Tag Search Result

  • 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

  • Indian non-life insurance industry: Performance and potential

    The Indian insurance industry has been on a roll for the last 17 years. It is now on a threshold to make the big jump into the super league. Mr R Chandrasekaran of General Insurance Council of India outlines what the non-life insurance industry has achieved over the years and what remains to be tapped.
     

    Source : AIR | 01 Jan 2018

  • Which will win, cybercrime or cyber insurance?

    Rapid digitalisation and growth of online culture in India has also brought in sophisticated cybercrime. Asia Insurance Review speaks to Mr Sasikumar Adidamu, Chief Technical Officer, Bajaj Allianz General Insurance, to understand how insurers can play an important role in developing a comprehensive cybersecurity framework, including cyber insurance, to tackle cybercrime.
     

    Source : AIR | 01 Jan 2018

  • Managing a "VUCA" environment for Asian insurers

    A VUCA environment is one which is volatile, uncertain, complex and ambiguous. Mr Hassan Scott Odierno of Actuarial Partners Consulting Sdn Bhd says this is quite an apt description of the environment facing insurers in Asia, whether from an economic, regulatory, accounting or competitive point of view.He elaborates.
     

    Source : AIR | 01 Jan 2018

  • China: CIRC mulls revising rules for guarantee fund

    The insurance regulator CIRC is considering amending rules for the country’s insurance security fund, which will allow the fund to provide necessary liquidity support to insurers in case of a crisis.
     

    Source : AIR | 01 Jan 2018

  • Bangladesh: Strident call for insurance reform

    Stringent monitoring and evaluation of the regulatory framework is required to create standards that can help curb corruption and negligence by insurers, said Mr Mamun Rashid, an economic analyst and partner at PwC.
     

    Source : AIR | 01 Jan 2018

  • South Korea: Regulator to scrutinise management appointment process

    The Financial Supervisory Service (FSS) will examine the appointment processes at major financial holding companies, amid criticism that some current chairmen were extending their rule to second and third terms by using procedural loopholes.
     

    Source : AIR | 01 Jan 2018

  • Malaysia: Motor insurance detariffication promotes innovation

    More innovative motor insurance products with lower prices are expected to be rolled out following the liberalisation of the motor tariff which came into effect on 1 July 1 2017, said the General Insurance Association of Malaysia (PIAM).
     

    Source : AIR | 01 Jan 2018

  • Singapore: Govt to introduce medical fee benchmarks and remove restrictions on motor warrantiess

    The government is taking several actions that could lead to lower insurance health and motor premiums.
     

    Source : AIR | 01 Jan 2018

  • Retirement age is just another number

    We consider the future of work in the 100-year life – extending retirement age, or scrapping it completely, as one insurer has done.
     

    Source : AIR | 01 Jan 2019

  • Global: IAIS consults on systemic risk assessment framework

    The International Association of Insurance Supervisors (IAIS) has launched a consultation to seek public feedback on a proposed holistic framework for the assessment and mitigation of systemic risk in the insurance sector, a significant component of the post-financial crisis reform agenda.
     

    Source : AIR | 01 Jan 2019

  • China: Regulator steps up risk control measures

    The insurance regulator CIRC is leaving no stone unturned in its continued drive to reduce risk in the insurance industry since an outcry in February against “financial crocodiles” in the stock market.
     

    Source : AIR | 01 Oct 2017

  • Nepal: Mandatory health insurance to cover 500,000 more people in first year

    Health insurance coverage could surge significantly in Nepal if a proposed health insurance law is endorsed by the Parliament. This is because the Bill provides for mandatory insurance coverage for immediate family members of those employed in formal sector, civil servants and migrant workers.
     

    Source : AIR | 01 Oct 2017

  • Environmental Insurance in Asia: Regulatory and public scrutiny will drive take up rates

    With growing environmental consciousness worldwide, companies need to face up to the potential pollution impacts of their business activities on their surroundings and protect themselves from potential liabilities. We spoke with Mr Arthur Lu, Allianz Global Corporate & Specialty’s (AGCS) Head of Environmental Impairment Liability (EIL) on how this trend is shaping up in Asia.
     

    Source : AIR | 01 Oct 2017

  • Cargo still sailing on rough seas - but land ahoy!

    A year ago, the container shipping industry was in the doldrums with oversupply of capacity and lay-up of 7% of the global fleet in capacity terms. Predictions were that the market would only fully recover in 2018. One year on, we speak to some insurance players for their sentiments on the marine cargo market.
     

    Source : AIR | 01 Oct 2017

  • Not over-crowded, but open market: Gargash

    The regulatory changes that are being introduced in the UAE are very positive because they are meant to clean up the mess, discipline the rogue players and protect the insuring public, says Mr Mustafa O Vazayil, Managing Director, Gargash Insurance Services.
     

    Source : MEIR | 01 Nov 2017

  • Forward-thinking regulations

    With the IAIS congregating in Malaysia this month for its annual conference, regulators, among other things, are looking to stay ahead of the FinTech game as well as equip themselves to not only manage risk but be on top of crisis situations.
     

