A report from the China Banking and Insurance Regulatory Commission (CBIRC) revealed that it had registered a total of 48,194 complaints against insurers in the first half of the year.
Traditional large players in the insurance market are slowly losing the battle for market share to challenger brands which are also putting pressure on margins for home and car policies.
The government has announced that it will make vehicle third party liability coverage compulsory soon.
The Insurance Authority has issued two new guidelines for licensed insurance intermediaries that took effect on 23 September 2019.
As China continues to open up its financial sector, there is a vast wealth of opportunities – from the Belt and Road Initiative to the Greater Bay Area and the growing reinsurance needs of China – for foreign insurers to tap. To help connect both prospective foreign and local players in the market and to provide direct insights on these opportunities, Asia Insurance Review (AIR) is once again organising the China Rendezvous event in Shanghai from 5 to 7 November this year at the Kerry Hotel Pudong in Shanghai.
The Hong Kong Federation of Insurers (HKFI), organisers of the Hong Kong Insurance Awards 2019, has announced the top three finalists for each of the 17 award categories. This year, over 120 quality entries competed in the 17 categories. Finalists have been shortlisted after thorough deliberation by a prominent panel of judges. All will be meeting the judging panel on 18 or 19 September for the final judging phase.
Insurance industry players have asked for the implementation of the International Financial Reporting Standard (IFRS) 17 to be postponed until 2025 because they are not ready to apply the standard.
Government owned general insurance companies — National Insurance, Oriental Insurance and United India Insurance — will be infused with funds totalling INR120bn ($1.67bn) to boost their capital base and meet regulatory requirements.
Macau Insurance Company (MIC), a major non-life insurer in the territory, is exposed to larger investment risk arising from significantly higher equity investments, notes AM Best. Volatility in the capital markets may generate higher uncertainty for its capital and earnings.
Motor insurers paid out an average of MYR14.9m per day in property damage, bodily injury and vehicle theft in the first six months of the year, said the General Insurance Association of Malaysia (PIAM) when it gave an update on the 1H2019 performance of the non-life sector.
The government is planning to introduce microinsurance services for low-income people, Ministry of Planning and Finance financial regulatory department director Thant Zin said.
One-third of Kiwi tenants do not have home contents insurance, compared to 92% of homeowners, yet claims data show that over the last 12 months renters have made 5% more claims than owner-occupiers, according to findings of the 2019 AA Insurance Lifestyle Survey.
A lawmaker has filed the proposed Expanded Crop Insurance Act to make insurance mandatory for rice and other crops.
The Life Insurance Association Singapore (LIA Singapore) has amended critical illnesses (CI) definitions and names for clarity and continued relevance.
Samsung Fire & Marine Insurance has been granted a six-month exclusive licence to offer long-term disability insurance in South Korea, making it the first in the country to provide such a policy with a coverage period of more than three years.
Five Taiwanese life insurers have cut the declared interest rates for their interest-sensitive New Taiwan dollar and US dollar products in a bid to reduce operating risks.
The government has issued a decision requiring tertiary qualifications for insurance agents, actuaries and risk management executives. The regulation, identified as Government Decision 93, is set to take effect in November.
China
China’s insurance regulator has issued new bancassurance regulations that will be implemented with effect from 1 October.
China’s largest life insurer, China Life Insurance is undertaking a corporate reorganisation for its future transformation, including manpower changes. The focus is on boosting individual life business.
Global
Data released by the International Union of Marine Insurance (IUMI) reveals that marine underwriting premiums for 2018 marginally increased by 1% on year to $28.9bn. Although with significant challenges facing the market, the modest rise is not enough to declare an improvement in the fortunes of the marine insurance sector, said IUMI Facts & Figures Committee vice chair Astrid Seltmann.
Risk
Personal mobility devices such as electric scooters have been gaining popularity worldwide but seems to always come hand-in-hand with controversy. According to a new medical study in New Zealand, which covered a five-month period at the Auckland City Hospital, injuries from electric scooter mishaps can be as severe as those from vehicle accidents.
Businesses across the globe are exposed to as many as 504 new cyber security threats every minute, while ransomware has grown 118% as hackers adopt new tactics and code innovations to steal data globally.