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