    Source : AIR | 01 Nov 2017

  • Pakistan: SECP proposes MTPL compensation limit be 10 times current cap

    Among several amendments to be made to the Motor Third Party Liability Insurance (MTPL) Scheme, the Securities and Exchange Commission of Pakistan (SECP) has proposed that the compensation limit be raised 10 times the current level to PKR200,000 (US$1,900) from PKR20,000, in case of death.
     

    Source : AIR | 01 Nov 2017

  • Sri Lanka: New tax law pressures insurers

    Sri Lankan insurance companies are likely to face higher tax expenses under a new Inland Revenue Act, that was passed by Parliament last month and that will take effect next 1 April.
     

    Source : AIR | 01 Nov 2017

  • XL Group: Looking for room amid regulatory restrictions

    Asia Insurance Review caught up with XL Group’s CEO Mike McGavick at this year’s Rendez-vous de Septembre, where he shared his views on regulation in Asia and the company’s drive to innovate.
     

    Source : AIR | 01 Nov 2017

  • Regulatory changes the way of non-life

    China’s non-life insurance industry has traditionally been underpinned by motor insurance, but that is changing. We spoke to Mr Qin Lu, CEO for both Aon Benfield Greater China and Aon Risk Solutions, China at the recent Rendez-vous de Septembre for his perspective on the industry’s new growth opportunities and the impact of regulatory developments on the mainland.
     

    Source : AIR | 01 Nov 2017

  • Singapore: MAS sets up international advisory panel for cybersecurity

    The Monetary Authority of Singapore (MAS) has established a Cyber Security Advisory Panel (CSAP), comprising cybersecurity experts from around the world.
     

    Source : AIR | 01 Nov 2017

  • Interview with a Regulator: Supporting economic growth and protecting policyholders

    As a curtain raiser to this month’s IAIS Annual Conference in Kuala Lumpur, we present an exclusive interview with Mr Hiroshi Ota, a leading Asian regulator as Deputy Commissioner for International Affairs, Japan’s Financial Services Agency (FSA), and Vice Chair of the EXCO of IAIS.
     

    Source : AIR | 01 Nov 2017

  • Technology and talent can transform FAIR-Land

    The 25th FAIR Conference in Bahrain lists innovative use of technology and development of talent as insurance industry’s top priorities in battling emerging risks.
     

    Source : MEIR | 01 Nov 2017

  • Oman: Compulsory insurance spells opportunities for healthy growth

    The 11th Middle East Healthcare Insurance Conference, first time in Oman, saw the launching of the compulsory healthcare insurance scheme for expatriates starting 2018. Held in collaboration with the Capital Market Authority of Oman, the conference addressed the opportunities and challenges of implementing mandatory healthcare insurance and how operators can make the best of technology to benefit from this booming business line in the region.
     

    Source : MEIR | 01 Nov 2017

  • Egypt: Industry head calls for doubling the minimum capital to EGP120 mln

    The new head of the Insurance Federation of Egypt (IFE) has endorsed an increase in the minimum capital requirement of insurers.
     

    Source : MEIR | 01 Nov 2017

  • Jordan: Govt to modernise insurance regulatory system

    The Central Bank of Jordan and the Ministry of Industry, Trade and Supply are preparing a draft law to establish a modern framework which will enable the central bank to supervise insurance activities efficiently and competently.
     

    Source : MEIR | 01 Nov 2017

  • UAE: Insurers paying more heed to high-risk, high-growth assets

    Insurers in the UAE have given more attention in recent months to regulatory enforced limitations on their exposure to high-risk, high-growth, assets, such as real estate and equity capital markets.
     

    Source : MEIR | 01 Nov 2017

  • IAIS recognises insurance mutuals enhance access to cover

    The International Association of Insurance Supervisors (IAIS) has issued an application paper on the regulation and supervision of mutuals, cooperatives and community-based organisations (MCCOs) in increasing access to insurance markets.
     

    Source : MEIR | 01 Nov 2017

  • Turkey: Takaful regulations to take effect this year

    The Undersecretariat of the Treasury has announced that a new regulation, called “Procedures and Principles of Participation Insurance Business”, has been published in the Official Gazette. The regulation was gazetted on 20 September and will take effect three months after its publication.
     

    Source : MEIR | 01 Nov 2017

  • Saudi insurers' retention ratio rises to 83.6%

    The retention ratio in Saudi Arabia progressed to 83.6% in 2016, reflecting less reliance on reinsurance market while the claims ratio slumped to 73.6%, according to experts at law firm HFW.
     

    Source : MEIR | 01 Nov 2017

  • Saudi Arabia: Number of insurers to shrink under planned new rules

    Saudi Arabia’s central bank is preparing tougher rules for insurers as part of a drive to create a smaller number of stronger market players operating in the Kingdom, reported Reuters citing two people with direct knowledge of the matter.
     

    Source : MEIR | 01 Nov 2017

  • Pakistan: Financial regulator introduces rules to improve Shariah advisory services

    The Securities and Exchange Commission of Pakistan (SECP) has introduced draft Shariah Advisers Regulations 2017 to enhance the credibility of Islamic financial services sector.
     

    Source : MEIR | 01 Nov 2017

  • Reinsurance at new crossroads

    Foreign reinsurers’ branches in India feel that the existing order of preference giving GIC Re the first right of refusal does not afford them a level playing field. 
     

