak Re receives composite licence from MAS

Peak Reinsurance Company, the Hong Kong-based global top-43 reinsurer, has been authorised as a life and general reinsurer by the MAS to carry on reinsurance business in Singapore since 2 November 2017. 
 


Taiwan: Insurers' international bond holdings under scrutiny

The Financial Supervisory Commission (FSC) said it will curb foreign exchange risk in insurers’ international bond holdings and study whether or not to tighten supervision over the investments. 
 


Thailand: Allianz urges industry consolidation to push innovation

More consolidation is needed in the Thai insurance industry, especially in the property and casualty segment, in order to develop and support innovation, German global insurer Allianz’s CEO, Mr Oliver Bäte, has said.
 


Vietnam: Authorities set health and healthcare goals

About 95% of the Vietnamese population will be covered by national health insurance by 2025, according to a target set by the Communist Party of Vietnam at a plenum in October. 
 


Global

Amazon continues push into European insurance market

Tech giant Amazon is recruiting insurance professionals in London to join a new team looking to disrupt the insurance market in the UK, Germany, France, Italy, and Spain, said GlobalData, a data and analytics specialist.
 


Holistic approach to agriculture insurance key to seeking solutions for smallholder farmers

The importance of strong coordination among industry and supervisory bodies as well as aggregators involved in the provision of agriculture insurance was emphasised by forum panellists at the 11th Consultative Forum in Lima, Peru last month, where over 60 high-ranking representatives, from South and Central America, Africa and Asia, from the insurance industry and regulatory and supervisory bodies attended. 
 


Corporate Risk Management

Regional risk management associations to mutually recognise certifications

Five of the world’s largest risk management associations, including the Pan-Asia Risk and Insurance Management Association (PARIMA), have agreed to work together towards mutual recognition of their respective risk management designations and certification programmes.
 


Insurance industry joins new WEF-led coalition to tackle innovation risks

The insurance industry has joined forces with technology companies and governments in a new initiative led by the World Economic Forum that will work on avoiding catastrophic levels of uninsured risks in the innovation economy.
 


AI and machine learning bring benefits to financial services, but also risks

Financial institutions are increasingly using AI and machine learning in a range of applications across the financial system and while this brings benefits, there are also risks, said a report published by the Financial Stability Board (FSB). 
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Japan: Regulator warns of Initial Coin Offering risks

Japan’s Financial Services Agency (FSA) has issued an advisory warning to users and business operators about the risks of Initial Coin Offerings (ICOs), or digital token sales.
 


Thome Group opens state-of-the-art operations hub in Singapore

The Thome Group, a dynamic provider of integrated ship management services, has opened a modern operations hub at its office in Singapore to enhance the quality of its ship management services and reaction times to emergency responses. 
 


Product Bytes

Asia: Beazley launches financial lines products
Asia: FinTech policy unveiled 
Hong Kong: Ironshore introduces legal expense cover
Hong Kong: AIG announces new cyber insurance products 
Malaysia: New Allianz cover for diabetics
Singapore: Bandboo introduces new P2P excess protection for drivers 
 


Events Page

APIC17 lives up to its promise

The inaugural Asia Pacific Insurance Conference in Singapore on 18-20 October lived up to its promise, delivering a professional programme that focused on issues and challenges directly relevant to the Asia-Pacific region and explored wider global challenges.
 


Reinsurers in InsurTech - Tortoise or Hare?

The Singapore Reinsurer’s Association recently organised a half-day seminar for its members with the theme: Tortoise or Hare. With Mr James Beedle, Convenor of the SRA Education sub-committee as chair, the session kicked off with Mr George Kesselman, President of InsurTech Asia Association, giving an overview of Asia’s InsurTech eco-system. The keynote address was delivered by Mr Sopendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore. He emphasised the need for Insurance to innovate and stay engaged with the customers. 
 


TGIA marks Golden Jubilee

Thailand’s General Insurance Association (TGIA) threw a grand party to mark its 50th anniversary in November. The organisation, which was established from the merger of three insurer associations in 1967, reminisced its journey in supporting and promoting the non-life insurance sector as a socio-economic pillar in the Kingdom.