The health insurance industry in Southeast Asia is slated to grow to US$24 billion by 2020 at a CAGR of 15%, from its previously valued size of $6 billion in 2010.
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Endurance Specialty Holdings, a Bermuda-based specialty provider of P&C insurance and reinsurance, will be expanding the capabilities of its Asia Pacific reinsurance operations headquartered in Singapore, to include a locally based Global Catastrophe Reinsurance team focussed on the Asia Pacific markets.
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Prudential Corporation Asia has unveiled its newest regional brand campaign 'I am Prudential' and flagship social media platform 'Life's Little Secrets', putting the spotlight on its well-trusted team of agents and financial consultants.
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Consumer uncertainty about the need for life insurance and the impact of an ageing population on the level of claims would be the two most critical challenges to overcome for the Australian risk insurance industry in the next few years, according to a survey carried out at the recent AIA Australia Group Insurance Summit held in Sydney.
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In an effort to mitigate flood related losses, Swiss Re and global charity Oxfam have brought an index-based flood insurance product to the river basin areas of the Sirajganj district of Bangladesh.
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With effect from 1 January next year, CIRC will be assessing its risk management practices and case inspections on an annual basis, with the move seen as an outcome of the CNY500 million (US$81 million) scam at Shanghai Fanxin Insurance Agency, into which investigations are ongoing.
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CIRC has issued a new set of rules for online insurers, as more companies apply to the regulator for online insurance licences.
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Motor insurance claim rates of expatriate drivers in Hong Kong are twice as high as those of locals, said local insurance broker, Kwiksure.
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The lower house of the Indian Parliament has passed the Pension Fund Regulatory and Development Authority Bill 2011, which aims to create a regulator for the pension sector and extend the coverage of pension benefits to more people.
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The IRDA has granted licenses to five companies to function as insurance repositories in the country. Insurance companies in the country can enter into agreements with one or more repositories.
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Allianz has made a direct investment in climate protection in the area of Rimba Raya, which spans 64,000 hectares or 640 square kilometres, and is located in the south of the island of Borneo.
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The percentage of fire insurance contracts in Japan that include earthquake coverage rose to 56.5% in the fiscal year ended 31 March 2013, hitting a record high for the 10th straight year.
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ING will sell its wholly owned Korean life insurance business, ING Life Korea, to MBK Partners for a total purchase price of approximately KRW1.84 trillion (US$1.65 billion). Under the terms of the agreement, ING will hold an indirect stake of approximately 10% in ING Life Korea for an amount of KRW120 billion.
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The Malaysian life sector saw investment-linked policies gained popularity over traditional life policies for the first half of 2013. For every MYR100 (US$30) premium of new insurance policies, MYR52.40 went to investment-linked policies, while traditional policies commanded the remaining MYR47.60, according to recent statistics released by the Life Insurance Association of Malaysia (LIAM).
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In a bid to retain premium within the country, the government of Nepal has initiated the process of establishing a reinsurance company in the country.
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Pakistan Reinsurance Company Limited (PRCL) is in talks with the Securities and Exchange Commission of Pakistan (SECP) and various stakeholders to discuss and finalise the mechanism of managing the country's national terrorism insurance pool.
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Philippines' Insurance Commission (IC) is forming a taskforce to streamline provisions in the recently passed amendments to the Insurance Code.
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