    Source : AIR | 01 Nov 2018

  • EU Data Protection Rules - The impact on Asia

    The EU’s General Data Protection Regulation (GDPR) will be enforced on 25 May 2018. Whilst firms in Europe have had access to information about what it means for their country or industry sector, firms in Asia have not had the luxury. Mr Darren Wray of Fifth Step shares five steps that Asian companies can take to comply.
     

    Source : AIR | 01 Dec 2017

  • Interview with the Nepalese Regulator: A proactive regulator bodes well for the market

    In this exclusive interview with Mr Chiranjibi Chapagain, Chairman of the Beema Samiti (Insurance Board), he shares with us what he has done so far since he came on board in Jan 2017 and his thoughts and plans going forward.
     

    Source : AIR | 01 Dec 2017

  • Taiwan: Insurers' international bond holdings under scrutiny

    The Financial Supervisory Commission (FSC) said it will curb foreign exchange risk in insurers’ international bond holdings and study whether or not to tighten supervision over the investments. 
     

    Source : AIR | 01 Dec 2017

  • 53 years, 53 countries, 265 members, 25th Conference - that's FAIR Land!

    Soft insurance markets, low investment returns and rapid advent of digitalisation were some of the issues discussed at the recent 25th FAIR Conference. We bring key highlights.
     

    Source : AIR | 01 Dec 2017

  • Airing dirty laundry

    Mr Martin Lim of Ingenique Solutions Pte Ltd provides an overview of recent developments in the fight against money laundering and terrorism financing, with a specific focus on terrorism threats that Singapore faces, in the context of insurance companies.
     

    Source : AIR | 01 Dec 2017

  • View from India - Health insurance policies will be more customer friendly

    Indian health insurance companies can look forward to some ‘healthy’ times.
     

    Source : AIR | 01 Dec 2018

  • Will optimism transform into opportunities?

    The recent relaxations in its financial regulations take China a step closer to an open economy. The relaxations, which touch the insurance industry too, have resulted in a lot of optimism for the foreign insurers. 
     

    Source : AIR | 01 Dec 2019

  • RegTech embedded in insurance transformation

    Insurers are often hindered by the need to address ongoing regulatory challenges and associated rising compliance costs. Mr Paul Brenchley and Mr Murray Raisbeck from KPMG look at this issue. 
     

    Source : AIR | 01 Feb 2018

  • Australia - Changes to traffic laws and insurance needed for self-driving vehicles

    Legislative action and changes to motor insurance are needed in order to accommodate a “high level” of automation on Australian roads in the next five years, according to a report “Transforming Mobility”, a joint initiative from NRMA, PricewaterhouseCoopers (PwC) and transport company Keolis Downer. 
     

    Source : AIR | 01 Feb 2018

  • Cambodia: Higher social security contributions could threaten private health insurance

    A new government policy that went into effect at the start of the year could prevent some businesses from providing private health insurance plans for employees.
     

    Source : AIR | 01 Feb 2018

  • Hong Kong: Bigger tax breaks urged for the young who enrol in voluntary health plan

    Bigger tax breaks are proposed for young Hongkongers to induce them to join a government-backed voluntary medical insurance scheme, reported the South China Morning Post. 
     

    Source : AIR | 01 Feb 2018

  • India: Unified financial regulator mooted for international financial service centre

    The government is looking into creating a unified financial regulator for India’s only international financial service centre, Gujarat International Finance Tec (GIFT) City, after individual regulators indicated that they have no objection to the idea, according to GIFT Managing Director Ajay Pandey. 
     

    Source : AIR | 01 Feb 2018

  • Singapore: Govt mulls options to fund healthcare costs of children with rare diseases

    The Ministry of Health could set up a fund to better support children with rare diseases, to help their families bear the high cost of medical treatment of rare conditions.
     

    Source : AIR | 01 Feb 2018

  • Qatar Re receives regulatory authorisation in the UK

    Qatar Reinsurance Company Limited (Qatar Re) said it has been authorised by the Prudential Regulation Authority to carry out certain regulated activities in the UK from its branch office in London. Mr Michael van der Straaten will lead the branch, in addition to his current role as the company’s Chief Underwriting Officer for Long Tail and Specialty Classes.
     

    Source : AIR | 01 Feb 2018

  • Vietnam: Regulatory official outlines goals for insurance market

    The insurance market needs to focus on two goals this year, which are to maintain a stable and sustainable growth rate, attracting more investors, and to enhance the role of insurance in the economy, according to Mr Phung Ngoc Khanh, Director of the Finance Ministry’s Department of the Insurance Supervisory Authority.
     

    Source : AIR | 01 Feb 2018

  • Are you IFRS 17-ready?

    Your existing IT system may not be enough to meet IFRS 17 regulations. Mr Kenneth Koh of SAS explains.
     

    Source : AIR | 01 Mar 2018

  • Asia: InsurTech investments surging strong

    InsurTech funding in 2017 rose 36% from the year before to reach US$2.3 billion, according to the latest data published by Willis Towers Watson.
     

    Source : AIR | 01 Mar 2018

  • Bangladesh: New law makes insurance mandatory for shipbreakers

    Source : AIR | 01 Mar 2018

  • China: Insurance and financial industry regulation set to be discussed by lawmakers

    Tighter supervision and continued risk prevention in the Chinese insurance industry are expected to be emphasised at the annual session of the National People’s Congress (NPC), the national legislature which will convene on 5 March.
     

