Kenya: Insurance market on recovery path post-COVID

...technology and venturing into the agriculture sector to boost earnings. The sector has been subdued in the last two years due to economic shocks and the impact of the COVID-19 pandemic, rep...

Indonesia: OJK issues regulation to improve financial literacy, inclusion

...technology and increase the number of financial literacy and inclusion activities by optimising the roles of businesspersons.  It will also accommodate the impact of financial service...

Waterdrop swings back to profits in 2022 on heavy cost cutting

...New York-listed Waterdrop, one of China's largest listed insurance intermediaries with a technology platform dedicated to insurance and healthcare services, swung its financial performance to black ink in 2022 through heavy cost cutting....

ZhongAn posts losses in 2022, hit by weak investment gains

...technology, banking and other businesses. Giving details of its insurance operations, ZhongAn states that it recorded a total of GWP of CNY23,651m in 2022, representing a year-on-year incre...

Insurance industry grows by 3.8% in Jan 2023

...Technology and Business University, says that the decline in accident insurance premium income is explained by several factors including regulatory changes to the accident insurance market and restri...

Rural India says inadequate funds and high premiums deter them from buying life insurance

...technology from the comfort of their homes, with 64% of rural respondents using mobile phones for engaging in social media messaging/chatting and 58% using phones to watch movies or videos. However,...

Insurers should avoid complacency amid bank failures

...technology companies. At the start of 2023, many technology and venture capitalists began withdrawing their deposits from their banks. “Banks like SVB which served as the primary bank...

Rural India offers ample scope for life insurers

...technology from the comfort of their homes, however, only 17% use mobile ‘phones for online financial transactions, highlighting that better measures are needed to build digital financial aware...

Global electronics industry at threat from semiconductor supply chain

...technology and even power the clean energy solutions being used to enable a sustainable future, such as solar and wind farms. Due to the complex and global nature of the sector, it is subject to a mu...

In almost 50% companies ChatGPT replaces workers

...technology will create new job opportunities in the future. Overall, the survey indicates that the programme has become a popular tool for companies, with many seeing its benefits in a vari...

Insurers get ready to bridge the talent gap

...technology and are attractive with the right tools to bring in the best talent.” Insurers ramp-up hiring In India, Edelweiss Tokio Life Insurance (ETLI) has posted a 300% in...

Japan: Meiji Yasuda Life launches hearing aid to promote financial inclusion

...technology, - Achieve telephone service that helps people who are worried about hearing, and - Easy installation and compact design. Meiji Yasuda is promoting initiatives...

Djibouti: African Risk Capacity Group signs Africa's first multi-year, multi-peril agreement

...technology-driven corporate insurance, utilises advanced data and machine-learning techniques to model underlying phenomena and unlock risk insights that better align with the realities of a shifting...

Morocco: OnePay start-up launches self-service insurance terminals

...technology. OnePay is the first investment of the Morocco Numeric Fund II from which the start-up raised MAD4m in July 2020. start-up, The FinTech company specialises in the digitisation of...

Ping An Group posts 17.6% fall in net profit to US$12bn in 2022

Singapore: GIA expands partnership with Shift on travel insurance

...Technology. “Bad actors do not limit themselves to a single target, especially in the case of organised fraud networks. By providing associations like the GIA with a comprehensive view of what&...

Morocco: Insurers and regulator discuss challenges in motor insurance

...New technology, the growing importance of AI, autonomous vehicles, and electric scooters are several of the challenges faced by motor insurers that will have to be analysed and quantified in order to continue to insure appropriately....

Trillion-dollar global protection gaps identified

...technology to assess risks and claims, and to make insurance more accessible for people and businesses. However, closing the gaps will also require action from policymakers to create environments in...

Majority of Indians prioritise mental wellbeing over high-paying jobs

...technology, can help employees deal with their mental well-being, which is integral to the stability and sustainability of an organisation.” A total of 2,200 employees from 10 countri...

Bangladesh's insurance market on digitisation track

...technology are introduced. Sheikh Kabir Hossain, president of the Bangladesh Insurance Association and chairman of Sonar Bangla Insurance, told TBS, "Digitisation of the insur...

Insurance 2040: How insurers leverage technology will guide their competitive advantage

...technology-enabled optimisation of these functions will become a baseline, necessary but not sufficient for differentiated advantage over the long term. ACORD CEO Bill Pieroni said, "...

Cyber and Nat CAT protection gaps of particular concern for New Zealand

...technology to assess risks and claims, and to make insurance more accessible for people and businesses. However, closing the gaps will also require action from policymakers to create environments in...

Umbrella insurance body stresses need to address protection gaps

...technology and digitisation, annual economic losses from cyber incidents are estimated at over $0.9tn, having seen substantial growth in 2020 as a result of the COVID-19 pandemic. However, due to the...

GCC: Takaful insurers' weakening profit highlights sector challenges

...technology investment and seek out merger and acquisition (M&A) deals to build the critical mass needed to improve efficiency and comply with more demanding regulation. The sector&rsquo...

India: Insurance info bureau undergoes overhaul

...technology officer and chief information officer, are in the process of being filled. Formally inaugurated in 2010, the IIB provides a range of services related to motor insurance, spearhea...

Businesses not confident cyber insurance will cover cyber risk

...technology officer Nick Westall said, "Whilst cyber insurance stands as a good option in enabling firms to protect their financial security the tightening of standards means that some companies...

