The desire to free up capital is a major factor driving the opportunity in Asia for asset-intensive longevity transactions, says Reinsurance Group of America (RGA). Two other main elements are the ageing population and regulatory changes.
The Algerian government will prohibit cash payments in the insurance, real estate, and automobile sectors in a fight against moneylaundering, tax evasion, and other black market activities.
The Agriculture and Rural Development has drawn up plans to revamp agricultural insurance in the country from the central down to the local level, according to Mr Le Minh Hoan who heads the ministry.
The Financial Supervisory Commission (FSC), Taiwan's financial regulator, has reiterated that the risk coefficient applicable to the insurance industry's 100% investment in public infrastructure through domestic venture capital firms will be reduced.
The Indonesian government's plan to increase the Value Added Tax (VAT) from 11% to 12% starting in January 2025 will affect the bottomline of the sector, according to the chairman of the Indonesian General Insurance Association (AAUI) Mr Budi Herawan.
The National Assembly's Standing Committee on Commerce has urged Pakistan National Insurance Company Limited (NICL) and Pakistan Reinsurance Company (PAKRe) to focus on strengthening their role in the private sector and expanding public relief efforts.
The Office of Insurance Commission (OIC) has revamped motor insurance regulations for the first time in nearly 20 years, with a pilot run to be launched next year.
The Central Bank of Jordan (CBJ) has completed preparing a draft insurance law, according to a statement by the regulator released last week.
The Insurance Association of Turkiye (TSB) has announced that it has become mandatory for buyers of second-hand vehicles to have compulsory motor third-party liability insurance (traffic insurance) before the vehicle purchase transaction.
The Insurance and Social Security Supervisory Authority (ACAPS) has been re-elected as vice-chair of the executive committee of the International Association of Insurance Supervisors (IAIS), in the person of Mrs Siham Ramli, director of Communication and International Relations.