    Source : AIR | 01 Mar 2018

  • Singapore: InsurTech newbie provides cover for Internet economy

    Singapore-based InsurTech company Axinan is creating products that are easily integrated into online marketplaces and platforms. It is focused on building innovative, high frequency/low premium services for the Internet economy.
     

    Source : AIR | 01 Mar 2018

  • IFoA on UN sustainability goals

    Asia Insurance Review speaks to Ms Marjorie Ngwenya, President of Institute and Faculty of Actuaries, UK, as she shares her views on IFoA’s new initiatives, her vision for the future of the profession, pricing and affordability of insurance, India and emerging risks. 
     

    Source : AIR | 01 Mar 2018

  • Regulations lead the way

    The Insurance Authority has been active for the past eight months with a slew of moves to get industry digital as well as ready for RBC.
     

    Source : AIR | 01 Mar 2018

  • Wishlist and Viewpoints: Words from the players

    We asked insurers about their views on the hub status of Hong Kong and also what their wishlist is for the new IA. This is what they have to say.
     

    Source : AIR | 01 Mar 2018

  • Interview with the Insurance Authority: Growing in lure as a Hub

    Since the Insurance Authority (IA) took over the statutory functions of the Office of the Commissioner of Insurance (OCI) to regulate insurers on 26 June 2017, its key priorities have been to look at the risk management of insurers and to position Hong Kong as an inward reinsurance and risk management hub for the Mainland and the Belt and Road economies, as well as a regional insurance hub to facilitate Mainland insurance groups to go regional and global. In this exclusive interview with Asia Insurance Review, Mr John Leung, CEO of the IA, discusses regulatory priorities, the influence of the mainland’s business and its technology push.
     

    Source : AIR | 01 Mar 2018

  • The Insurance Authority: The new investigation and enforcement agency

    Ms Mun Yeow of Clyde & Co discusses the Insurance Authority (IA)’s powers, penalties and sanctions as well as the challenges it faces. 
     

    Source : AIR | 01 Mar 2018

  • Look out for these what-if scenarios - WEF's 10 potential future shocks

    The growing complexity and interconnectedness of our global systems can lead to feedback loops, threshold effects and cascading disruptions. Sudden and dramatic breakdowns – future shocks – become more likely, according to the Global Risks Report 2018 published by the World Economic Forum.
     

    Source : AIR | 01 Mar 2018

  • India's budget conundrum - Insuring 500 million

    The world’s largest government funded healthcare programme which is expected to benefit 500 million beneficiaries was announced by the Indian Finance Minister Arun Jaitley in his Budget proposal presented in February for the 2018-19 fiscal year (FY2019). We look at the challenges before the government in getting this programme off the ground and running.
     

    Source : AIR | 01 Mar 2018

  • Healthcare in Asia: A storm in the making!

    Asia Insurance Review speaks to reinsurers, insurers, brokers, health evangelists and medical management solution providers to understand the healthcare problems in Asia and the way forward.
     

    Source : AIR | 01 Mar 2018

  • Not disruption, but continuous evolution

    With a record 700 delegates from 38 countries, hectic networking, engrossing discussions and effective bilateral meetings, the 12th India Rendezvous, Reinsurance: Disrupted, in Mumbai from 22 to 24 January set important milestones. 
     

    Source : AIR | 01 Mar 2019

  • Indian reinsurance regulations 2018

    The Insurance Regulatory and Development Authority of India released revised reinsurance regulations. Apprehension and misinterpretation still exist, however. 
     
     

    Source : AIR | 01 Mar 2019

  • View from India: Will the enhanced foreign investment limit catalyse the industry?

    India has proposed lifting the limit of foreign investment in insurance from 49% to 74%. Will it translate into a surge in foreign investments?
     

    Source : AIR | 01 Mar 2021

  • China: Regulator sets out rules for shareholders of insurers

    The CIRC issued its amended “Insurer Shareholder Regulations” on 7 March that aim to ensure transparency and to curb undue control by shareholders of insurance companies in a bid to reduce risk.
     

    Source : AIR | 01 Apr 2018

  • India: Insurers ask for premium increase to cover govt accident plan

    Insurance companies, mainly government-run insurers, are losing money on the Prime Minister’s accident insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY), with losses of 80-100%.
     

    Source : AIR | 01 Apr 2018

  • New Zealand:New insurance statistics made available by Central Bank

    The central bank, the Reserve Bank of New Zealand, has begun publishing new quarterly statistics that will provide insights into the structure and activities of the insurance industry.
     

    Source : AIR | 01 Apr 2018

  • Philippines: Debate over degree of capitalisation of insurers continues

    The Philippine insurance industry is likely over-capitalised, says Mr Reynaldo A de Dios, an insurance industry doyen. 
     

    Source : AIR | 01 Apr 2018

  • Singapore: Regulator acts against mass poaching of financial advisers

    The MAS aims to promote responsible recruitment practices in the financial advisory industry and address risks that may arise from the mass poaching of insurance agents from rival insurers.
     

