Asia Pacific-based insurance companies, from established players to new entrants, are increasingly looking to acquire or partner with non-insurance tech players to understand and harness the opportunities inherent in InsurTech, said global law firm Baker McKenzie.
Submissions are now open for the Australian Insurance Industry Awards, which this year has a new award category for Learning Programme of the Year. This is in recognition of the importance that learning plays in the insurance ecosystem, says the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).
State-owned life Insurance company, Jiban Bima Corporation, has signed a MoU with the Access to Information (a2i) Programme of the Prime Minister’s Office to launch digital insurance services across Bangladesh.
The Ministry of Economy and Finance has issued a licence to AIA (Cambodia) Life Insurance, a wholly owned subsidiary of Hong Kong-listed AIA Group, to operate in Cambodia, the company has announced.
Chinese consumers have shown increased confidence in insurance products and in the industry. The consumer confidence index for insurance stood at 71.2 for last year, an improvement on the 69.2 mark reported for 2015, which was the first time the poll was conducted.
A high-level, financial cross-sectoral advisory body has recommended a policy review in relation to the China Risk Oriented Solvency System (C-ROSS), potential tax incentive scheme and the insurance regulatory framework in Hong Kong, in order to promote the territory as an insurance hub.
A proposal to have mentors for insurance agents is still to be implemented, six years after plans were mooted to help them stay longer in the industry. The proposal aimed to help increase the number of active agents.
Non-life premiums grew at 5.1% last year to IDR61.9 trillion (US$4.6 billion) compared to 2015, reflecting the lowest growth rate over the last five years.
A government-industry committee has been formed to begin full-fledged preparations for a new global accounting rule, called IFRS17, for insurers that would take effect in the early 2020s.
Japanese non-life insurance groups have reported moderate increases in their financial leverage, to an average 6.1% at 31 December 2016 from 4.5% in March 2016, and interest rate coverage has remained stable, due to improved operating results, according to A.M. Best.
Six or seven insurance companies are set to launch insurance products that would be in line with Macau’s new travel alert system, which has been in force since 7 March, said the Macau Government Tourism Office (MGTO).
Three insurance bodies have launched a Code of Practice on Personal Data Protection Act (PDPA), which aims to boost consumer confidence in the integrity of the insurance and takaful industry.
The Export-Import Bank of Thailand has been granted a licence to open a representative office in Yangon. The office is to be opened this month.
Non-life insurance companies have yet to settle 24% of the claims arising out of the 2015 earthquakes.
Start Network, a group of 42 national and international NGOs, is working with Pakistan’s National Disaster Management Authority (NDMA) to develop a facility which will release funds based on scientific triggers of drought, using insurance principles and parametric insurance mechanisms.
Sun Life of Canada (Philippines) has remained the country’s top insurer for the sixth straight year in 2016 in terms of total premium.
Singapore-headquartered C88 Group has made its second acquisition to date, to fast-track the growth of its automotive finance and insurance business, C88 CEO JP Ellis has said.
Bancassurance overtook tied agency for the very first time to become the largest contributor of new life business premiums in Singapore based on full year 2016 results released by the city-state’s Life Insurance Association (LIA) last month.
Three insurers have so far failed to observe industry regulations requiring them to segregate their composite business and to list the segregated entities, two years after such rules came into force.
The Financial Supervisory Commission (FSC) has downplayed concerns about a new regulation that would require issuers of Formosa Bonds to wait at least five years before redeeming the bonds.
The Office of Insurance Commission (OIC) has announced that motorists caught driving when drunk will soon find that they are not covered by insurance in cases of accidents.
Vietnam National Shipping Lines (Vinalines), the country’s biggest state-owned shipping company, has reached a framework agreement with a consortium of insurance companies to insure its offshore fishing vessel hulls.
Global
A study of 3,000 companies in the UK, US and Germany by Hiscox revealed that some of the 26% of the survey sample which have not bought cyber insurance and do not plan to do so are of the opinion that cyber insurance is not relevant for them. Meanwhile, some say cyber insurance policies are so complicated, they do not understand what it would cover them for.
Global insurance rates declined for the 15th consecutive quarter in the fourth quarter of 2016 as a result of substantial capacity and an absence of significant catastrophe losses. However, the decline moderated to 3.1% across all major global lines (compared to the previous quarter’s decrease of 3.2%) and marked an entire year (four consecutive quarters) in which the average rate of decline for global insurance rates moderated, according to the Marsh Global Insurance Market Index.
AIG said its President and CEO Peter D Hancock has resigned. He will remain CEO until a successor has been named. A comprehensive search for a successor is ongoing.
Britain’s GBP6 billion (US$7.3 billion) terrorism reinsurance fund hopes to extend its cover to include cyber attacks on property, Business News quoted its Chief Executive Julian Enoizi.
Corporate Risk Management
Australia has strengthened the international fight against terrorism financing and money laundering via a new public and private sector alliance launched last month.
A dedicated cyber insurance market is developing rapidly, but the scope of cyber cover in the market so far is modestly relative to potential exposure. Businesses need to do much more to integrate cyber security into their risk management programmes and governments may need to step in as a last resort, said Swiss Re’s latest sigma report.
Agents and Advisers
Have you submitted your nominations yet?
Come 17-19 May, Malaysian hill resort Genting Highlands will be teeming with thousands of agents and advisers from all around the region. The Asia Pacific Life Insurance Congress (APLIC) is a biannual gathering of life insurance sales professionals and financial advisers from Asia Pacific and it is Malaysia’s turn to host it this year.
Events Page
Some Singapore university students got a taste of applying risk management concepts to the corporate world when they took part in the recently concluded MSIG Insurance Risk Management Challenge (RMC), a case competition organised by the Nanyang Technological University’s (NTU) Risk Management Society (RMS).