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Jul 2018

News


Asian

Australia: Insurance mart Down Under attracts Asian interest

Asian life insurers, led by those from Japan, are buying up their Australian peers amid strong prospects for the country’s insurance market driven by a rising population.
 


Bangladesh: Government removes VAT on insurance agent commission

Finance Minister AMA Muhith has proposed the withdrawal of a 15% value added tax on the commission of insurance agents to ensure that they are not taxed twice.
 


China: Central pension adjustment system to be established to address imbalances

China will establish a central pension management system for the basic pension funds of employees to balance payment burdens of local governments, according to an official document issued by the State Council, the Chinese cabinet.
 


Hong Kong: Vast majority of those aged at least 55 unprepared for old age

More than 75% of Hong Kong residents aged 55 and above have not made adequate provisions for their retirement years, a new study has found.
 


India: Underinsured offers huge growth potential to life insurers

The growth opportunity in India’s life sector lies in catering to the underinsured, says global financial services company Jefferies in a report on life insurance.
 


Indonesia: Life insurers favour stocks and mutual funds in investment

Stock and mutual funds will still be the main investment choice of life insurers, with the Indonesian Life Insurance Association (AAJI) optimistic that both instruments will perform well this year.
 


Japan: Insurers' operations take off with drones

Non-life insurance companies are adding drones to their damage evaluation repertoire that will give them a bird’s-eye view of accidents and disasters.
 


Malaysia: Non-life sector gets a three-month tax holiday

Malaysia will implement the sales and services tax (SST) with effect from 1 September to replace the goods and services tax (GST), announced Prime Minister Mahathir Mohamad.
 


Myanmar: Government taps Indian reinsurer for insurance law revision

Myanmar authorities are working with India’s only state-run reinsurer to revise insurance and reinsurance laws.
 


New Zealand: Lloyd's says man-made threats pose biggest risk to largest cities

Man-made threats account for over half (53%) of the risk to the annual economic output (GDP@Risk) of New Zealand’s largest cities, according to Lloyd’s.
 


Pakistan: Guarantee/surety bond market opens up

The Securities and Exchange Commission of Pakistan (SECP) has allowed insurance companies to issue guarantees/bonds including custom bonds, fidelity bonds, mobilisation advance guarantees, administration bonds and payment bonds to a party or a group.
 


Philippines: Telemarketing draws several insurance players

There are at present 13 insurance companies and one insurance broker engaged in selling insurance products through telemarketing, according to the Insurance Commission (IC).
 


Singapore: Health ministry probes insurance fraud allegations

Dodgy practices have emerged in the healthcare industry, involving doctors, physiotherapists, insurance agents and third-party administrators (TPAs) splitting money from inflated insurance claims among themselves via a referral and commission system.
 


South Korea: Insurers jump on authentication service wagon

At least 15 insurers, including Kyobo Life Insurance and KB Insurance, are providing an authentication service by partnering with Kakao Pay, which is a popular payment service. They are introducing the service before the abolishment of the public online certification system.
 


Sri Lanka: Insurance market expected to maintain growth momentum

Sri Lanka’s insurance sector is expected to continue its growth momentum, driven primarily by the rising per capita income, growing awareness on insurance and considerably lower insurance penetration, said Fitch Ratings.
 


Thailand: OIC improves regulation regarding insurance sales

The Office of the Insurance Commission (OIC) has published the draft notifications regarding Rules and Procedures for Issuing and Offering for Sale Insurance Products of Life and Non-Life Insurance Companies and the Operations of Insurance Agents and Licensed Brokers.
 


Vietnam: World Bank urges action on pension fund

Vietnam’s economy could be at risk if nothing is done quickly to fix its state pension system, the World Bank has warned after conducting two years of research.
 


Global

GIF 2018 - Heading for the innovation transformation

Over 500 insurance professionals from around the globe are expected to descend on Berlin in July 2018 for this year’s Global Insurance Forum, with the timely theme of ‘The Innovation Transformation’.
 


2017 was the costliest year on record for the UK specialty insurance market

The UK specialty insurance market suffered the costliest year on record in 2017, according to EY’s Annual Specialty Results analysis, due to a combination of natural and man-made catastrophes including hurricanes Harvey, Irma and Maria and the Californian wildfires.