    Source : AIR | 01 Apr 2018

  • Taiwan: Regulator wants life insurers to hold more fixed income assets

    The Financial Supervisory Commission (FSC) has said that regulators would work toward deregulation to revive the appetite of local fixed-income investors – mainly insurers’ – for structured-finance products.
     

    Source : AIR | 01 Apr 2018

  • Thailand: Regulator to make insurers disclose more information

    The Thai insurance regulator recently circulated two draft notifications that will impose new disclosure requirements on insurers.
     

    Source : AIR | 01 Apr 2018

  • Bajaj Allianz General: Human touch is still important despite digitisation

    As India progresses economically and the country’s insurance penetration rises, what does the Indian customer expect from their insurers? Can technology and digitalisation be a “cure-all” solution for customers’ expectations? How to fulfil all these expectations and still be profitable? Mr Tapan Singhel, Managing Director & CEO, Bajaj Allianz General Insurance Company, shares his views on these crucial issues with Asia Insurance Review. 
     

    Source : AIR | 01 Apr 2018

  • Indian Insurance Brokers: Future is promising, only if!

    The Indian insurance broking business has been a substantial contributor to the growth of the country’s insurance industry. With artificial intelligence, digitalisation and web-aggregators likely to pose a tough competition to the brokers, the new IRDAI (Insurance Brokers) Regulations 2018 does attempt to create a level playing field. 
     

    Source : AIR | 01 Apr 2018

  • Bancassurance blockbuster partnership

    Bancassurance is one of the main distribution channels for insurers in South Asian markets. We speak to some major players to get their perspective on the state of the market and the future for bancassurance.
     

    Source : AIR | 01 May 2018

  • Creating a growth environment for health insurance in Asia

    Willis Re’s Julia Aslett makes a strong case for speeding up the ‘natural cycle’ that many markets witness in developing from ‘over-regulation’ to ‘free market’. 
     

    Source : AIR | 01 May 2018

  • Implementing IFRS17 - A roadmap for survival

    Actuarial Partners’ Hassan Scott Odierno gets technical about International Financial Reporting Standards - IFRS4 and IFRS17.
     

    Source : AIR | 01 May 2018

  • Asia: Region leads the way in IFRS 17 implementation

    Asian companies have been among the first in the world to start preparing for the new International Financial Reporting Standard 17 (IFRS17) which will significantly change the way insurance contracts are measured and reported. Korean insurers are the most advanced in preparing for the implementation of the accounting standard.
     

    Source : AIR | 01 May 2018

  • China: Central bank gives more details on liberalising insurance mart

    The People’s Bank of China (PBOC) has announced 11 measures aimed at further opening China’s financial services sector, including the insurance market, to foreign participants.
     

    Source : AIR | 01 May 2018

  • Hong Kong: Call for light touch in insurance broking regulation

    Several hundred members of the Professional Insurance Brokers Association have urged Insurance Authority chairman Moses Cheng Mo-chi to refrain from introducing heavy handed regulation. 
     

    Source : AIR | 01 May 2018

  • Malaysia: Growth prospects for insurance and takaful industry seen as positive

    The insurance and takaful industry in Malaysia is improving given the ample room for growth, supported by proactive measures to innovate the industry taken by Bank Negara Malaysia (BNM), says MIDF Amanah Investment Bank’s research arm, MIDF Research.
     

    Source : AIR | 01 May 2018

  • Insurance Europe issues GDPR data breach notification template

    Insurance Europe, the European insurance and reinsurance federation, has issued a template for reporting data breaches to the UK Information Commissioner’s Office (ICO) under the General Data Protection Regulation (GDPR).
     

    Source : AIR | 01 May 2018

  • From perilous cyclones to pervasive iPhones - a market to be tapped

    The Philippine’s insurance commissioner Mr Dennis Funa talks frankly about the challenges facing the industry as well as the tremendous growth opportunity it faces.
     

    Source : AIR | 01 May 2018

  • India: Govt urged to resolve uncertainty over regulation of pension products

    The Pension Fund Regulatory and Development Authority (PFRDA) is seeking clarification from the government on several questions related to the regulation of pension products. The move is seen as an attempt to bring all pension products under the purview of a single regulator.
     

    Source : AIR | 01 Jun 2017

  • Indonesia: OJK issues new rules on insurance admin sanctions

    The Financial Services Authority (OJK) has issued guidelines on administrative sanctions in the insurance sector and freezing of assets of insurance companies, takaful companies, reinsurers and retakaful companies that became effective on 25 April 2017. 
     

    Source : AIR | 01 Jun 2017

  • FSC Taiwan: Taiwan's supervisory policy - Innovation and sound management

    Consumers’ expectations are pushing the insurance industry to embrace innovation and transform itself. As regulator, Dr Thomas Tien-Mu Huang, Vice Chairman of Financial Supervisory Commission, Taiwan, together with his team, work hard to strike a balance between innovation and sound management. 
     

    Source : AIR | 01 Jun 2017

  • Non-life insurance: The best is yet to be

    Taiwan’s non-life insurance sector recorded a remarkable growth of 7.23% in 2016 as most classes of business saw premiums rise. Asia Insurance Review speaks to its key market players for insights into the sector’s performance and key struggles, as well as their outlook for the immediate future.
     

