Tag Search Result

  • Industry finds hope in the recommendations!

    It looks like happy days are here again for the reinsurance fraternity in India, as the Reinsurance Expert Committee (REC) has recommended that after GIC Re, insurers should be allowed to obtain the best terms simultaneously from Indian reinsurers, foreign reinsurance branches, Lloyds India and cross-border reinsurers that satisfy eligibility criteria.

    Source : AIR | 01 Jan 2018
  • Automotive industry most impacted by product recalls - AGCS

    Product-related risk is one of the biggest perils facing businesses today, with recall exposures having increased significantly over the past decade. And it is the automotive sector that is most impacted by product recalls, followed by the food and beverage sector and then IT/electronics, said Allianz Global Corporate & Specialty (AGCS) in a recent report, based on analysis of claims.

    Source : AIR | 01 Jan 2018
  • Indian non-life insurance industry: Performance and potential

    The Indian insurance industry has been on a roll for the last 17 years. It is now on a threshold to make the big jump into the super league. Mr R Chandrasekaran of General Insurance Council of India outlines what the non-life insurance industry has achieved over the years and what remains to be tapped.

    Source : AIR | 01 Jan 2018
  • Malaysia: Motor insurance detariffication promotes innovation

    More innovative motor insurance products with lower prices are expected to be rolled out following the liberalisation of the motor tariff which came into effect on 1 July 1 2017, said the General Insurance Association of Malaysia (PIAM).

    Source : AIR | 01 Jan 2018
  • Singapore: Govt to introduce medical fee benchmarks and remove restrictions on motor warrantiess

    The government is taking several actions that could lead to lower insurance health and motor premiums.

    Source : AIR | 01 Jan 2018
  • Motor insurance in India in 2018

    The biggest beneficiary of the current revamp of the Indian motor insurance segment should be the customer - who should get better customised and more cost-effective products.

    Source : AIR | 01 Jan 2019
  • General insurance bucks the slowdown in the economy

    India’s non-life sector continues its steady progress and could exceed $280bn in gross premiums in 2019-20.

    Source : AIR | 01 Jan 2020
  • Indonesia: Motor premiums rise in 1H despite slow market

    Motor insurance premiums rose by 9% to IDR8.09 trillion (US$610 million) in Indonesia in the first half of this year, despite flat vehicle sales. This performance bucked that of the overall insurance market which saw total premiums fall by 4% to IDR29.1 trillion in the first six months of the year, according to the General Insurance Association of Indonesia (AAUI).

    Source : AIR | 01 Oct 2017
  • First Malaysian InsurTech Collab Takes Off

    KATSANA is on a roll, recently inking MoU with several insurers including Allianz Malaysia, Axiata Business Services and both Etiqa Insurance and Etiqa Takaful, to collaborate on boosting the adoption of usage-based insurance (UBI) in Malaysia. Managing director and co-founder Syed Ahmad Fuqaha shares his plans with us.

    Source : AIR | 01 Oct 2017
  • Traffic violations could lead to spikes in motor insurance premiums

    As penalties for traffic violations rise steeply, Insurance Regulatory and Development Authority of India has been looking at how to rein in risky driving by linking traffic violations with vehicle insurance premium.

    Source : AIR | 01 Oct 2019
  • Pakistan: SECP proposes MTPL compensation limit be 10 times current cap

    Among several amendments to be made to the Motor Third Party Liability Insurance (MTPL) Scheme, the Securities and Exchange Commission of Pakistan (SECP) has proposed that the compensation limit be raised 10 times the current level to PKR200,000 (US$1,900) from PKR20,000, in case of death.

    Source : AIR | 01 Nov 2017
  • InsurTech Fever Hits Japan

    There is plenty of room for new and disruptive tech in Japan’s insurance industry, particularly in the health space, as the market grapples with a rapidly ageing population and a rising trend of obesity. The InsurTech Japan Roadshow, organised by InsurTech Asia Association in October, brought a cluster of eight InsurTech start-ups – from across Australia, Belgium, Canada, Germany, Singapore, Taiwan, UK and the US – to Tokyo for a deep dive discussion on the opportunities that these new-age disruptors present. Here are some key takeaways.

