Magazine

May 2019

Read the latest edition of AIR and MEIR as an Interactive e-book

News


Asian

Asia: SIRC unveils theme for 2019 conference: Winds of Change

Preparations are well underway for the 16th Singapore International Reinsurance Conference (SIRC), which will take place from 29 October to 1 November 2019 at the Sands Expo and Convention Centre, Marina Bay Sands, Singapore.
 


Asia: Morbidity seen as the single most important protection gap

The most frequently mentioned protection gap in emerging Asia relates to morbidity: increasing environmental pollution, changing lifestyles and aging give rise to a rapid growth of cancer, diabetes and cardiovascular diseases, according to a report released by Peak Re.
 


Australia: Grain brokers promote credit risk insurance

The need for management of credit risk by farmers has been highlighted in recent months by the failure of two grain-trading companies on the east coast of Australia in the first quarter of 2019. In each case, market participants are owed many millions of dollars, and grain growers are amongst the creditors.
 


Hong Kong: More tax breaks granted for annuity plans, provident funds

The Hong Kong government is offering HK$60,000 ($7,700) per year in tax deductions for either enrolment in a tax-deductible annuity scheme or voluntary contributions to the Mandatory Provident Fund (MPF).
 


India: Private insurers shunned in flagship health insurance scheme

Most states in India are implementing the flagship government backed health insurance scheme for the poor without the participation of private insurance companies.
 


Indonesia: Digital platform launched to untangle kinks in claims process

InsurTech start-up, Bindcover, has been launched to make it easier for people to manage complicated insurance claims. Bindcover also aims to provide an understanding of insurance claims for the public.
 


Japan: Insurers to ban use of genetic info

Japan’s insurance industry is establishing a guideline banning life and medical insurers from collecting or using personal genetic information for decisions regarding eligibility for coverage and premiums to prevent ‘genetic discrimination’, industry players say.
 


Malaysia: Govt mulls including those aged over 55 in national health insurance plan

Finance minister Lim Guan Eng has said that the government is prepared to consider a proposal to allow those over 55 to benefit under the MySalam National Protection Scheme, which is targeted at the bottom 40% of the population.
 


Myanmar: Govt opens insurance mart to foreign insurers

Five global insurers from Japan, Canada, the UK and the US have been granted provisional licences to operate wholly owned life insurance subsidiaries in Myanmar.
 


New Zealand: Govt amends law to improve financial advice


Pakistan: Insurers seek business-enabling rules

The insurance sector expects the government to provide a business enabling environment, according to Askari General Insurance CEO Abdul Waheed, who is a trained chartered accountant. 
 


Singapore: Increased protection for policyholders should an insurer fail


South Korea: Insurers argue for lower deposit insurance premiums

Life and non-life insurers are seeking a reduction in the premiums charged by the Korea Deposit Insurance Corp. (KDIC).
 


Taiwan: Forex impact on insurers expected to be smaller this year

The net impact of exchange rates on the insurance industry this year is expected to be smaller this year compared to last year, according to Financial Supervisory Commission (FSC) chairman Wellington Koo.
 


Thailand: Tourism body and insurers devise travel insurance policy

The Tourism Authority of Thailand (TAT) has signed a memorandum of understanding with three leading insurance companies to provide an insurance policy, Thailand Travel Shield, for foreign tourists.
 


Vietnam: Authorities to cut red tape for life insurers

The Ministry of Industry and Trade (MOIT) has recently proposed a draft decision to amend regulations so as to address unnecessary overlapping regulatory procedures for life insurers in Vietnam.
 


Global

Annual IIS Global Insurance Forum comes to Singapore next month

This year marks the 55th International Insurance Society Global Insurance Forum. To have not only survived, but to have grown in size and stature in the industry, the forum has clearly offered something unique and special in a period of proliferating insurance conferences. This year’s event, in Singapore on 18-21 June, will demonstrate why the GIF is worth the time of the industry thought leaders who participate each year. 
 


Lemonade gets $300m infusion in Series D funding

Lemonade, the AI-driven insurance platform based in New York, has raised $300m in a Series D funding round led by SoftBank Group. The company is currently valued at a reported $2bn.
 


Marsh & McLennan leads collaborative effort to rate cyber security products

Insurance giant Marsh & McLennan is leading a new collaborative effort involving top cyber insurance companies in order to provide a ‘cyber catalyst’ seal of approval to the top-rated cyber security products in the marketplace. The goal of this new cyber insurance initiative is simple: To make it easier for businesses and consumers to find the very best cyber security products that will protect them from data breaches, data theft and cyber extortion.
 


Risk

Asia needs to strengthen disaster resilience in face of growing risks, says Asia Development Bank

The Asian Development Bank (ADB) said in a newly released research paper that with the region facing ever-higher disaster risks, developing Asia urgently needs to build its resilience before catastrophe strikes through better planning, setting aside government budget, and encouraging insurance.