Aon in a new collaboration with risk analytics company Praedicat, will develop a range of specialist liability reinsurance solutions to address product liability risks including nanomaterials and 5G.
Asia Pacific has the highest percentage of medical claims fraud, sitting at 4%. This is double that of the EMEA region and almost triple that of the US. The insurance industry loses about $1 billion in fraudulent medical claims each year, but it does not have the time, resources and scale to combat the problem. This was the problem that RGA attempted to solve with their claims adjudication automation solution.
The insurance industry loses about $1bn in fraudulent medical claims each year, but it does not have the time, resources and scale to combat the problem. Asia Pacific also has the highest percentage of claims fraud, sitting at 4%; this is double that of the EMEA region and almost triple that of the US. This was the problem that RGA attempted to solve with their claims adjudication automation solution.
Within Australia's insurance job market, the skills in greatest demand this year include those of brokers with a Tier 1 qualification and at least five years of experience, according to a report by the global recruitment and human resources services firm, Hays.
Insurance consumers in US are generally more satisfied with the digital claims channels of their insurers than the consumers in the UK, Australia, New Zealand and Hong Kong.
South Africa's workers who did not receive their COVID-19 Temporary Employment Relief Scheme (TERS) benefit payment from the Unemployment Insurance Fund (UIF) have been assured that payment re-runs for outstanding claims were under way for the period of April to 15 September, starting mid-December.
The insurance industry in Nepal has settled less than 50% of the total COVID-19 claims lodged till date causing huge distress to policyholders leading to government intervention in the matter.
The Insurance Council of Australia (ICA) is looking to overturn a New South Wales Court of Appeal test case decision that found two policy wordings citing the now repealed Quarantine Act 1908 could not be used to exclude cover for disruptions caused by the COVID-19 outbreak.
Insurance industry losses from natural catastrophes and manmade disasters globally amounted to $83bn in 2020, according to Swiss Re Institute's preliminary sigma estimates. This makes it the fifth-costliest year for the industry since 1970.
Governments across Asia undertook a range of containment measures, including increased public health advice and monitoring, restrictions to international travel and national lockdowns. In many countries, all companies barring the most essential were ordered to close, and employees instructed to work from home. While brokers and policyholders are looking for clarity on policy coverage in the event of widepread viral infectious disease, few claims have actually been lodged.