The actuarial profession will need to evolve as Singapore and Asia face a world of increasingly complex, interconnected and consequential risks, according to Mr Alvin Tan, a Board Member of the Monetary Authority of Singapore who is also Minister of State, Ministry of Foreign Affairs and Ministry of National Development.
The Insurance Authority, in cooperation with the General Directorate of Civil Defence, has announced the launch of the Third-Party Cooperative Insurance Policy for Crowded Places and High-Risk Activities. The insurance will be mandatory pursuant to a Council of Ministers resolution.
The Financial Regulatory Authority (FRA) has approved GIG Insurance-Egypt's capital increase, amounting to EGP150m ($2.97m).
Japan's Financial Services Agency has launched interviews with insurers that had business dealings with insurance agency Advance Create, following allegations that insurers may have assisted in concealing improper accounting practices, according to a report by Toyo Keizai.
Japan's continued reliance on fossil fuels poses significant risks to its economy and people's livelihoods, according to a new report jointly published by SOMPO Institute Plus and Japan Youth Council.
Japan's Financial Services Agency (FSA) has warned of growing difficulties for high-risk companies and large factories to secure corporate insurance under the same terms as in the past, as non-life insurers strengthen risk-based underwriting.
China is directing a greater share of newly added national medical insurance funds towards primary healthcare institutions as part of efforts to reduce patients' out-of-pocket costs and strengthen community-level healthcare.
Continental Reinsurance (Continental Re) has launched its initial public offering (IPO) on the Botswana Stock Exchange, marking the first public offering by a reinsurer in the country.
The Insurers Federation of Egypt (IFE) has emphasised the importance of strengthening the integration between academic education and the insurance market, in light of rapid changes in the labour market.
Businesses in the UAE are leaning more heavily on trade credit to stay competitive, as well as drive growth and strengthen customer relationships.