...Tokio Marine Newa Insurance Corp has completed a capital injection of NT$12bn ($387m) to boost its risk-based capital ratio to above the healthy level of 200%, the insurer has announced....
Source : eDaily | 22 Jun 2023...The COVID-19 virus is still being cited as a reason for claims lodged by travellers in New Zealand and Australia, according to Southern Cross Travel Insurance (SCTI), which includes COVID cover in its policies....
Source : eDaily | 19 Jun 2023...Union Insurance Company reported a significant net loss of NT$1.3bn ($42.3m) for the financial year ended 31 December 2022, compared with a net profit of NT$697m for the full-year 2021, predominantly attributed to pandemic insurance claims, notes AM Best....
Source : eDaily | 06 Jun 2023...The Financial Supervisory Commission (FSC) has ordered four non-life insurance companies to raise new capital by the end of June after their capital solvency conditions worsened due to massive COVID-19 insurance policy payments....
Source : eDaily | 11 Apr 2023...COVID-19 has become one of Australia's top three leading causes of death in 2022, having claimed more lives than stroke, lung and colon cancer, lower respiratory disease, and diabetes, research released by the Actuaries Institute shows....
Source : eDaily | 11 Apr 2023...Australia is estimated to have recorded nearly 20,000 more deaths than expected in 2022, largely because of the COVID-19 pandemic, research released by the Actuaries Institute today shows....
Source : eDaily | 05 Apr 2023...Since 20 March 2023, insurance companies have not been required to pay claims from policyholders with mild COVID-19 symptoms....
Source : eDaily | 21 Mar 2023...Nan Shan General Insurance reported a significant net loss of NT$1.3bn ($42.4m) as of the end of September 2022, notes AM Best....
Source : eDaily | 20 Mar 2023...coronavirus-related policies. This would increase their financial leverage and reduce their financial flexibility,” said Moody’s...
Source : AIRPlus | 16 Mar 2023...China's basic medical insurance fund covered COVID-19 vaccine and vaccination expenses of CNY150bn ($21.7bn) for the two years, 2021 and 2022, the National Healthcare Security Administration (NHSA) has announced....
Source : eDaily | 16 Mar 2023...Fubon Insurance, Taiwan's biggest non-life insurer, has seen significant deterioration in capitalisation, profitability and reserve adequacy due to substantial losses from its COVID-related policies, notes Moody's Investors Service....
Source : eDaily | 10 Mar 2023...The long-term effects of COVID-19 and shifting workplace needs are driving change in healthcare plans, from increased claims costs as a result of delayed diagnoses, to insurers' digital innovation and inclusivity criteria, says Mercer Marsh Benefits (MMB)....
Source : MiddleEast | 02 Mar 2023...Fubon Insurance has reported a significant net loss of NT$40bn ($1.3bn) for the fiscal year ended 31 December 2022 (FY2022), compared with a net profit of NT$6.9bn in FY2021. The loss arises largely from COVID-19-related business....
Source : eDaily | 09 Feb 2023...The Non-Life Insurance Fund received COVID-related claims exceeding THB60bn ($1.83bn) from more than 700,000 people in 2022 as a result of the insolvency of four insurance companies....
Source : eDaily | 26 Jan 2023...The Financial Supervisory Commission has announced that the life insurance sector raised capital totalling NT$58.7bn ($1.94bn) in cash in 2022, representing a three-year high while the property insurance sector increased its capital by NT$98.5bn, a hike of 911 times over funds of NT$1.1m raised in 2021....
Source : eDaily | 17 Jan 2023...The insurance regulator will conduct a study on the impact of the COVID-19 pandemic on mortality trends and life insurers' claims experience....
Source : eDaily | 13 Jan 2023...Australia's estimated resident population is expected to grow from 25.7m on 30 June 2021 to 29.9m by 30 June 2033, says the Australian government's Centre for Population....
