The number of insurance fraud incidents in South Africa has increased, with two concerning trends emerging in recent years that are murder for insurance payouts and deceased estate fraud, according to Mr Jean van Niekerk, convenor of the Forensic Standing Committee of the Association for Savings and Investment South Africa (ASISA).
CITIC Prudential Life Insurance (CPL) has announced that its two shareholders will each increase their capital in the joint venture by CNY1.25bn ($175m). This means a total increase of CNY2.5bn for CPL.
Life insurers in Taiwan have shifted their focus towards sales of protection-type products and continued to strengthen their capitalisation, on the implementation of accounting standard IFRS 17 and the Taiwan-localised Insurance Capital Standard (TW-ICS) in 2026, Fitch Ratings says.
Price Forbes Singapore has appointed Ms Jennifer Gray as director of professional risks and healthcare. In her new role, she will focus on effectively managing and expanding Price Forbes' professional lines and healthcare portfolio, leveraging her experience to drive growth through both domestic and international markets.
The Insurance Authority and the Saudi Red Sea Authority (SRSA) have signed a cooperation agreement to launch insurance products that cover risks associated with all coastal tourism activities through local insurance companies.
Gallagher has launched alternative risk management solutions in the Abu Dhabi Global Market (ADGM) through its wholly-owned subsidiary, Artex.
WTW has expanded its corporate risk and broking business in Japan with the launch of an insurance brokerage service. The new brokerage operation will be headed by Mr Tetsuro Nakazawa, head of WTW Broker Japan.
The IRDAI has drafted guidelines for a comprehensive insurance fraud monitoring framework for the insurance sector to identify, assess, and mitigate fraud risks effectively across the insurance industry.
The Financial Supervisory Commission (FSC) has announced that as of 15 October 2024, two life insurance companies have applied to adopt the new foreign exchange rate volatility reserve system.
Financial constraints are a significant barrier to preparedness for 38% of Malaysians, with 54% feeling unprepared for climate events such as floods, heatwaves, and landslides, according to the findings of Zurich Malaysia's Climate Resilience Survey.