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Claims tag returned 74 results

  • Taiwan: Farmers might receive increased compensation for crop and livestock losses

    The Taiwan government has passed a draft bill to increase insurance coverage for crops and livestock which are damaged by epidemics, pests and natural disasters according to a report from the Taipei Times. The yearly economic costs of such damage averages around NT$10bn ($321.8m) and the bill allows farmers to receive more compensation from insurers as well as government-certified farmers' associations.

    Asia | 22 Jul 2019
  • Cyber attacks hit businesses hard with nearly $5m losses: Study

    Businesses in China, Japan and India are seeing an estimated average loss of nearly 10% of their revenue due to cyber attacks, revealed a new report from global research initiative titled 'The Cybersecurity Imperative'. In fact, annual losses from cyber attacks globally averaged $4.7m in the last fiscal year with over one in 10 firms losing over $10m. This highlights that most companies across industries and regions are witnessing a greater volume of cyber attacks and higher losses per incident.

    Asia | 17 Jul 2019
  • India: IRDAI clarifies new regulations for motor insurance

    The Insurance Regulatory and Development Authority of India (IRDAI) has clarified that only new private cars and two-wheelers will be covered by new rules governing long-term third-party motor insurance, reported local publication Financial Express. While existing vehicles can continue to renew their policies on an annual basis, it will be compulsory for new private cars to go for three-year policies and for new two-wheelers to go for five-year policies.

    Asia | 15 Jul 2019
  • Sri Lanka: Terror victims wait for pending insurance pay-outs

    Following the terror attacks in Sri Lanka in April which killed at least 290 people and left more than 500 injured, insurance claimants affected by the attacks are still waiting for pay-outs. According to a report from Times Online, the Ceylon Teachers Union (CTU) alleged that students affected by the attacks are yet to receive their pay-outs from the 'Surakasha Students Insurance Scheme'.

    Asia | 12 Jul 2019
  • Pakistan: Government-issued insurance card covers health expenses for the poor

    The newly-created 'Poverty Alleviation and Social Protection Division' of the Pakistan government has introduced a health insurance card in 38 districts to date, reported Pakistan Point News. The card aims to help 3.3m low-income Pakistanis with their medical expenses.

    Asia | 12 Jul 2019
  • Equipment breakdown responsible for 28% of all 2018 property-related losses for insurer

    According to an analysis of large risk losses reported in 2018 to FM Global, 28% of the commercial property insurer's losses across all industries were the result of equipment breakdown. Large risk losses are those over $3m that do not include natural hazard loss.

    Asia | 11 Jul 2019
  • Asian economic powerhouses incur heavy Nat CAT losses in June: Report

    China and India were struck badly by Nat CAT losses last month, according to the latest edition of Aon's monthly 'Global Catastrophe Recap' report which evaluates the impact of the natural disaster events that occurred worldwide during June 2019. While the seasonal flood toll in China was listed at $6.1bn, nationwide year-to-date drought losses in India increased to approximately $1.75bn.

    Asia | 11 Jul 2019
  • Philippines: State insurer considers automating processes to limit corruption

    The Philippine Health Insurance Corporation (PhilHealth) is considering automating its processing system completely in order to prevent corruption in the agency's transactions, reported the Manila Bulletin. Earlier last month, the agency's former president and CEO Roy Ferrer and six other PhilHealth officials resigned after allegations of fraudulent claims paid by the agency highlighted underlying corruption and revealed insurance fraud.

    Asia | 10 Jul 2019
  • Claims handling made easy via regional loss-adjusting event

    To understand the practical aspects that are relevant when handling machinery breakdown (MB) and related business interruption (BI) losses, insurance brokers and loss adjusters from the region attended a two-day interactive workshop in Bali last week on 4-5 July 2019.

    Asia | 08 Jul 2019
  • Chinese-European partnership to boost InsurTech development globally

    ZhongAn Online P&C Insurance has collaborated with Digital Insurance Agenda (DIA) to advance the development of InsurTech globally, reported the Shanghai Daily. While Zhong An is dubbed China's first digital-only insurer, DIA is a InsurTech conference organiser headquartered in Barcelona

    Asia | 05 Jul 2019

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