Magazine

Jun 2019

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News


Asian

4th Asia Trusted Life Agents & Advisers Awards - 54 finalists from 12 markets named

A total of 54 finalists from 12 markets were named for the 4th Asia Trusted Life Agents & Advisers Awards 2019. The awards attracted over 400 entries this year.
 


Asia Pacific: Captive domiciles poised for growth in region

Significant growth of captive formations in Asia-Pacific domiciles is expected as economies grow and businesses seek new and more sophisticated ways of risk management, says international credit rating agency AM Best.
 


Australia's growing InsurTech sector attracts international interest

Foreign InsurTech firms are entering Australia, and now account for 30% of the 2019 eco-system according to a new report produced by Ernst & Young, Australia, in collaboration with Insurtech Australia.
 


Bangladesh: Opportunities abound in insurance sector

Bangladesh’s insurance sector is a vital area that requires more attention and would benefit from regulatory reform, according to Mr Mamun Rashid, a partner at PwC Bangladesh, in an article published in Dhaka Tribune.
 


Hong Kong: Mortgage corporation expands pension product offerings

The government owned Hong Kong Mortgage Corporation (HKMC) has launched its Policy Reverse Mortgage Programme (PRMP) as a new product to its range of retirement financing solutions.
 


India: Insurers urged to focus on growth instead of market share

The insurance regulator has called upon all companies to do more to grow the industry.
 


Indonesia: Agriculture ministry optimistic about meeting this year's farm insurance target

The Ministry of Agriculture is optimistic that it can achieve the agricultural insurance target this year of coverage for 1m hectares of farmland registered in the Rice Farm Business Insurance (AUTP) programme.
 


Japan: 40% of health insurance unions to dissolve by 2022

Over 40% of health insurance unions, known as kenpo, mainly for employees of large companies, are facing increased pressure to dissolve themselves by the 2022 fiscal year which starts on 1 April 2022.
 


Malaysia: Road accident rate 3rd highest in Asia

Malaysia has the third highest death toll from road accidents in Asia and Asean, behind Thailand and Vietnam. There has been no change in the Malaysian fatality rates since 2007.
 


Myanmar: 4 local insurers to join hands with foreign players

Four domestic life insurers will cooperate with foreign counterparts to form joint ventures in Myanmar, according to the Myanmar Insurance Association (MIA).
 


New Zealand: Insurers urged to learn lessons from Australia

The core message of the findings of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry also applies to New Zealand, that is, the primary responsibility for misconduct lies with the entities concerned, which requires a close look at the culture, governance, and remuneration of financial services firms, according to New Zealand’s Financial Markets Authority (FMA) regulation director Liam Mason.
 


Asian

Philippines: Regulator cautions insurers about clients' privacy protection

The Insurance Commission (IC) has ordered insurance companies, pre-need firms, health maintenance organizations and mutual benefit associations to ensure the protection of their clients’ personal information.
 


Singapore: Regulator extol benefits of technology in understanding risk

Shying away from technology is an unlikely option for industry practitioners looking to thrive in today’s digital economy, but it would be insufficient to look at the benefits of technology in a vacuum, Dr David Hardoon, chief data officer of MAS, has said.
 


South Korea: Insurers see little headway overseas

The South Korean insurance industry is in a dilemma, finding itself in a mature market at home while making made little progress so far in overseas ventures.
 


Taiwan: Regulator monitors insurance sector's exposure to China and the US

The exposure of the Taiwanese insurance sector to China and the US has exceeded NT$268trn ($8.6bn), prompting the Financial Supervisory Commission (FSC) to watch more carefully the rising trade tension between the two countries. 
 


Asian

Thailand: Insurer signs agreement to provide coverage for BRI projects

Hong-Kong based King Wai Group (KWG) has signed an agreement with its wholly-owned subsidiary QBE Insurance (Thailand) to provide insurance support to Belt & Road projects in the Kingdom. 
 


Global

Digital renter's insurance start-up raises $3.3m in funding


Tesla to offer cheaper car insurance for autonomous vehicles

In its 1Q2019 earnings call on 24 April, Tesla CEO Elon Musk confirmed that the automotive and energy company is working to provide an insurance product for its autonomous vehicles (AV), which may be based around Tesla’s Autopilot self-driving system.
 


Risk

Actuaries rank climate change as the top risk for 2019

The 12th annual survey of emerging risks conducted by the Canadian Institute of Actuaries, Casualty Actuarial Society, and Society of Actuaries has ranked climate change as the top risk for 2019.
 


Social media platforms are cyber criminals' preferred choice

Social media platforms like Facebook and WhatsApp are emerging as the new public square for criminal deception by cyber criminals. A study ‘Current state of Cybercrime -2019’ released by RSA Security has found that social media fraud increased by 43% in 2018.