Red tape has created an administrative nightmare that discourages the private health insurance industry from innovating to reduce costs, says Dr Stephen Duckett, health programme director at the think tank, Grattan Institute.
The government has decided to enforce mandatory insurance coverage for Bangladeshi migrant workers, according to the Expatriates Welfare and Overseas Employment Ministry.
The Hong Kong insurance sector is going through a considerable period of change – with technology-driven disruption, digitisation of distribution channels and increased focus on both the customer journey and experience, said the international professional services firm EY.
Both houses of parliament have passed a bill to set up a unified authority to regulate all financial activities in international financial services centres (IFSCs) in the country.
The Indonesian Life Insurance Association (AAJI) says that the financial problems of state-owned life insurer Asuransi Jiwasraya can have an impact on the industry if the issue is neglected.
The number of local governments signing up for insurance to cover the costs of disaster evacuation has nearly tripled over 18 months, reported Kyodo News Agency citing a tally by an insurance company.
Honan Insurance Group Asia and Kuala Lumpur-based MP Insurance Brokers have created a joint venture for the Malaysian market.
The Financial Regulatory Department has awarded licences to five foreign insurers and six joint ventures to operate in the Myanmar market, in a major reform of the insurance sector.
Since mid-2019, some general insurers have been undertaking ‘property-by-property’ assessments in regions highly exposed to natural disasters, notes the Reserve Bank of New Zealand.
The Insurance Commission (IC) has reduced documentation requirements for insurance companies as part of efforts to cut red tape.
Singapore has outlined plans to establish itself as a global hub for developing, test-bedding, deploying, and scaling AI solutions, as part of its National AI Strategy.
The operating performance of Korean Reinsurance Company (KRE) is assessed as adequate, underpinned by a five-year average combined ratio of 98.9% and return-on-equity ratio of 6.8%, said AM Best.
Taiwanese reinsurer, Central Re, is likely to maintain its extremely strong capital adequacy level, given its solid domestic market position, and a moderate risk appetite over the next one-two years, said S&P Global Ratings.
Crop insurance premiums are likely to increase in 2020, as the claims loss ratio hit 200% as a result of natural disasters throughout 2019, the Thai General Insurance Association (TGIA) has said.
Vietnam’s insurance market continued to see strong growth in 2019, according to Ministry of Finance director of the insurance management and supervision department Phung Ngoc Khanh.
China
China Life Reinsurance Company (China Re Life) has established a new subsidiary in Hong Kong, named China Reinsurance (Hong Kong) Company (China Re HK). The new insurer, which focuses on life reinsurance business, has received its licence from the Hong Kong Insurance Authority.
Non-life insurers face huge challenges in the motor insurance market as further price liberalisation has reduced average policy premium, while new automobile sales are experiencing negative growth for the first time. Both of these developments challenge insurers, notes international professional services firm EY in its China Insurance Outlook 2020 report.
The CBIRC has issued a regulation that stipulates that life insurers must ensure that the life protection period of endowment products is similar to that of the duration of the savings component.
Global
Cuvva, an InsurTech provider that offers pay-as-you-go motor vehicle insurance and travel insurance has raised £15m ($20.2m) in its Series A round of funding.
Global insurer Chubb has made a $10m equity investment the African Trade Insurance Agency (ATI), becoming the first global property/casualty insurance company to become a shareholder in the African multilateral political risk and credit insurer.
Risk
A report published by United Nations backed Principles of Responsible Investing Group (PRI) says, “Tighter government climate regulations by 2025 could wipe up to $2.3tn off the value of companies in industries ranging from fossil fuel producers to agriculture and car makers.”
Australian Securities and Investment Commission (ASIC) has launched a new surveillance programme to ensure Australia’s biggest companies are dealing with the risks of climate change.