InsurTech is a term that is only a year old, but has already grown into a US$4.7 trillion industry, with Big Data and Analytics acting as two of the underlying forces that are shaping the future of insurance.
Financial advice practices will seek this year to innovate in areas where they consider themselves most vulnerable, according to a joint report released by Zurich Insurance and the Beddoes Institute which carries out benchmarking for financial advice practices.
Insurers are demanding revisions to the Insurance Act and regulations to give the sector a much-needed shot in the arm.
The Chinese insurance industry has been put on edge, awaiting further actions by CIRC on corporate governance and stock market dealings.
Curbs on mainland Chinese insurance purchases overseas, notably Hong Kong, have been extended to cards issued on the mainland by Visa and MasterCard since 10 December, further narrowing channels for Chinese to move money out of the mainland.
IRDAI is hopeful that the Indian branches of global reinsurance companies will be operational in the next six to nine months.
Indonesia’s Financial Services Authority (OJK) will increase motor vehicle and property insurance premium rates with effect from this month.
The 21 November M-7.3 quake off Fukushima in eastern Japan has brought the spotlight on the country’s low earthquake insurance penetration.
Korean regulators are seeking to require financial companies, including insurers, to draft plans to arm themselves to cope with crises. The plans include measures to increase the capital base and reduce liabilities.
Life insurers saw their total premiums soar by 61% year-on-year for the first three quarters of last year to MOP14.8 billion (US$1.9 billion), according to data released by the Monetary Authority of Macau (AMCM).
The life insurance industry has delivered a strong performance in the first three quarters of 2016, says the Life Insurance Association of Malaysia (LIAM).
The Ministry of Social Welfare, Relief and Resettlement is working to draft a national policy for the growing number of people aged over 60.
The Insurance Board (IB) has reduced the insurance premium rate on private-owned four-wheelers by 30%, effective from 16 December. With this revision, the insurance premium falls by NPR7,000 (US$65) to NPR12,000 annually.
MAS has approved the sale of 100% of ACR Capital Holdings (ACR), Asia Capital Re’s parent company, to Shenzhen Qianhai Financial Holdings (QFH) and Shenzhen Investment Holdings (SIHC).
Life insurance premiums in Taiwan are forecast to grow by up to 5% this year, while the general insurance sector will see growth of 3-6%, according to the Taiwan Insurance Institute (TII).
The Office of Insurance Commission (OIC) aims to implement regulations for online insurance sales by early this year.
Total premium revenues in Vietnam’s insurance market are estimated to have reached VND85.5 trillion (US$3.8 billion) in 2016, a 22% increase compared to 2015, said the Insurance Supervisory Authority (ISA).
Global
The International Insurance Society (IIS) has announced Dr Nikolaus von Bomhard, Chairman of the Board of Management of Munich Re, as the 2017 Insurance Hall of Fame Laureate. He will be inducted at a 3 July 2017 gala awards dinner held in conjunction with the IIS Global Insurance Forum in London.
Liberty Mutual Insurance has signed a definitive agreement to acquire global specialty lines insurer Ironshore Inc from Chinese conglomerate Fosun International Limited. The transaction is expected to close in the first half of 2017 following regulatory approvals and customary closing conditions.
The maritime insurance community is concerned that fire risks are growing as ships get larger, highlights a report from the International Union of Marine Insurance’s (IUMI).
Lloyd’s will reduce its 2017 market subscription by 10%, Chairman John Nelson and Chief Executive Inga Beale announced in an end-of-year email last month. They said that current year underwriting was not profitable in aggregate and was a matter “of great concern”.
Kay International AMEA Limited has launched an office at the Dubai International Financial Centre which will serve the Asia market, in addition to the Middle East and Africa.
Corporate Risk Management
The Pan-Asia Risk and Insurance Management Association (PARIMA) and the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) have entered into a partnership agreement to provide risk professionals in APAC with a professional designation and ongoing professional education.
Corporate leaders are facing heightened risk of executive liability due to new cyber and data privacy threats, tighter regulations and shareholder activism, according to a recent report by Allianz Global Corporate & Specialty (AGCS), D&O Insurance Insights: Management liability today.
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Events Page
The Risk Management Institution of Australasia (RMIA) hosts the industry’s peak risk management conference each year. The 2016 event took place recently at the stunning Crown Promenade in Melbourne, attracting more than 450 delegates from all facets of the profession.
Well over 80 members and friends of the Insurance Law Association Singapore (ILAS) turned up for their inaugural “Speed Networking” evening last Nov. It was held at the function room of Penny Black, a well-known Victorian bar located along Boat Quay in Singapore.
The Singapore Reinsurers’ Association (SRA) launched a sub-committee – Women in Reinsurance (WiRE) - in September to support women in the reinsurance industry. Its main focus in the first year has been to build the community and provide networking opportunities.