Life Insurance Corporation of India (LIC), India's largest insurance company, is moving towards limiting its debt and equity exposure to companies, according to an exclusive report by Reuters which quoted two sources.
The Life Insurance Department of the CBIRC is reported to have held a forum with the Insurance Association of China and representatives of more than 20 insurance companies to discuss liability costs and asset-liability management in the life insurance industry.
China's plan to centralise the supervisory agencies for most financial sectors should reduce regulatory gaps and support efforts towards a framework that can monitor and address risks more systematically across the financial system, says Fitch Ratings.
Among the several positive factors in the insurance markets of the Middle East, including Egypt, are increased demand for reinsurance and the desire of insurance companies to ensure sufficient capacity to meet the needs of their business, according to Ms Catherine Thomas, senior director of analytics at AM Best.
From the failure of banks like SVB and Signature Bank in the US to the takeover of Credit Suisse, crisis in the banking sector has raised concerns of the start of another financial crisis.
Mr Daniel Wang, executive director - Insurance, Monetary Authority of Singapore (MAS), has been named the new chair of the UNDP-convened Sustainable Insurance Forum (SIF).
Global electronics industry is likely to face a threat from semiconductor supply chain according to a new report by Lloyd's and WTW.
A recent survey has revealed that almost half (49%) of the participating companies have already replaced workers with ChatGPT, the AI tool that emerged on the scene only in November 2022.
The Financial Services Authority (OJK) continues to strengthen the insurance industry by ensuring that industry players are ready to implement the Statement of Financial Accountant Standards (PSAK) 74 concerning Insurance Contracts starting 1 January 2025.
Shift Technology, a provider of AI-driven decision automation and optimisation solutions for the global insurance industry, has announced that The General Insurance Association of Singapore (GIA) will extend its use of Shift Claims Fraud Detection on behalf of its member insurers.