    Source : AIR | 01 Nov 2017
  • Chinese (re)insurers need focus shift for success

    There is no doubt China’s (re)insurance industry holds abundant potential, especially with strong governmental support. But to continue on the success track, Swiss Re’s President of China, Mr John Chen, says the market also needs a paradigm shift in underwriting.

    Source : AIR | 01 Nov 2017
  • Algeria: High road accident rate impacts motor business

    The insurance sector continues to face severe challenges as the number of road traffic accidents has been increasing, while insurance coverage of new cars has plunged following the government’s decision to curb the importation of vehicles last year.

    Source : MEIR | 01 Nov 2017
  • Egypt: Insurers to talk with govt about reviving highway cover

    The Insurance Federation of Egypt (IFE) will discuss with the General Authority for Roads, Bridges and Land Transfer (GARBLT) about reviving insurance coverage for highway and train travellers, according to the new head of the insurance association.

    Source : MEIR | 01 Nov 2017
  • Morocco: Non-life operating margin plummets by 2/3 in 2016

    The operating margin of non-life insurers fell by 66.4% to MAD761.75 million (US$81 million) in 2016 from MAD2,267.18 million in 2015, according to the Moroccan insurance regulator, the Supervisory Authority of Insurance and Social Security (ACAPS) in its annual report.

    Source : MEIR | 01 Nov 2017
  • UAE: Dubai ranks as 2nd safest city in the world for drivers

    Dubai has been ranked the second-safest city in the world in which to drive, according to an extensive study into the quality of driving internationally commissioned by Kfzteile24, an online car parts retailer in Germany.

    Source : MEIR | 01 Nov 2017
  • Saudi Arabia: Auto insurers to employ female staff to serve women drivers

    All branches of the 29 insurers in Saudi Arabia which offer motor insurance will open a special section, staffed by women employees, to receive female customers, said the official spokesman for the insurance industry, Mr Adel Abdulaziz Al-Essa.

    Source : MEIR | 01 Nov 2017
  • Echo Re targeting more Asian business

    Dr Peter F Hugger is the man at the helm of Echo Re since February 2012. Having spent a considerable part of his 30-year professional life in Asia, with some of the top names in the reinsurance business, he is now ready to chart a new course for Echo Re in Asia, where the company already has a big presence and where he believes lies the opportunity for international players like his. He speaks to Asia Insurance Review on his new plans and strategy for the region, and the future ahead for his company.

    Source : AIR | 01 Dec 2017
  • Samsung Re: Expanding beyond group business

    Samsung Re has been keeping a low profile since its inception in 2011 but of late, the reinsurer has adopted a new strategy to expand its operations beyond its group business and into newer territories across Asia. We speak to Mr Tae Y Choi, CEO, Samsung Re at the SIRC, to find out the plans and strategies ahead for the company.

    Source : AIR | 01 Dec 2017
  • Philippines: Call for dashcams to be made mandatory in vehicles

    Fortune General Insurance (FGen) has urged regulators to make mandatory the use of dashboard cameras in motor vehicles to speed up and simplify insurance claim processing.

    Source : AIR | 01 Dec 2017
  • Australia - Changes to traffic laws and insurance needed for self-driving vehicles

    Legislative action and changes to motor insurance are needed in order to accommodate a “high level” of automation on Australian roads in the next five years, according to a report “Transforming Mobility”, a joint initiative from NRMA, PricewaterhouseCoopers (PwC) and transport company Keolis Downer. 

    Source : AIR | 01 Feb 2018
  • Japan: Insurers launching more offerings to safe drivers

    Insurers are offering lower premiums on an increasing number of new auto insurance products, in cases where the driver meets certain safety criteria. 

    Source : AIR | 01 Feb 2018
  • Digitalisation is driving motor insurance in China

    Rapidly evolving digital technologies such as telematics, advanced driver assistance systems (ADAS) and autonomous driving are changing the face of motor insurance, with the Chinese market taking a leading position. Mr Zhen Liu from Munich Re explores.

