Singapore cut its 2020 growth and exports forecasts on Monday due to the expected economic blow from the new coronavirus outbreak, flagging the chance of a recession this year.
Health officials in China have published the first details of more than 44,000 cases of Covid-19, in the biggest study since the outbreak began.
The Insurance Commission (IC) has issued a stern warning to all life and non-life insurance companies that a cease-and-desist order shall be issued against them should they fail to comply with the PHP900m ($17.8m) minimum net worth and minimum capital investment requirement by the regulator's deadline.
The Financial Supervisory Commission (FSC) has said that new regulations regarding the management of insurance companies have been drafted and will be introduced on 1 March.
The Financial Services Authority (OJK) will revise regulations related to the financial health of insurance companies. Among other measures set out in the proposed revised regulation, insurance companies will be rated from 1 (healthy) to 5 (unhealthy).
The solution to uninsured fire risk in Turkey is to start by drawing up a masterplan on how to mitigate the risk, Turkey Insurance Adjusters Association president Ahmet Nedim Erdem has said.
Environmental, social, and governance (ESG) factors affect the insurance industry both directly and, more than other sectors, also indirectly. S&P Global Ratings says that it believes that in many cases, the indirect sources of ESG risk can be more material than the direct sources.
The insurance regulator, IRDAI, has called on insurance entities like LIC and GIC Re to play an active role in ensuring high corporate governance standards in the listed companies in which they invest.
The Financial Services Authority (OJK) says that it will soon complete the reform of the regulation and supervision of the non-bank financial industry.
Around 2,500 medical workers began a five-day strike Monday in opposition to the government's handling of the coronavirus. The Hospital Authority Employees Alliance, a workers' union which was only recently created, said the industrial action would swell in size with each consecutive day if the borders were not fully closed.