Magazine

Aug 2020

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News


Asian

Australia: Insurance Council raises issue of property insurance affordability

In an opening statement at a parliamentary inquiry into lessons from the bushfire season, Insurance Council of Australia (ICA) CEO Rob Whelan noted that the affordability of insurance, especially in New South Wales, stood as a major concern.
 


China expected to lose crown as fastest- growing insurance market in Asia

China is no longer going to be the frontrunner in the region with respect to expected growth over the next decade according to a report by Allianz and Euler Hermes titled ‘Allianz Insurance Report 2020 – Skyfall’.
 


Hong Kong: Insurers could be encouraged to disclose their ESG policies

The Financial Services Development Council (FSDC) has recommended the Insurance Authority (IA) encourage authorised insurers to publish and explain their policies on the consideration of ESG risks in their investments as well as provide their boards with information on their exposure to financial risks arisen from climate change.
 


India: Life insurance market sees 18.6% drop in first-year premium

Battered by the coronavirus pandemic, the Indian life insurance sector witnessed an 18.6% fall in first-year premium to INR493.35bn ($6.6bn) in the April-June quarter of the current financial year – reported the Press Trust of India quoting a report from CARE Ratings.
 


Singapore: 5,000 financial consultants to be conferred with IBF-accredited certification

A new certification programme developed and customised by the Singapore College of Insurance in collaboration with Prudential will be undertaken by 5,000 financial consultants from the insurance firms. 
 


Taiwan: Blockchain alliance starts trial to improve insurance operational efficiency

By leveraging blockchain technology, Taiwanese insurance customers with policies from multiple insurers will now be able to update their personal information or file claims by applying through just one of their insurers.
 


Risk

Cyber habits at home threaten corporate network security

A new survey from CyberArk has found that work-from-home habits, including password re-use and letting family members use corporate devices, are putting critical business systems and sensitive data at risk.
 


Weaknesses in governance remain a major risk for Indonesian financial industry

According to Fitch Ratings a recent string of defaults due to corporate governance failings in Indonesia’s financial industry highlights governance remaining a major risk for creditors and investors.