Magazine Table of Contents
Foreign-owned insurance companies in China posted an aggregate premium income of CNY352.4bn ($54.6bn) in 2020, representing a market share of 7.79%. This was an increase of 0.62% over 2019 and comes in light of China’ liberalisation policy. Since 1 January 2020, foreign insurers have been allowed to operate wholly owned life insurance companies in China.
A working group appointed by the Insurance Regulatory and Development Authority of India (IRDAI) has recommended the re-introduction of index-linked insurance products (ILIPs), saying in its report that such an alternative category of products is relevant as fits in between traditional products and unit-linked products, where investment risks are completely borne by policyholders.
The International Finance Corporation (IFC), a part of the World Bank Group that focuses on accelerating financial inclusion and literacy in various developing countries, has officially become an investor in PasarPolis, according to a statement issued by the Indonesian InsurTech company yesterday. PasarPolis raised $5m in equity finance from IFC.
Singapore’s life insurance industry recorded a total of S$4.4bn ($3.3bn) in weighted new business premiums in 2020, signalling a 3% growth compared to 2019, said the Life Insurance Association, Singapore (LIA Singapore) in a statement.
Around 2.2bn people or 29% of the world’s total population live in areas that would experience some level of inundation during a one in a 100-year flood event according to a recent study by the World Bank.
Less than 1% of the estimated $4.5tn global pandemic-induced GDP loss for 2020 will be covered by business interruption insurance according to The Geneva Association.