Data from the Australian Prudential Regulation Authority (APRA) have revealed that the impact of the COVID-19 pandemic has seen the net margin of private health insurance funds fall to a low of 2.8% in the year to June 2020, representing a 42% decline in profitability.
Asian
According to recent data released by Hong Kong’s Insurance Authority, new office premiums attributable to mainland Chinese visitors contracted by 76.3% for the first half of the year as a whole to HK$6.2bn ($800m).
Following requests from various life insurers to allow them to sell index-linked products, the Insurance Regulatory and Development Authority (IRDAI) has formed a six-member committee to examine various aspects of index-linked products in the life insurance segment.
UK insurer Aviva has agreed to sell a majority shareholding in Aviva Singapore to a consortium led by Singapore Life (Singlife). The new business will be initially branded as Aviva Singlife.
PWSH Singapore has completed an 80% purchase of Pacific Insurance Brokers (PIB), the Singapore-based direct insurance broker established in 1993.
Samsung Life Insurance and Kyobo Life Insurance is set to increase premiums in October despite facing government pressure to lower insurance rates on some products.
Risk
AXA Climate and SatSure AG have signed an MoU jointly to offer parametric insurance solutions for private and public sector institutions on a global scale.
Insurance companies have accepted that they need to adopt digital technologies at a faster rate if they are to prosper in the post-COVID-19 world. Often seen as digital laggards in the finance sector, the insurance contingent has been slow to undertake major digital transformations.