China's removal of COVID-19 pandemic-containment measures has supported new business generation at life insurers in 2023, with PICC Life Insurance Company reporting strong growth in new business value (NBV) in 1H2023. NBV increased by 67% yoy to CNY2.5bn ($342m) in 1H2023, while the value of in-force business after cost of capital rose by about 3.9% to CNY34.8bn.
The National Administration of Financial Regulation (NAFR) has approved the takeover of Evergrande Life Insurance, a unit of debt-ridden real estate giant China Evergrande Group, by a new state-owned insurer specifically set up for the purpose.
The Monetary Authority of Singapore (MAS), which is Singapore's central bank, has published its framework for designating domestic systemically important insurers (D-SIIs), and the inaugural list of four D-SIIs.
The implementation of the first Egyptian actuarial tables for life insurance will commence soon, which will contribute to supporting life insurance business and promoting the fair pricing of products, Dr Mohamed Farid, chairman of the Financial Regulatory Authority (FRA) has said.
The legislative infrastructure and ecosystem for participation insurance (takaful) will be improved, and regulations will be implemented for the more effective and transparent implementation of insurance techniques compatible with participation finance principles.
Based on information of fraud obtained through AI and ML anti-fraud initiative, India's government run health insurance scheme Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) has collected a penalty amount of INR95m ($1.15m) while 0.53m Ayushman cards have been disabled and 210 hospitals de-empanelled.
AIA NZ has announced a collaboration with Smartshares, an investment funds manager in New Zealand and a subsidiary of NZX, to ensure a seamless and cost-efficient transition of the insurer's $500 million unit-linked policy portfolio into SuperLife funds.
AM Best expects that the gradual improvement in Hotai Insurance's risk-adjusted capitalisation over the short to intermediate term may support a stronger balance sheet strength assessment, while the company returns and maintains its operating profitability level to a pre-pandemic level.
A study by private life insurer SBI Life and Deloitte has revealed that 71% of uninsured Indians feel insurance is a critical lever for building financial immunity
According to a recent survey by Prudential plc, Empowering Aspirations: Financial Preparedness in Asia, more than 60% out of the 5000 respondents surveyed across Hong Kong, Indonesia, Malaysia, Singapore and Thailand stated their commitment to setting aside money specifically for health and income-related emergencies.