    Source : AIR | 01 Jun 2017

  • Interview with Regulator - A most fruitful year

    Despite 2016 being fraught with challenges, including a volatile global economy and a series of unfortunate disasters at home, Ms Grace Lee, Director General of the Financial Supervisory Commission’s Insurance Bureau says the industry has fared well. In this exclusive, she elaborates on her assessment of the market, as well as her agenda for 2017.
     

    Source : AIR | 01 Jun 2017

  • Asia: Actuarial Partners accredited under the Quality Assurance Scheme

    Actuarial Partners Consulting has become the first non-MNC firm of actuaries outside of the UK to receive accreditation under the Quality Assurance Scheme (QAS) from the Institute and Faculty of Actuaries UK. The award was presented during the IFoA Asia Conference 2018 in Bangkok in May. 
     

    Source : AIR | 01 Jun 2018

  • China: Regulator promises severe penalties for those who violate financial sector regulations

    The China Banking and Insurance Regulatory Commission (CBIRC) has warned that it would take a ‘high pressure’ stance to impose strict penalties and press for strict accountability in cases of violations of laws and regulations.
     

    Source : AIR | 01 Jun 2018

  • Thailand: Regulator to set up platform to develop InsurTech

    The Office of Insurance Commission (OIC) will set up and administer the Insurtech Centre of Thailand (ICT) soon for data collection, technology exchange and insurance product development. 
     

    Source : AIR | 01 Jun 2018

  • Embracing digital regulation

    Thailand’s Office of Insurance Commission secretary general, Dr Suthiphon Thaveechaiyagarn, throws some light on what the regulator has already achieved and what the office has in store in the digital realm.
     

    Source : AIR | 01 Jun 2018

  • China reins in its insurance sector - so what's next?

    China’s financial services sector is in the midst of its biggest shake-up in decades as the government attempts to tighten oversight of the financial system in the world’s second largest economy. 
     

    Source : AIR | 01 Jun 2018

  • Aon Benfield: Actuarial software to ease shift to IFRS 17 compliance

    The South Korean financial regulator (FSS) has recently introduced new solvency regulations, due to take hold in 2021. In a world first, it is basing these regulations on a new international accounting standard IFRS 17. Mr Sung Lim Suh of Aon Benfield discusses how actuarial modelling software is being used to help insurers in South Korea comply with the new Standard. 
     

    Source : AIR | 01 Jul 2017

  • PwC: Gearing up for a paradigm shift

    The issuance of IFRS 17 by the International Accounting Standard Board (IASB) recently was the most significant change to insurance accounting requirements in 20 years. Ms Woo Shea Leen and Ms Ang Sock Sun, both from PwC Singapore, share how insurers can gear up for this paradigm shift in reporting standard. 
     

    Source : AIR | 01 Jul 2017

  • A new chapter with new IA

    Hong Kong enters a new chapter in insurance with the Insurance Authority coming into force on 26 June. Already dynamic and sophisticated, the outlook for the market is highly positive as industry play-ers count on Hong Kong’s ties with the mainland, its super connector role as a fi-nance/logistics/commercial hub, the ageing population to further boost life and general insurance growth as well as retirement and wealth management solutions to all. 
     

    Source : AIR | 01 Jul 2017

  • Interview with Regulator: An old hand to lead the path for IA's new mandate

    Hong Kong’s new insurance regulator, the Insurance Authority (IA), took over from the Office of the Commissioner of Insurance (OCI) on 26 June 2017. Among the new IA’s additional mandates are facilitating the sustainable development of the insurance industry, direct licensing of insurance intermediaries, consumer education, as well as research on industry issues and topics. 
     

    Source : AIR | 01 Jul 2017

  • RegTech: The financial industry's new best friend?

    RegTech has become one of the key areas to watch in 2017. This trend will continue in the months ahead, especially as insurers continue to discover its benefits, says Mr Henri Arslanian from PwC who highlights the five things you need to know about this trend.
     

    Source : AIR | 01 Jul 2017

  • Regulatory updates

    PwC brings you a roundup of key regulatory activities around the region in the recent few months.
     

    Source : AIR | 01 Jul 2017

  • Deloitte: An insurer's journey

    On 18 May 2017, the International Accounting Standards Board (IASB) issued IFRS 17: Insurance Contracts, a long awaited standard for insurers. Mr Raj Juta from Deloitte gives an in-depth view of this new insurance contracts standard which will be applicable for annual reporting periods beginning on or after 1 January 2021.
     

    Source : AIR | 01 Jul 2017

  • Indonesia: Higher concentration risk for insurers

    Recent regulations requiring insurers to cede risks to domestic reinsurers has led to a change in the counterparty risk landscape for a number of insurers, said reinsurance advisory firm JLT Re. 
     

    Source : AIR | 01 Jul 2017

  • New Zealand: IAG wants foreign insurers to hold assets locally

    New Zealand’s largest general insurer, IAG, wants overseas insurers with local business to be required to hold a certain amount of assets in the country.
     

    Source : AIR | 01 Jul 2017

  • Principles on supervisory approach to relocations from the UK

    The European Securities and Markets Authority (ESMA) has published an Opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom. The opinion is addressed to national competent authorities (NCAs), in particular of the 27 Member States that will remain in the EU (EU27).
     

