Bank Negara Malaysia (BNM), the central bank of the southeast Asian country, has published a policy document that sets out revised requirements to ensure alignment with Malaysian Financial Reporting Standard (MFRS) 17 "Insurance Contracts" and MFRS 9 "Financial Instruments".
The IRDAI is allowing general insurers to design new and customised products for fire and allied perils related to dwellings, micro and small enterprises, in its bid to increase insurance penetration and provide a wider choice to policyholders.
The CBIRC has expanded the investment scope of the insurance sector to include a wider array of financial products in order to enable the CNY23tn ($3.4tn) worth of insurance funds to better serve the economy.
The Financial Services Council of New Zealand (FSC) in its submission on the proposed New Zealand Income Insurance Scheme (NZIIS) has called for more time and wider industry engagement to ensure that the scheme is best placed to achieve its objectives.
VerifyMe Nigeria has launched a new service to verify the status of a vehicle licence in real-time, extending its portfolio beyond digital ID verification, biometrics, and consumer analytics.
Car owners have been given a grace period of 30 days to renew an expired driving licence in case they have caused an accident so that they would still be protected by motor insurance coverage, sources working in the insurance sector have said.
The CBIRC has issued a notice on regulating and promoting the development of commercial personal pension plans, outlining several principles to be followed by insurers and other financial institutions that engage in the business.
The average annual motor insurance premium charged in the first quarter of this year was in the range of CNY1,000 ($147) to CNY3,000, according to the 1Q2022 quarterly solvency reports filed by 59 property insurers as of 9 May. More specifically, the average auto premium for the 59 companies amounted to CNY2,015.
Over 80% of 155 insurance companies in China that have released their 1Q2022 solvency reports show a decline in solvency ratios as of 31 March 2022 compared to levels in 2021.
Although many in the insurance industry are predicting positive growth in Australia over the coming year, many issues that defined 2021 remain front of mind for 2022, with some of them also part of global insurance trends, states the legal services firm Sparke Helmore Lawyers which is a member of the Global Insurance Law Connect (GILC), an alliance of insurance law firms spanning four continents.