Magazine

Nov 2020

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News


Asian

Australia: Young people cancel health insurance despite pandemic

Over 29,000 Australians cancelled their private health insurance from March to June 2020 since the pandemic started, according to information released by the federal government.
 


China: Growth of overall insurance business slows significantly

The insurance industry in China generated premiums totalling CNY3.32tn ($48.9bn) in the first eight months of the year. This represented a year-on-year increase of 7.15%, but the industry’s growth was 5.88 percentage points lower compared to that from the same period last year.
 


Hong Kong: Total premiums rise by 10% to $73bn in 2019

The Hong Kong insurance industry reported total gross premiums of HK$566.9bn ($73.2bn) in 2019, marking year-on-year growth of 10.2%.
 


India: COVID-specific policies can be renewed until 31 March

The standard short-duration COVID-19 specific health insurance policies of any tenure in India can now be renewed for further terms of three and half months, six and half months or nine and a half months as per the option exercised by the policyholder.
 


Indonesia: Willis Re launches new flood model to quantify flood risk

Willis Re has introduced a new Indonesia flood model to provide a detailed assessment of the flood risk countrywide including the industrial estates in West Java which are prone to frequent flooding. 
 


Philippines: More take up microinsurance cover

Around 48.22m Filipinos were covered by microinsurance at end-March this year according to the Insurance Commission (IC) as it released unaudited first-quarter reports submitted by insurers.
 


Singapore: Government plans to enhance compulsory universal health insurance

Preliminary enhancements to MediShield Life, the compulsory universal health insurance scheme in Singapore, has been identified and correspondingly, premiums will be adjusted. 
 


Risk

Cities at risk from global threats

Lloyd’s of London has published a new report to help city administrators and risk managers, as well as Lloyd’s market insurers and brokers, understand the risks that will influence the design and function of cities in the coming decades.
 


Pandemics, climate and cyber top risk list

Pandemics and infectious diseases have left behind climate change and cyber risk to become the number one risk during the next five to 10 years.