    Source : AIR | 01 Jul 2017

  • The Executive view of general insurance in Asia: It's happening. Belt up for bigger changes

    The growth lure of Asia, cyber panic, disruptive forces and technology-driven innovation and the need to spur risk management awareness were some of the hot issues at Asia Insurance Review’s Executive Roundtable on general insurance. Held in Singapore, it offers a regional perspective of the issues in-volved in the lead up to the IIS’ Global Insurance Forum this month.
     

    Source : AIR | 01 Jul 2017

  • View from India: Prevention is better than cure

    Any step by the Indian insurance industry to support government efforts to reduce the carnage on Indian roads due to mounting road accidents would only add to their profitability.
     

    Source : AIR | 01 Jul 2018

  • Regulator wants more tech adoption and innovation

    Asia Insurance Review speaks with Taiwan Financial Supervisory Commission’s insurance bureau director-general Wu Kuei-Mao on the regulator’s efforts to expand insurance coverage as well as update its supervision system.
     

    Source : AIR | 01 Jul 2018

  • India: Underinsured offers huge growth potential to life insurers

    The growth opportunity in India’s life sector lies in catering to the underinsured, says global financial services company Jefferies in a report on life insurance.
     

    Source : AIR | 01 Jul 2018

  • Malaysia: Non-life sector gets a three-month tax holiday

    Malaysia will implement the sales and services tax (SST) with effect from 1 September to replace the goods and services tax (GST), announced Prime Minister Mahathir Mohamad.
     

    Source : AIR | 01 Jul 2018

  • Myanmar: Government taps Indian reinsurer for insurance law revision

    Myanmar authorities are working with India’s only state-run reinsurer to revise insurance and reinsurance laws.
     

    Source : AIR | 01 Jul 2018

  • Pakistan: Guarantee/surety bond market opens up

    The Securities and Exchange Commission of Pakistan (SECP) has allowed insurance companies to issue guarantees/bonds including custom bonds, fidelity bonds, mobilisation advance guarantees, administration bonds and payment bonds to a party or a group.
     

    Source : AIR | 01 Jul 2018

  • Thailand: OIC improves regulation regarding insurance sales

    The Office of the Insurance Commission (OIC) has published the draft notifications regarding Rules and Procedures for Issuing and Offering for Sale Insurance Products of Life and Non-Life Insurance Companies and the Operations of Insurance Agents and Licensed Brokers.
     

    Source : AIR | 01 Jul 2018

  • Global: World's first threat-information sharing group for regulators established

    The Financial Services Information Sharing and Analysis Center (FS-ISAC) has announced the upcoming launch of the world-first CERES (CEntral banks, REgulators and Supervisory entities) Forum, a new information sharing group for central banks, regulators and supervisors to share information impacting global security and resiliency.
     

    Source : AIR | 01 Jul 2018

  • Asia: AIDA's APIC to be held in October in Singapore

    The inaugural Asia Pacific Insurance Conference (APIC), a regional conference organised by a collection of major insurance-related organisations affiliated under the auspices of the International Insurance Law Association/Association Internationale de Droit des Assurances (AIDA), will be held on 18-20 October 2017 in Singapore.
     

    Source : AIR | 01 Aug 2017

  • China: Insurance asset management to see reform in 6 areas

    Source : AIR | 01 Aug 2017

  • China: Super regulator to be formed

    President Xi Jinping has announced that China would set up a financial stability committee under the State Council to be responsible for the coordinated oversight of the insurance, banking and securities sectors.
     

    Source : AIR | 01 Aug 2017

  • Hong Kong: New regulator to streamline rules to boost FinTech

    The Insurance Authority (IA), which started operations on 26 June, will actively consider the streamlining of existing regulatory requirements, including the application of the concept of a “sandbox”, to help reduce the lead time for the launching of FinTech products.
     

    Source : AIR | 01 Aug 2017

  • India: Regulator takes big step to protect policyholders

    The IRDAI has effected a new regulation, which is seen as a big move towards protecting policyholders’ interests.
     

    Source : AIR | 01 Aug 2017

  • South Korea: Govt looking at getting health insurers to cut premiums

    The government will seek a legal base to pressure private insurers to cut down medical insurance premiums to help alleviate the cost burden on subscribers amid coverage expansion of national health insurance.
     

    Source : AIR | 01 Aug 2017

  • Malaysia: Takaful sector to consolidate due to regulatory pressures

    Regulatory pressures will drive sector consolidation in Malaysia in the short term, said Fitch Ratings. 
     

    Source : AIR | 01 Aug 2017

  • Nepal: Beema Samiti slashes premium rates for Riot Strike and Terrorism

    Beema Samiti (Insurance Regulatory Authority of Nepal) has reduced premiums for Riots, Strike Damage under Fire Tariff by 25% and for Malicious, Sabotage and Terrorism by 50%. The new premium rates came into effect from 16 July. Earlier, the regulator had also reduced private car own damage premium rate to the tune of 25% to 35%.
     

    Source : AIR | 01 Aug 2017

  • Philippines: Number of non-life insurers to dwindle for want of funds

    Five non-life insurers have decided to voluntarily exit the insurance business, mostly because they are unable to comply with requirements to increase net worth, said the Philippine Insurers and Reinsurers Association (PIRA). They are currently servicing existing policies, reported Rappler.
     

