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Industry finds hope in the recommendations!
It looks like happy days are here again for the reinsurance fraternity in India, as the Reinsurance Expert Committee (REC) has recommended that after GIC Re, insurers should be allowed to obtain the best terms simultaneously from Indian reinsurers, foreign reinsurance branches, Lloyds India and cross-border reinsurers that satisfy eligibility criteria.

Source : AIR | 01 Jan 2018
Australia: New approaches needed with changing claim trends
Claim trends are changing among young policyholders. The first private health insurance claims filed by young women today is predominantly a mental health claim while women having their first baby are no longer the hook it once was to buy private health insurance.

Source : AIR | 01 Oct 2017
Finalists of Hong Kong Insurance Awards 2017
The Hong Kong Federation of Insurers (HKFI), the organiser of the Hong Kong Insurance Awards 2017 has announced the top three finalists for each of the 15 categories of the Awards.

Source : AIR | 01 Oct 2017
New Zealand: Insurers battle "white lies" in claims
Dishonesty is a serious problem for insurers, with some consumers believing that they have a “right” to lie on their insurance claims.

Source : AIR | 01 Oct 2017
Sri Lanka: Reinsurance cushions insurers from weather losses
Most Sri Lankan nonlife insurers should be able to absorb near-term volatility and the effects of adverse weather-related events given extensive use of reinsurance, said Fitch Ratings. However, frequent occurrence of major catastrophic floods could affect insurers’ capital. Reinsurance premiums paid by primary insurers are also likely to increase.

Source : AIR | 01 Oct 2017
The worst flood in a century
In August, Kerala was devastated by floods of biblical proportions, caused by torrential rains over a three-week period resulting in close to 500 deaths and economic losses amounting to $5bn. We look at the factors behind this unprecedented natural calamity and how the insurance industry can deal with such events in the future.

Source : AIR | 01 Oct 2018
Traffic violations could lead to spikes in motor insurance premiums
As penalties for traffic violations rise steeply, Insurance Regulatory and Development Authority of India has been looking at how to rein in risky driving by linking traffic violations with vehicle insurance premium.

Source : AIR | 01 Oct 2019
Indian Insurance: Promote prevention
To tackle the rising threat of natural ‘urban’ catastrophes and ensure that the gains made by the fast developing Indian insurance industry are not wasted, it needs to promote a culture of loss prevention.

Source : AIR | 01 Nov 2017
Algeria: Insurers mired in $651.5 mln of unpaid claims
Claims to be paid by insurers to policyholders or their beneficiaries amounted to DZD74.3 billion (US$651.5 million) at 30 June 2017, about the same as the DZD74.5 billion payable at 30 June 2016.

Source : MEIR | 01 Nov 2017
COVID-19: Limited impact on Chinese insurers
The World Health Organization’s tag of global health emergency on the COVID-19 virus outbreak in China notwithstanding, the loss impact on the country’s insurance market is likely be limited.

Source : AIR | 01 Mar 2020
Bangladesh: Government urged to promote farm insurance
The Asian Development Bank has called on the government to scale up sustainable agriculture insurance in Bangladesh.

Source : AIR | 01 Jun 2018
Malaysia: Online system allows bosses to buy worker insurance easily
Employers in Malaysia can now purchase insurance for foreign workers via a new online integrated system.

Source : AIR | 01 Jun 2018
Using technology to stake a claim
Experts at the Asia Conference on Claims Management and Insurance Fraud spoke about integrating technology into the claims handling and fraud detection process, the legal intricacies involved in proving fraud and getting the customer involved in the claims process.

Source : AIR | 01 Jul 2017
MSIG: Speed in the hour of need
MSIG Asia CEO Alan Wilson says helping customers when they are most vulnerable is key and is what runs through the insurer’s DNA. He explains how the company’s latest digital initiative promises haste in its claims service, so its insureds may be relieved of unnecessary stress in the wake of an accident.

Source : AIR | 01 Aug 2017
Japan: AI at Tokio Marine to enable same-day insurance pay-outs
Japanese insurance giant Tokio Marine will begin same-day insurance pay-outs for automobile claims as soon as 2020, shortening the claims process by two to three weeks. Pay-outs could be made within 12 hours.

Source : AIR | 01 Sep 2018

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