The IFPAS 50th Anniversary gala dinner was graced by Guest of Honour, Ms Sim Ann, Senior Minister of State, Ministry of Communications and Information & Ministry of Culture, Community and Youth.
In response to Singapore's increasing ageing population and need for retirement planning, HSBC Life Singapore has launched a plan that offers a regular stream of monthly income when the insured reaches retirement as well as additional coverage should they be diagnosed with ageing-related conditions and chronic diseases.
The Shenzhen Banking & Insurance Regulatory Bureau has released a draft of its proposal for establishing a cross-border insurance innovation service centre, with insurance intermediaries at the core of the system. The centre, when established, will bring the insurance industry in the Greater Bay area comprising Guangdong, Hong Kong and Macau, one step closer.
China Re Life has pointed out that critical illness insurance is the most important product line in health insurance at present.
China Cinda Asset Management has put up for sale, on the Shanghai United Assets and Equity Exchange, its 50.995% stake in Happy Life Insurance, comprising 5.166bn shares. The reserve price for the block of shares is CNY7.5bn ($1.06bn).
Australian Securities & Investments Commission (ASIC) expects insurers and superannuation fund trustees to make prompt changes to ensure that total and permanent disability (TPD) insurance provide real value to policyholders.
China Life Insurance has the financial strength to meet the requirements set by the International Financial Reporting Standards 17 (IFRS 17), which are to take effect by 2025, the insurer's parent company, China Development Financial Holding Corp (CDFHC), has said.
Health insurance spending covering smoking and drinking-related treatments reached KRW13tn ($11bn) in the years 2016-2018.
In a drive to strengthen its capabilities in product development and strategy, Tokio Marine Life Insurance Singapore (TMLS) has appointed former Allianz executive Gilbert Pak as chief marketing officer and former China Life executive Michael Kuek as chief and appointed actuary.
AIA Singapore has launched AIA Power Critical Cover, an innovative critical illness (CI) plan offering comprehensive protection from diagnosis of pre-early conditions to all stages - early, intermediate, major, and relapse - of critical illnesses.