Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Jul 2014

News


Asia: Increased financial insecurities among affluent in Hong Kong and Singapore

Affluent and aspiring affluent investors in both Hong Kong and Singapore are feeling increasingly insecure with regard to their financial situations, according to the latest Investor Attitudes Report from Friends Provident International.

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Asia: Most Asians want official retirement ages to rise - Manulife

Official retirement ages across Asia are out-of-date and need to be raised, said majority of Asian investors, according to new research from Manulife.

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Asia: 1,000+ expected to attend EAIC in Taipei in Nov

Two insurance industry heavyweights - Ms Inga Beale, CEO of Lloyds, and Mr John Tan, Group Chief Executive from Singapore-headquartered reinsurance group, ACR Capital Holdings - will be the keynote speakers at the 27th East Asia Insurance Congress (EAIC).

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Asia: Willis completes acquisition of specialist broker Charles Monat

Willis Group Holdings plc, global risk adviser, insurance and reinsurance brokers, has received the relevant regulatory approvals from the Monetary Authority of Singapore and has completed acquisition of specialist broker Charles Monat Ltd, a life insurance solutions provider to high net worth clients.

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Asia: Piracy still a big problem in SE Asia

The waters in Southeast Asia is still among the world's most unsafe places for vessels because of pirate attacks, said International Business Times.

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Australia: Allied World has new office in Sydney

Allied World has opened a new branch office of Allied World Assurance Co Ltd in Sydney, Australia to further expand distribution networks in the Asia Pacific region.

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Bangladesh: First "women only" insurance policy launched

With half the population in the country being women, Green Delta insurance company (GDIC) has launched a first of its kind comprehensive insurance scheme for women only in Bangladesh.

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Bangladesh: New insurance training institute set up

Green Delta Insurance Company has partnered with the Chartered Insurance Institute (CII) of UK to set up an insurance training institute in the country.

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China: IFoA is first actuarial association to open a representative office in Beijing

The Institute and Faculty of Actuaries (IFoA) has been granted a business license in Beijing, making it the first and only international actuarial association with a legal presence in the country.

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China: Asia Risk Centre licenses China Agriculture Model to PICC and Swiss Re

Asia Risk Centre, a provider of risk quantification models in agriculture, said Swiss Re and the People's Insurance Company of China (PICC) have licensed its China Agriculture Model, thereby taking it closer to becoming the benchmark for modelling agriculture risks in China.

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China to be 3rd largest insurance mart by 2020

The Chinese insurance market will more than double by 2020 and will then be the third largest market worldwide. With premium volume of around EUR210 billion (US$288 billion) in 2013, China's insurance industry was already the fourth largest primary insurance market worldwide, said Munich Re.

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Hong Kong's emission control programme may not be effective - Guy Carpenter

The National Total Emission Control Program of the 12th five-year plan (FYP) in Hong Kong is unlikely to be an effective measure to reduce the number of summer ground-level ozone (O3), said Guy Carpenter Asia-Pacific Climate Impact Centre (GCACIC) in its fifth annual report.

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Hong Kong: Peak Re gains life reinsurance licence in Hong Kong

Peak Reinsurance Co Ltd, a leading Hong Kong-based reinsurer, has been granted a licence to underwrite long term reinsurance business by the Office of the Commissioner of Insurance of Hong Kong on 3 June 2014.

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Indonesia: Maipark obtains reinsurance licence

PT Asuransi MAIPARK Indonesia (MAIPARK) has obtained approval from the Financial Services Authority (OJK) to change its license from a general insurer to a reinsurance company effective 10 April 2014.

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South Korea: KB Financial chosen as preferred bidder for LIG Insurance stake

KB Financial Group Inc has been chosen as the preferred bidder to acquire a 19.83% stake in South Korea's LIG Insurance Co Ltd, according to The Korea Times.

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Pakistan: Takaful windows clear legal hurdle

The two-year legal dispute between takaful and traditional players over takaful operations in the country has been resolved.

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Pakistan: Government launches National Health Insurance Scheme

The Pakistan Government has launched a National Health Insurance Scheme that will cover in phases, over 100 million poor citizens of the country.

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Philippine regulator highlights the role of credit ratings in insurance transformation

The Philippine insurance regulator has highlighted the bigger role of credit ratings in the country's regulatory system, as the local insurance industry goes through a transition with the amended insurance code implemented last year.

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Singapore: Govt Committee recommends new universal healthcare insurance scheme

In a bid to design a universal healthcare insurance scheme that will cover all Singaporeans for life, even those with pre-existing conditions, the MediShield Life Review Committee has outlined its recommendations to the Singapore government to remove the lifetime claim limit of S$300,000 (US$239,000) and having the government bear most of the costs of universal coverage.

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Singapore: RMS opens new office in Singapore

RMS, a leading catastrophe risk management firm has opened a Singapore office last month. Led by Mr Paul Burgess, senior director of client development, the Singapore office joins other RMS offices in Delhi, Beijing and Tokyo in the Asia Pacific region.

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Rains, floods hit Sri Lanka

Heavy rains have caused landslides and flash floods in the western and central parts of Sri Lanka in early June, damaging homes, affecting an estimated 100,000 people, and displacing over 27,000 people.

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AIG to exit Sri Lanka

Global insurance giant American International Group (AIG) is pulling out from Sri Lanka, the company said in a statement.

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