    Source : AIR | 01 Mar 2018
  • The rise of the connected vehicle - and what it means for warranties

    Motor car warranty needs to evolve as the automobile industry changes to one of connected vehicles. Mr Manfred Schmoelz of The Warranty Group says as more cars are connected, these cars will have the capability to identify components at risk of failure before it happens.

    Source : AIR | 01 Mar 2018
  • Asia: InsurTech investments surging strong

    InsurTech funding in 2017 rose 36% from the year before to reach US$2.3 billion, according to the latest data published by Willis Towers Watson.

    Source : AIR | 01 Mar 2018
  • India: Insurance mart could expand by 230% to US$280 bln in 3 years

    India’s Vice President M Venkaiah Naidu has said that the domestic insurance industry is expected to grow to US$280 billion by 2020 from $84.72 billion in 2017 as the country is poised for higher economic growth.

    Source : AIR | 01 Mar 2018
  • Malaysia: Non-life market to see continued subdued growth

    The general insurance sector has continued to be resilient in 2017, posting a 0.1% decrease in GWP to MYR17.65 billion (US$4.5 billion) for 2017, helped by positive growth in the second half of the year.

    Source : AIR | 01 Mar 2018
  • Insurers have a role in road safety

    If a jumbo jet with 400 passengers crashes, it makes breaking news. 400 deaths on Indian roads every day however, go unnoticed. Two insurance companies are doing their bit to improve road safety, a much neglected public health issue which is largely preventable.

    Source : AIR | 01 Mar 2018
  • Indian brokers - bumpy road ahead

    Low insurance penetration, expanding markets and emerging risks offer more opportunities but digitalisation, web aggregators and changing customer preferences pose stiff competition to brick and mortar brokers.

    Source : AIR | 01 Mar 2020
  • Malaysia: Insurers pay more than US$1 bln in motor claims in 2017

    Total motor insurance claims paid out by insurers amounted to MYR5.38 billion (US$1.38 billion) last year. On a daily basis, this works out to MYR14.7 million per day in claims for property damage, bodily injury and vehicle theft by all the motor insurers, according to the General Insurance Association of Malaysia (PIAM).

    Source : AIR | 01 Apr 2018
  • Growth in motor in Thailand

    Bangkok Insurance believes that it is a good time to grow its motor portfolio, while embarking on digital enhancements to improve customer experience and efficiency. 

    Source : AIR | 01 Apr 2019
  • Thailand: Drunk drivers barred from lodging motor claims

    Thailand’s Department of Disaster Prevention and Mitigation (DDPM) has reminded motorists that those involved in an accident while under the influence of alcohol cannot make an insurance claim.

    Source : AIR | 01 May 2018
  • Life prospects: Old is gold

    The future is bright for insurers servicing Southeast Asia’s largest ageing population and their young.

    Source : AIR | 01 Jun 2018
  • New era of partnership needed with auto(nomous) industry

    Self-driving cars will soon be coming to your neighbourhood. Thorsten Liebert from ERGO Mobility So-lutions takes an in-depth look at the impact on the business cases of both carmakers and the insurance industry.

    Source : AIR | 01 Jun 2018
  • Marketing insurance in the digital age

    Disruptions may come and disruptions may go but someone still has to market insurance products and promote the brand. Welcome to the hard-boiled world of marketing, advertising, promotion and corporate communications in the untamed digital frontier of the future.

    Source : AIR | 01 Jun 2018
  • Product Bytes

    APAC: XL Catlin launches real estate environmental protection solution
    Asia: New critical illness products in Hong Kong and Singapore
    Singapore: MSIG and Etiqa Insurance launch usage-based motor insurance

    Source : AIR | 01 Jul 2017
  • Thailand: Intercity bus operators oppose third-party insurance requirement

    A group of inter-city bus operators is protesting against a new Land Transport Department rule requiring them to buy motor third-party insurance in case of accidents. 