AI drives 62% of insurers to cut staff levels

...technology gains, but a talent and skill shortage in the area was seen as the ‘greatest challenge’ where it came to adoption so far, cited by 67% of insurer respondents. Rackspa...

Nigeria: Insurance market awaits new consolidated insurance law to give teeth to regulator

...Technology is helping in at least one aspect. Among the six compulsory branches, Motor Third-Party Insurance has a reasonable level of implementation because of the Nigeria Insurers Association&rsquo...

Syria: Feb quakes cause US$5bn in direct physical damages, equivalent to 10% of GDP

...Technology. The damage estimates to the residential and non-residential sectors include direct damages to all buildings and structures, including cultural heritage sites in Aleppo, Margat a...

Hong Kong: Bowtie appoints new board member

...Bowtie has appointed Mr James Lau to its board of directors as an independent non-executive director. With his in-depth familiarity with financial policy and financial technology accumulated in his work in the public sector and the government of Hong Kong, he brings an independent perspective at the board level....

Disaster prevention association highlights lessons from Turkiye's massive quakes

...technology for large earthquakes based on strong near-fault ground motion; draw up a new generation of earthquake disaster risk zoning maps covering earthquake-induced chains of geologic hazards; and...

Cyber insurance business grows shoots on government policy support

...Technology pointed out several opportunities in developing cyber insurance in China, reported Beijing Business Today. The opportunities revolve around improving top-level design of...

Insurer empowers differently abled persons with mobility solutions

...Technology Madras. It comprises NeoFly, a compact, personalised wheelchair designed to best fit a user's health and lifestyle and NeoBolt, a hi-tech motorised add-on that transitions it seamlessl...

Reinsurer partners with tech institute for TB screening kit

...Indian reinsurer GIC Re has partnered with the Indian Institute of Technology Madras (IIT Madras) to develop a urine-based tuberculosis diagnosis or screening kits....

MEA: COVID aftermath and changing workplace needs drive up medical claims costs

...technology for health self-management. Mental health is now a major claims risk. In MEA, the mental health gap persists but is improving as only 19% of insurers in MEA offer n...

Online used car marketplace invests in InsurTech

...An online marketplace for used cars, Carro, is investing in technology to improve insurance distribution and claims processes for customers and insurers in Southeast Asia. Carro inked an investment and joint venture agreement with Singapore-headquartered ZA Tech. The agreement will allow the online marketplace to fill in gaps in the automotive industry through generative AI tools such as ChatGPT....

China: Ping An Bank's HK branch receives insurance agency licence

...technology and expertise to enhance services and bring value to customers."    ...

Competition: Qorus and Accenture's "Innovation in Insurance Awards" now open for entries

...technology firms that are harnessing technology to reinvent the customer experience whilst driving new value for insurers. This category is for firms specifically targeting the insurance industr...

Nigeria: InsurTech company's seed funding round attracts China's Internet giant

...technology that powers many insurers’ processes is time-consuming, unduly expensive and prone to fraud and waste. African insurers lose more than $12bn a year to fraudulent, wasteful and abusiv...

India: IRDAI chairman highlights ChatGPT and new technology in driving insurance growth

...The adoption of ChatGPT, Web 3.0, public blockchain and other technological applications can help the insurance sector to innovate, according to Mr Debashish Panda, IRDAI chairman....

AIA Australia extends cancer care programme to health customers

...technology company that provides a coaching programme to improve patients' clinical outcomes and change what having cancer means to people, their colleagues, and their families.  T...

UAE: Dar Al Takaful's gross written contribution jumps by 14% in 2022

...technology platform, and the ability to offer a greater range of products. in addition, we will continue to actively explore the wide opportunities available through our InsurTech platforms to r...

Palestine: InsurTech contests spotlight innovative solutions for insurance literacy and inclusion

...technology in the non-banking financial sectors. The competition has a strong regional and international focus, aiming to stimulate and direct the development of inclusive and sustainable FinTech and...

Financial regulators issue plan for Qianhai Shenzhen-Hong Kong cooperation zone

...technology innovation centres, and data service centres in the Zone. Support financial institutions in the Qianhai Cooperation Zone in carrying out shipping financing, shippin...

Defence-linked insurer posts US$2.9m net profit for first financial year

...technology-enabled organisation. In order to optimise customer service, the company has established a claim settlement service network covering more than 50 cities in mainland China's 3...

China's blue insurance market faces triple challenges of law, technology and policy

...Technology Nevertheless, innovative insurance products for the marine sector have emerged in recent years, including the carbon sink insurance for seagrass beds. This is a form of...

Malaysia: InsurTech secures Australian licence

...Kuala Lumpur-headquartered PolicyStreet has received the green light to operate in Australia by obtaining the Australian Financial Services Licence from the Australian Securities and Investments Commission (ASIC)....

India: IRDAI chief highlights need for new and diverse insurers

...technology, and more integration”. According to the regulator, 19 applications for insurance licences are being processed at the moment. Pointing to the Indian market's...

UAE: DIFC achieves record-breaking growth in 2022

...technology becoming a vital growth catalyst across sectors, the UAE’s ambitious initiatives to drive the future of finance will create immense opportunities and new economic growth not only in...

India: Healthcare cyber security capability in doubt

...technology is finding greater application across the value chain, over two-thirds of the respondents are not confident that their technology infrastructure can fend off the twin threats of cyber thre...