Insurance companies, banks and other financial entities have been directed to draw up and submit to the CBIRC their first-ever recovery plans by the end of August next year so as to strengthen crisis awareness and the crisis response capabilities of financial institutions.
PCGI Intermediate, the parent company of FWD Group and FWD, has filed confidentially for a US initial public offering, moving ahead with preparations for a long-awaited listing, according to a report by Bloomberg.
Insurance intermediaries engaged in the distribution of insurance products and solicitation will have to take out professional indemnity (PI) cover, under new rules issued by the IRDAI set to take effect from 1 July.
Generali has agreed to purchase the majority of shares held by AXA and Affin as part of a joint venture, while also submitting an application to the local regulator to acquire the remaining shares of MPI Generali Insurans held by its Malaysian joint venture partner, Multi-Purpose Capital.
Risk
People risk and the challenge of finding adequately skilled and qualified labour has been exacerbated by COVID-19 and the acceleration in the shift towards a more digital economy in Italy. According to the latest research by EY, Pearson and Manpower Group, during the last decade, Italian companies have found it increasingly difficult to get workers with the desired skills in the domestic labour market. Prior to the pandemic, businesses were struggling to find 25% of the required professionals.
Insurance could cost-effectively help protect and restore mangrove forests, which can offer increased resilience and protect against coastal flooding according to a report published by The Nature Conservancy and University of California and supported by AXA XL.