Magazine

Aug 2019

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News


Asian

13 winners from 6 markets crowned at 4th Asia Trusted Life Agents & Advisers Awards

Thirteen winners from six markets were honoured at the 4th Asia Trusted Life Agents & Advisers Awards presentation ceremony dinner held in Bangkok on 18 July 2019. The winners edged out some 400 nominations from 15 markets.
 


Australia: Insurers call on government to take nationwide action on building regulation

Australia’s fragmented approach to regulatory enforcement and compliance with building regulations requires a renewed commitment to national action to maintain public confidence in the built environment, say several industry groups which includes the Insurance Council of Australia (ICA).
 


Finalists announced for 2019 Australian Insurance Industry Awards

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has announced the finalists of the 2019 Australian Insurance Industry Awards.
 


Bangladesh: Govt urged to make motor third-party liability insurance compulsory

Rights activists and transport experts are urging the authorities to make motor third-party liability insurance mandatory. 
 


Hong Kong: Insurance Authority issues new pecuniary penalty guideline

The Insurance Authority (IA) has released a revised guideline on exercising power to impose pecuniary penalty on insurance intermediaries, after taking into account responses received in a consultation exercise.
 


India: General insurers post slowest 1Q premium growth

General insurance companies saw a 9.91% year-on-year increase in gross written premium in the April-June quarter (1QFY2020) to INR310.6bn ($6bn).
 


Indonesia: Life insurance marketing force remains stable

The number of licensed life insurance marketers at the end of the first quarter of 2019 increased by 0.4% to 595,192, compared to 592,913 people in the previous year, the Indonesian Life Insurance Association (AAJI) has announced.
 


Japan: Corporate bond maturities rise with ageing population

Corporate bond maturities are rising in Japan as insurers and pension fund managers look to align their portfolios to growing longevity in the country, according to a report by Nikkei Asian Review.
 


Malaysia: Majority of SMEs lack Nat CAT insurance

The low level of Nat CAT insurance take-up by small and medium sized enterprises (SMEs) has raised questions over whether these entities fully comprehend the risk and consequences of natural disasters to their business continuity. 
 


Myanmar: Foreign life ventures could begin ops by year-end

Foreign life insurers are expected to be able to launch operations by the end of this year, a government official involved in the licensing process told Frontier Myanmar.
 


Nepal: Insurance sector looks to India for actuarial expertise

Nepal is dependent on India for actuarial services because of the lack of talent in this field in the Himalayan country. This reliance has meant an annual outflow of around NPR80m ($730,000) from Nepal.
 


New Zealand: PI market seen as stable

The professional indemnity (PI) market in New Zealand is relatively stable with most industry sectors experiencing a mid-level single digit increase in premiums for renewals based on fee income remaining static and a clean claims record, says Willis Towers Watson (WTW) in its New Zealand Insurance Market Update. 
 


Philippines: Regulator issues HMO guidelines for medical coverage of HIV patients

The Insurance Commission (IC) has issued underwriting guidelines for health maintenance organisations (HMOs) in line with the assessment of risks for persons with actual, perceived, or suspected to be with HIV.
 


Singapore: Insurers have strong capital positions, per IMF

Insurance companies in Singapore have strong capital positions, says the IMF in a report issued in July, following a Financial Sector Assessment Program (FSAP) on Singapore that is a comprehensive and in-depth analysis of the country’s financial sector.
 


South Korea: Insurance capital standard to be implemented in phases

The Financial Services Commission has announced that the Korean Insurance Capital Standard (K-ICS) as a new capital adequacy regulation will take effect in 2022 as scheduled. A grace period of 10 to 20 years will be given at the same time, with the standard implemented in stages.
 


Taiwan: Life insurers make local ETF market the fastest growing in the world

A surge in bond buying by life insurers has made Taiwan’s exchange-traded fund (ETF) market the fastest growing in the world, reported Bloomberg.
 


Vietnam: Insurance industry thrives in 1H2019

Vietnam’s insurance industry surged by 24.4% in the first half of this year, with total revenue reaching nearly VND71.15tn ($3bn), the Ministry of Finance’s Insurance Supervisory Authority (ISA) has announced.
 


China

China leads world insurance business in pivot to the east


Non-motor lines to propel non-life market

Growth in the Chinese non-life insurance market is expected to remain robust this year and next, driven mainly by non-motor lines, says Swiss Re Institute in its latest annual report on the global insurance market. 
 


Regulator to create new exclusive intermediary category

The regulatory authorities are planning to reform the insurance agency system by introducing a new category of intermediaries – the exclusive independent insurance agent.
 


Global

Chubb becomes first major US insurer to transition away from coal

Chubb announced on 1 July that it has adopted a new policy concerning coal-related underwriting and investment. With the new policy, the company will no longer underwrite the construction and operation of new coal-fired plants or new risks for companies that generate more than 30% of their revenues from coal mining or energy production from coal.
 


Swiss Re announces suspension of ReAssure IPO due to market conditions

Swiss Re announced the suspension of its previously communicated plans for an initial public offering (IPO) of ReAssure. This action is in response to the heightened caution and weaker underlying demand in the UK primary market from large institutional investors.
 


UK motor premiums rise in Q2

The cost of an annual comprehensive motor insurance policy in Britain rose 3.5% in the second quarter of 2019, lifted by a rise in the cost of claims, as reported in a recent survey.
 


Risk

Warming oceans can reduce sea life by 17%

Climate change can affect the distribution and abundance of marine life, with consequences for food for a large number of people on the Earth.
 


The cost of AML compliance in Asia Pacific

LexisNexis Risk Solutions’ latest report finds that AML compliance costs rose 9% to 10% during the past two years with growth expected to continue at a similar rate over the coming year.