Source : eDaily | 13 Jan 2023...The last flow of business interruption claims stemming from COVID-19-related lockdowns in the Gulf Cooperation Council region can be expected between now and the spring, according to Mr Wayne Jones, a partner based in global legal firm Clyde & Co's Dubai office, from where he heads up Clyde & Co's re/insurance team in the region....
Source : MiddleEast | 09 Jan 2023...The Chinese authorities have released a circular to further optimise medical insurance policies to ease the financial burden of COVID-19 patients....
Source : eDaily | 09 Jan 2023...The Chinese government's relaxation of its zero-COVID policy has fuelled fears that the number of infections would skyrocket, prompting many insurers to withdraw their low-priced COVID insurance plans from the market....
Source : eCin | 23 Dec 2022...The Chinese government's relaxation of its zero-COVID policy has fuelled fears that the number of infections would skyrocket, prompting many insurers to withdraw their low-priced COVID insurance plans from the market....
Source : eCin | 16 Dec 2022...Health insurers have handed back to policyholders about A$2.1bn ($1.4bn) of the profits they gained from a reduction in claims between the start of the pandemic and 30 June 2022, according to the latest report of the Australian Competition and Consumer Commission (ACCC)....
Source : eDaily | 06 Dec 2022...Sunshine Insurance Group, which has launched an IPO in Hong Kong, says in its prospectus that measures imposed by the Chinese government to curb the COVID-19 pandemic may cause general uncertainties and short-term impacts on the group's offline business activities, financial condition and operational management....
Source : eCin | 02 Dec 2022...Taiwan's leading non-life insurer Fubon Insurance should be able to recoup COVID-related losses over the short to intermediate term, given its track record of favourable operating results in traditional lines, says AM Best....
Source : eDaily | 10 Nov 2022...The Insurance Board (IB) has started settling COVID-19 insurance claims that had been suspended for some time....
Source : eDaily | 07 Nov 2022...Further capital injection into property-and-casualty insurance operations may be inevitable, as the number of COVID cases soars, Bloomberg reports, citing JPMorgan analysts....
Source : eDaily | 21 Oct 2022...The High Court has refused applications by insurers for special leave to take their COVID-related business interruption cases to the highest legal venue in Australia, thus stopping attempts to raise key test cases about whether insurers have to pay out interruption claims for thousands of businesses devastated during COVID-19 lockdowns. The decision was announced on 14 October....
Source : eDaily | 17 Oct 2022...The insurance industry has already released almost PHP20.82bn ($353m) in total COVID payouts to policyholders who were infected by the virus from the start of the pandemic in March 2020 until end-June this year, according to data from the Insurance Commission (IC)....
Source : eDaily | 10 Oct 2022...As part of a broader set of lessons learnt from the COVID-19 pandemic, the International Association of Insurance Supervisors (IAIS) and Access to Insurance Initiative (A2ii) have jointly published a note examining the role insurance supervisors could play in the design, development and implementation of insurance-based programmes for pandemic risk....
Source : eDaily | 03 Oct 2022...Total premiums generated from supplementary health insurance (SHI) business increased by 137% to TRY2.79bn ($151.72m) in the first half of this year compared to the corresponding half of the previous year, according to the Insurance Association of Turkiye (TSB) that compiled the data from its member companies....
Source : MiddleEast | 26 Sep 2022...COVID-19 insurance claims are expected to drag on Cathay Century Insurance's operating results in 2022 and possibly 2023, says AM Best that nevertheless regards the negative impact as a one-off event....
Source : eDaily | 26 Sep 2022...The Australian Prudential Regulation Authority (APRA) has sought to ensure that the insurers learn the lessons from Business Interruption (BI) insurance disputes arising from the COVID-19 pandemic, Ms Helen Rowell, the regulatory agency's deputy chair, has said....
Source : eDaily | 12 Sep 2022...Insurers in Taiwan paid out claims related to COVID-19 insurance policies totalling more than 14 times the premium income received on the policies between 1 January and 5 September this year, the Insurance Bureau of the Financial Supervisory Commission (FSC) has revealed....
