According to data from the China Banking and Insurance Regulatory Commission, the insurance industry posted total gross premiums amounting to CNY3.96tn ($604bn) in the first 10 months of 2020 – representing an increase of 6.9% over the corresponding period in 2019.
Aon recently announced its re-entry into the insurance broking market in India after acquiring a 49% equity stake in Anviti Insurance Brokers.
Asian
The Indonesian General Insurance Association (AAUI) has released a standard code of practice for general insurance agents according to a report from local publication Kontan.
The Malaysian life insurance industry rebounded strongly in the third quarter of 2020. It registered a 44% increase in total new business premiums to MYR2.92bn ($717m) as compared to 2Q2020 according to the Life Insurance Association of Malaysia.
Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) and Manulife Vietnam have signed an agreement to establish an exclusive 16-year bancassurance partnership to meet growing financial and insurance needs better.
Risk
A new study by United Nations Development Programme (UNDP) has found that an additional 207m people could be pushed into extreme poverty by 2030 due to the severe long-term impact of the coronavirus pandemic, bringing the total number of the world’s extremely poor to more than 1bn.
Around the world, 1.2bn people live in areas where agriculture is severely affected by water shortages and scarcity, and nearly half of them live in South Asia, a recent UN report said.