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Magazine

Apr 2020

News


Asian

Australia: Multiple breaches found in life industry's code of practice

Many insurers in Australia breached their commitment to process insurance claims and requests for reviews within certain timeframes, revealed an investigation by the Life Code Compliance Committee, the administrator of the Life Insurance Code of Practice.
 


China: COVID-19 places $122bn of trade exposure at risk

The effects of the coronavirus on trade are gradually being seen among Chinese companies according to findings from risk-modelling firm Russell Group.
 


India: LIC IPO could lead to more foreign interest in domestic insurance market

The Indian government’s proposed IPO of state-owned Life Insurance Corporation of India (LIC) could trickle down to the entire domestic insurance industry in terms of attracting more foreign interest. 
 


Indonesia: Aviva to pull out of JV

Aviva will pull out completely from Indonesia by selling its entire stake in joint venture Astra Aviva Life to its partner in the operation, according to a report by Reuters.
 


Myanmar: Regulator gives the green light to bancassurance operations

The Insurance Business Regulatory Board has issued a directive allowing banks and microfinance institutions to operate as agents selling insurance after obtaining approval from the Central Bank of Myanmar and Microfinance Business Supervisory Committee.
 


Global

Aon and Willis Towers Watson to merge

Aon and Willis Towers Watson have announced a definitive agreement to merge in an all-stock transaction with an implied combined equity value of approximately $80bn. The transaction is subject to shareholder and regulatory approval but is expected to close in the first half of next year.
 


Risk

Some regions in Asia and Australia will be more at risk in the next wildfire season

The World Meteorological Organization (WMO) expects above average temperatures in many parts of the globe in the next few months, even without the presence of a warming El Niño event. This warrants that regions like Southeast Asia, Western Australia and Central America should be closely watched.
 


Over 25% of cyber losses for large companies are machine identity related

The economic impact of poorly protected machine identities cost $51bn to $72bn in losses to the worldwide economy could be eliminated through the proper management and protection of machine identities.