    Source : AIR | 01 Aug 2017

  • Singapore: Govt looks into administering long-term care insurance scheme

    The Government is studying the possibility of taking over the running of ElderShield, following a proposal from a committee reviewing the national insurance scheme for long-term care.
     

    Source : AIR | 01 Aug 2017

  • Interview with the Regulator: Engaging disruption to benefit the industry

    In this exclusive interview with Dr Suthiphon Thaveechaiyagarn, Secretary-General of the Office of Insurance Commission (OIC), Thailand, he gives an in-depth view of the insurance industry today and shares that the OIC is focused on technological innovation which he firmly believes will bring benefits to consumers and the whole industry. 
     

    Source : AIR | 01 Aug 2017

  • Sri Lanka: New regulator outlines priorities

    Insurance Regulatory Commission of Sri Lanka chairman Mano Tittawella reveals that increasing awareness and building public confidence about insurance are his priorities. He is also a strong proponent of the involvement of foreign players in developing the local market.
     

    Source : AIR | 01 Aug 2018

  • Belt and Road Initiative: Opportunities and risks

    China’s Belt and Road Initiative will bring the global economy enormous growth and investment opportunities, estimated by Swiss Re to be worth an additional $23bn in commercial insurance premiums by 2030. However, BRI projects also bring with them risks. The first-ever Insurance Summit on BRI organised by Asia Insurance Review saw experts discuss these issues.
     

    Source : AIR | 01 Aug 2018

  • Hong Kong: Regulator plans to introduce ERM rules in 2020

    The Hong Kong Insurance Authority (IA) recently released a draft guideline on enterprise risk management (ERM) as part of Hong Kong’s move towards a risk-based capital regime.
     

    Source : AIR | 01 Aug 2018

  • Pakistan: Insurers urged to ensure overseas units meet AML/CFT rules

    The Securities and Exchange Commission of Pakistan (SECP) has made it mandatory for insurers, takaful operators, securities brokers, commodities brokers and other nonbank financial companies to pay special attention to their overseas branches or subsidiaries located in countries which do not or insufficiently comply with Financial Action Task Force recommendations.
     

    Source : AIR | 01 Aug 2018

  • Singapore: Moves announced to boost Asian infrastructure financing

    Singapore is developing two significant initiatives to facilitate the take-off of Asian infrastructure financing, MAS managing director Ravi Menon has said.
     

    Source : AIR | 01 Aug 2018

  • Thailand: Insurance to be promoted to foreign migrant workers

    The Office of Insurance Commission (OIC) is working with other government agencies to promote insurance for foreign workers in Thailand.
     

    Source : AIR | 01 Aug 2018

  • Indonesia: Regulator mulls ways to extend microinsurance reach

    Inadequate market reach is one constraint on the development of microinsurance in Indonesia, given the size of the country and its scattered islands, according to the Financial Services Authority (OJK).
     

    Source : AIR | 01 Sep 2017

  • Taiwan: Regulator urged to act boldly to promote insurance access

    Taiwan’s newly appointed Director-General of the Insurance Bureau has said that the insurance regulator has identified seven areas which it will focus on, including supervising insurers by ratings.
     

    Source : AIR | 01 Sep 2017

  • Vietnam: Insurers welcome majority, even 100%, foreign participation

    Insurers are keen to have higher holdings in their shares by foreign investors so as to improve ratings and expand their market share.
     

    Source : AIR | 01 Sep 2017

  • Interview with the Regulator: Reducing the protection gap

    Addressing the protection gap will continue to be a key focus area for Bank Negara Malaysia (BNM), says Mr Yoon Yew Khuen, Director of Insurance Development, in an exclusive interview with Asia Insurance Review where he stresses the need to bring to the market products and services that increase the affordability and accessibility of insurance. Engaging customers and enhancing their experiences are also key to boosting insurance.
     

    Source : AIR | 01 Sep 2017

  • Mark Mitchell: Navigating risk with tailored solutions

    We live in a world today that is more connected than ever before. Similarly, the interdependency of global businesses today brings about unique challenges for insurers. It is no longer enough to develop generic solutions. Instead, we must be able to offer our clients tailored and relevant solutions that can adapt to global developments within a local context. 
     

    Source : AIR | 01 Sep 2017

  • Regulations slowly but surely transforming the market

    Bank Negara Malaysia has put in place rules to engender market competitiveness and innovation, promote sound market conduct and encourage easier access to insurance products.
     

    Source : AIR | 01 Sep 2018

  • Australia: Productivity Commission urges action on add-on insurance products

    The Australian Securities and Investments Commission (ASIC) should proceed as soon as possible with its proposal to mandate a deferred sales model for all sales of add-on insurance by car dealerships, said the Productivity Commission.
     

    Source : AIR | 01 Sep 2018

  • Hong Kong: UK's Prudential to change main regulator

    The UK’s largest listed insurance group, Prudential, will change its main regulator to the Hong Kong Insurance Authority after it spins off its UK business.
     

    Source : AIR | 01 Sep 2018

  • Regulator's initiatives to strengthen sector

    Nepal Insurance Regulatory Board chairman Chiranjibi Chapagain provides an update on the state of the market and the way forward for the industry.
     

    Source : AIR | 01 Sep 2018

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