    Source : AIR | 01 Jul 2017
  • Putting the "auto" in automobile

    The automobile industry is set to be changed drastically with the introduction of automated vehicles. We sat down with Mr Richard Jinks, Head of Portfolio Solutions – Insurance at XL Catlin, who has been working with leading robotics researcher Oxbotica on perfecting the formula for driverless cars.

    Source : AIR | 01 Jul 2017
  • View from India: Prevention is better than cure

    Any step by the Indian insurance industry to support government efforts to reduce the carnage on Indian roads due to mounting road accidents would only add to their profitability.

    Source : AIR | 01 Jul 2018
  • Taiwan insurers bank on economic optimism

    Taiwan’s insurance market had a good run in 2017, where it grew by 9.1% to register record-breaking premiums of NT$3.57tn ($122.8bn), thanks to moderate domestic economic growth and an improving global financial environment. Insurers are not expecting this trend to wane anytime soon, though the industry will have to continue keeping a close eye on local competition, regulatory and capital market developments.

    Source : AIR | 01 Jul 2018
  • MSIG: Speed in the hour of need

    MSIG Asia CEO Alan Wilson says helping customers when they are most vulnerable is key and is what runs through the insurer’s DNA. He explains how the company’s latest digital initiative promises haste in its claims service, so its insureds may be relieved of unnecessary stress in the wake of an accident.

    Source : AIR | 01 Aug 2017
  • Thailand: Online car insurance broking startup targets US$3 bln premiums in 1st year

    Carpool Insurance Broker, a Thai InsurTech firm, is aiming for THB100 million (US$3 million) of premiums during its first year of operations.

    Source : AIR | 01 Aug 2017
  • India: Future Generali delivers policies via WhatsApp

    Future Generali India Insurance (FGII) said that it has begun to deliver insurance policies via WhatsApp, becoming the first general insurer in India to adopt this channel.

    Source : AIR | 01 Aug 2018
  • Indonesia: Pick up in car sales a boon for motor insurers

    Vehicle insurance premiums increased by 16.9% to IDR4.79tn ($333bn) in 1Q2018 compared to the corresponding quarter last year, the General Insurance Association of Indonesia (AAUI) has disclosed.

    Source : AIR | 01 Aug 2018
  • Philippines: 50% of ridesharing operators take up required insurance

    The Insurance Commission is urging Grab and Uber operators to secure insurance coverage required of public utility vehicles (PUVs), saying that only about half of them had so far complied with the passenger personal accident insurance programme (PPAIP).

    Source : AIR | 01 Sep 2017
  • Loss of Indian science was a gain for the Indian insurance industry

    Asia Insurance Review caught up with Mr Tapan Singhel, MD & CEO, Bajaj Allianz General Insurance Company, who was recognised as a LinkedIn Power Profile for the third consecutive year – a hat trick!  In this exclusive, the insurance stalwart shares his thoughts on a variety of issues including digitalisation and building good corporate culture.

    Source : AIR | 01 Sep 2017
  • General insurance: In for DyNAmic changes

    Malaysia’s general insurance sector reported sluggish growth for a second year running, stalled largely by economic headwinds. But insurers are unfazed as they set their sights on embracing market liberalisation and disruption, while noting the market needs to dig deep and transform from within. 

    Source : AIR | 01 Sep 2017
  • Australia: Productivity Commission urges action on add-on insurance products

    The Australian Securities and Investments Commission (ASIC) should proceed as soon as possible with its proposal to mandate a deferred sales model for all sales of add-on insurance by car dealerships, said the Productivity Commission.

    Source : AIR | 01 Sep 2018
  • Indonesia: Commodities fuel heavy vehicle insurance

    The commodity sector in Indonesia, which has revived since the end of last year, has brought blessings to heavy vehicle insurance. This is due to the growth of financing in the heavy equipment sector.

    Source : AIR | 01 Sep 2018
  • South Korea: Motor business dips in 1H2018

    South Korea’s auto insurance market contracted slightly in the first half of this year, hit by intensifying competition and lower premiums, according to data from the Financial Supervisory Service (FSS).

    Source : AIR | 01 Sep 2018