Source : eDaily | 12 Sep 2022...COVID-19- related hospitalisation benefits paid by insurers from March 2020 through March 2021, prior to the outbreak of the new and highly infectious Delta and Omicron COVID variants, totalled JPY12.33bn ($86.52m), of which deemed hospitalisation benefits totalled JPY6.98bn, states The Toa Reinsurance (Toa Re)....
Source : eDaily | 12 Sep 2022...The Life Insurance Association of Japan has urged its members to consider limiting the scope of policyholders eligible to receive COVID-19 hospitalisation benefits....
Source : eDaily | 06 Sep 2022...Global law firm, Clyde & Co, says that it has successfully defended a claim on behalf of insurers in a landmark decision by the Insurance Disputes Committee (IDC) in Saudi Arabia (KSA)....
Source : MiddleEast | 01 Sep 2022...Total claims from COVID-19 pandemic policies will continue to rise and put material pressure on the Taiwanese non-life segment's underwriting performance for this year as a whole, according to Mr James Chan, associate director at AM Best....
Source : eDaily | 26 Aug 2022...The COVID-19 pandemic has contributed to the already-rapid decline in China's marriage and birth rates, reported Reuters citing the National Health Commission....
Source : eDaily | 24 Aug 2022...The board of directors of Central Reinsurance Corporation has approved a capital increase of NT$2.1bn ($70m) to boost the company's working capital and strengthen its financial position....
Source : eDaily | 19 Aug 2022...The top 12 sellers of COVID-19 and vaccine-related insurance policies in Taiwan have paid out NT$57.8bn ($1.9bn) in claims so far in 2022, wiping out more than three years of profits from the non-life insurance industry, according to the Financial Supervisory Commission (FSC)....
Source : eDaily | 18 Aug 2022...China's "dynamic zero-COVID" policy is expected to continue to be implemented well into 2023, says Fitch Ratings in a report released last week which is titled "APAC Exposure to Slower China Growth"....
Source : eDaily | 08 Aug 2022...The Insurance Council of Australia (ICA) yesterday acknowledged the High Court's request to hear oral arguments on the applications for special leave to appeal the Full Court of the Federal Court of Australia's recent judgment on the interpretation of policy wordings in business interruption policies in the context of COVID-19....
Source : eDaily | 05 Aug 2022...The top 12 sellers of COVID-related insurance policies in Taiwan have paid out nearly NT$32bn ($1.07bn) in pandemic-related claims in 2022....
Source : eDaily | 02 Aug 2022...The Thai government will stop covering medical expenses of COVID-19 patients outside their normal entitlement starting from today unless their condition is critical....
Source : eDaily | 01 Jul 2022...The board of Taiwan Life yesterday approved injecting additional funds of NT$4bn ($135m) into the company's wholly-owned P&C insurance subsidiary, CTBC Insurance....
Source : eDaily | 01 Jul 2022...New research findings about the impact of the COVID-19 pandemic, on small and medium enterprises (SMEs) in New Zealand, suggest a gap between the changes business owners have made during the pandemic and the subsequent changes made to their insurance cover....
Source : eDaily | 27 Jun 2022...The Central Bank of the UAE (CBUAE) has disclosed that total paid insurance claims relating to COVID-19 amounted to AED790m ($215m) in 2021, marginally lower than the AED800m paid in 2020....
Source : MiddleEast | 16 Jun 2022...A spike in claims due to a COVID-19 resurgence could lead to a capital event for some of the island's non-life insurers with in-force pandemic-related insurance products, according to a new AM Best commentary....
Source : eDaily | 16 Jun 2022...The Indonesian Life Insurance Association (AAJI) says that life insurers have paid more than IDR9tn ($610m) for claims related to COVID-19 between the start of the pandemic in March and 31 March 2022....
Source : eDaily | 15 Jun 2022...Several Taiwanese insurance companies have halted sales of overseas travel insurance policies that cover medical expenses due to sudden illness, in a bid to curb potential losses arising from payouts for COVID-19....
Source : eDaily | 15 Jun 2022