Magazine

Apr 2019

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News


Asian

Asia: 23rd Asia Insurance Industry Awards on the horizon

Once again, Asia Insurance Review has announced the opening of the 23rd Asia Insurance Industry Awards (AIIA) 2019 – which are now open for nominations.
 


Asia: Market share of multinational insurers unlikely to change near-term

Almost two thirds of respondents in a study on life and health insurance expect the market share of multinational insurers in emerging Asia to remain stable over the next 12 months, according to the inaugural edition of Emerging Asia Life Insurance Pulse.
 


Australia: Study shows little consumer willingness to pay for advice

A study commissioned by Zurich has revealed a significant disconnect between the cost of providing life insurance advice and the willingness of consumers to pay for that advice.
 


Bangladesh: Insurance bill being reviewed by lawmakers' committee

The Insurance Corporation Bill, 2019 has been placed before parliament, introducing changes including raising the amount of the capital of life insurer Jiban Bima Corporation and non-life insurer Sadharan Bima Corporation, both of which are state owned.
 


Cambodia: Camlife ties up with UAE InsurTech firm in microinsurance initiative

Cambodia Life Insurance (Camlife) has teamed up with UAE-based InsurTech start-up Democrance to offer affordable and accessible life microinsurance products via the mobile channel.
 


Hong Kong: Details of long awaited govt-backed voluntary health insurance plan announced

The Hong Kong government has announced details of the long-awaited Voluntary Health Insurance Scheme (VHIS), including the scope of protection offered by individual indemnity hospital insurance products, and the code of practice which insurance companies participating in the VHIS must comply with. 
 


India: Urbanites have grossly inadequate protection quotient

Indians are grossly unprepared to cope with the financial instability caused by life events, according to a survey, ‘India Protection Quotient (IPQ)’, carried out by Max Life Insurance, one of India’s leading private life insurers. 
 


Indonesia: OJK expects insurance industry growth to pick up

The Financial Services Authority (OJK) has said that it expects the insurance industry’s premium growth this year to accelerate. In 2018 the growth rate was 9%, lower than in the previous five years when the average growth rate was around 19.5%.
 


Japan: Two major life insurers raise staff pay by about 3%

Two major life insurers have reportedly decided to give raises to thousands of their employees. The decisions come as spring wage negotiations, taking place nationwide, enter their final stage at major companies.
 


Malaysia: Insurance market growth forecast to be stable this year

General insurance premiums in Malaysia are expected to stay stagnant in view of the progressive impact of tariff liberalisation and as the country’s economic growth moderates, says RAM ratings which is maintaining a stable outlook on the local insurance industry for this year. 
 


Myanmar: Japanese insurers prepare for licence

Dai-ichi Life Insurance has filed an application for an operating licence in Myanmar. 
 


New Zealand: Home insurance policyholders may get relief

Internal affairs minister Tracey Martin has announced that the government will review how Fire and Emergency New Zealand (FENZ) is funded.
 


Pakistan: Regulator to focus on market development

The Security and Exchange Commission of Pakistan (SECP) will focus on market development and structural reforms in the insurance industry, the regulator said in a statement.
 


Singapore: InsurTech investments exceed $70m in 2018

InsurTech companies took $73m or 20% of total FinTech investments in Singapore last year, according to Accenture’s analysis of CB Insights data. 
 


South Korea: Regulator to carry out intensive audits

The Financial Supervisory Service (FSS) has submitted to the Financial Services Commission (FSC) a proposal to carry out comprehensive audits on financial companies here, including insurers, starting as early as this month (April 2019).
 


Taiwan: FSC to adjust RBC calculations for life insurers

The Financial Supervisory Commission (FSC) will amend the risk-based capital (RBC) calculations for life insurers by June, as some insurers had since last year been overbuying bond exchange-traded funds (ETFs). 
 


Thailand: Government expands rice insurance scheme

The Thai cabinet has approved a rice insurance scheme for the 2019 season worth THB1.74bn ($55m), aiming to cover 30m rai (4.8m hectares) of farmland. 
 


Vietnam: Life coverage targeted to double to 15% by 2025

The Vietnamese government has set a goal of getting 11% of the population to have life insurance by 2020 and 15% by 2025, up from the current 8%, under a recently approved restructuring scheme for the securities and insurance market. 
 


Global

New Solvency II rules help insurers with eased capital requirements

The European Commission adopted new rules to help insurers to invest in equity and private debt and to provide long-term capital financing.
 


Risk

Agriculture, forestry and fishing are Australia's most dangerous jobs

Finder, an Australian comparison website for financial services, recently analyzed the latest Safe Work Australia data to find the riskiest industries in Australia. The data shows that agriculture, forestry and fishing are the most dangerous industries in the nation.
 


Northwestern University's Luke Figora named RIMS risk manager of the year

Northwestern University senior associate vice president and chief risk and compliance officer Luke Figora will be the 2019 RIMS risk manager of the year. The 2019 RIMS risk management honour roll also inducted Walmart vice president global risk management David Stills.