Magazine

Nov 2019

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News


Asian

ASEAN: Insurers tread carefully when embracing digitalisation

The proprietary ‘going it alone’ digitisation of the existing value chain is the most preferred strategic approach to preparing for the digital future for a majority of non-life insurers in ASEAN, according to a regional survey. 
 


Australia: Insurance alternatives attract more attention

Demand for insurance alternatives has increased because traditional insurance may not be appropriate for every risk, and the market has opened up for more niche or tailored insurance solutions, according to a blog item by boutique law firm The Fold Legal lawyer Lydia Carstensen.
 


Bangladesh: Strong insurers urged to lead in life market transformation

There needs to be serious thinking about enabling newer insurance distribution channels, incentivising agents to take up a long-term career in insurance, product innovation and revisiting existing regulations, in order to tap opportunities in the life insurance sector in Bangladesh.
 


Hong Kong: Most residents feel they cannot afford their retirement goals

About two thirds of affluent Hongkongers feel they are not on track financially to fulfil their retirement dreams, according to the results of a survey released last month.
 


India: Proposal for compulsory cyber insurance for banks

Cyber is a big risk in India and most companies are under-prepared for this threat. 
 


Indonesia: Insurers want IFRS17 implementation to be deferred till 2025

The Indonesian insurance industry has asked for the implementation of IFRS17 to be postponed until 2025 because insurers are not ready to implement it.
 


Japan: Fire insurance premiums to be increased in wake of typhoons

Fire insurance premium rates are expected to increase in the financial year starting 1 April 2020 (FY2020). 
 


Malaysia: Further discounts on premiums to be granted to careful drivers

Safe drivers will be able to enjoy further discounts on their motor insurance premiums starting in January 2020, transport minister Anthony Loke has announced.
 


Myanmar: New life insurer launched

Privately held IKBZ Insurance has announced the launch of IKBZ Life, even as it forms a general insurance venture with Japanese insurance giant Mitsui Sumitomo Insurance.
 


New Zealand: Doctors label climate change a 'health emergency'

The New Zealand Medical Association (NZMA) has declared climate change a serious and leading threat to health and health equity, both in New Zealand and worldwide.
 


Pakistan: 56,000 people die of TB each year

As many as 160,000 tuberculosis (TB) patients a year miss out on medical treatment for the disease, which causes around 56,000 deaths in Pakistan every year.
 


Philippines: Insurers quit market for lack of capital

The Insurance Commission (IC) has called on the remaining clients of Meridian Assurance to file their claims, as the company is finalising its exit from the non-life insurance industry.
 


Singapore: Union helps insurance workforce rise to digital challenge

The Singapore Insurance Employees’ Union (SIEU) has signed agreements with 23 unionised insurance companies to facilitate training for workers to prepare them for the future. The agreements were signed on 1 October 2019.
 


South Korea: Insurance business predicted to stagnate next year

The South Korean insurance market is expected to report nearly flat growth in premium income next year, because of a slowing economy and an ageing population, reported the Yonhap News Agency.
 


Taiwan: Health ministry studies need for long term care insurance scheme

The Ministry of Health and Welfare will assess a proposal to implement an insurance scheme to support the Long-term Care Services Development Fund, minister of health and welfare Chen Shih-chung said.
 


Thailand: Regulator mulls authorising standalone flood insurance policies

The Office of Insurance Commission (OIC) is considering allowing insurers to market flood insurance policies as standalone products instead of bundling such a cover as a rider on fire insurance policies.
 


Vietnam: Consumers name health as top concern

Health has overtaken job security as the top concern for Vietnamese consumers in the second quarter amid an apparent spurt in pollution.
 


China

China Re urges P&C insurers to strike balance between scale and profits

China Re P&C has stated that property and casualty insurers should not only adjust their business structure to avoid reliance on ‘one class of risk’ but they also need to find a balance between scale and profitability in an emerging market. 
 


EU insurers seek easing of rules for foreign players

The Insurance Working Group of the European Union Chamber of Commerce in China has made several recommendations for the further liberalisation of the Chinese insurance market, including allowing foreign insurers to apply for more than one branch licence simultaneously.
 


Majority of individuals aged at least 50 yet to prepare for retirement

People in mainland China aren’t saving enough for retirement, running the risk of outliving assets during their golden years, according to Franklin Templeton’s 2019 Retirement Income Strategies and Expectations (RISE) survey.
 


Global

UK car insurance premiums fall 1% in third quarter

The cost of a comprehensive motor insurance policy in Britain fell 1% in the third quarter, pushed down by uncertainty from the personal injury discount rate change in July and the market watchdog’s interim report on general insurance pricing practices, a survey showed. 
 


Next Insurance raises $250m from Munich Re

Next Insurance, a three-year-old US-based firm that sells insurance products to small businesses, has become the latest unicorn in the nation after raising $250m in a new financing round.
 


Risk

Chronic diseases on the rise in India

According to ‘The India Life Sciences Report 2019’, 31% of physicians in India’s metro cities believe that it will become more difficult to deliver quality healthcare over the next five years. In non-metro cities, there were 24% such doctors apprehensive about the future.
 


Industry commits to boost climate-change resilience for the most vulnerable countries

The insurance industry, along with the United Nations, Germany and the UK, recently announced a series of coordinated commitments aimed at increasing climate-change resilience for the most vulnerable countries in the lead-up to the UN secretary general’s Climate Summit which was held on Monday.