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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
General Insurance Company of the Year - 21st Asia Insurance Industry Awards 2017: Apollo Munich Health - This Award inspires us to reach new milestones
Awards are great! They are a mark of recognition given in honour of an achievement! Awards enhance a company’s brand reputation, instil confidence in customers about the quality and professionalism, and help employees take pride in their work.

Source : AIR | 01 Jan 2018
Product Bytes
- APAC: BHSI launches new PI Insurance for FIs and new Contractors Plant & Equipment (CP&E) policy
- Malaysia: Hong Leong Assurance’s policy serves the need of the 45-70 set
- Singapore: Income aims to plug protection gap of “sandwiched” generation
- Singapore: AXA announces two new life insurance products
Source : AIR | 01 Jan 2018
North P&I Club celebrates 10 years in Singapore
North P&I Club celebrated the tenth anniversary of its office in Singapore with a reception in December, attended by shipowners and representatives of the Singaporean and Asia-Pacific shipping community.

Source : AIR | 01 Jan 2018
Real estate, real risks
Mr Josh Toh of Global Logistics Properties talks to us about the real estate industry’s technology risks.

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
The incumbent vs the disruptor: How much has changed?
Has the entrance of InsurTech startups in Singapore changed significantly the way insurance is transacted? PolicyPal’s Ms Val Yap and lnfinity Wealth Management’s Mr Poh Choon Kia share their views.

Source : AIR | 01 Oct 2017
Asia: More than 750 delegates have registered for SIRC
As Monte Carlo ends, it is time to plan for the 14th Singapore International Reinsurance Convention (SIRC) billed as the Asian Monte Carlo where 750 delegates from 41 countries have registered. The event is well supported by the industry with 18 sponsors and some 125 private meeting rooms or tables booked.

Source : AIR | 01 Oct 2017
Singapore: Old-timer OAC adopts Great Eastern name
Singapore’s pioneer non-life insurer, OAC, marks a new chapter with rebranding as parent company Great Eastern looks to further build its general insurance business.

Source : AIR | 01 Oct 2017
Singapore: Call made for bond default insurance
Singapore’s watchdog for minority shareholders and a leading law firm are proposing an insurance scheme to protect bond investors from default.

Source : AIR | 01 Oct 2017
ASEAN disaster management centre to widen its role
The Association of Southeast Asian Nations (ASEAN) is working on appointing the ASEAN Coordinating Centre for Humanitarian Assistance on Disaster Management (AHA Centre) in Indonesia as the regional body to respond to disasters within and outside of Southeast Asia, said Singapore Minister for Home Affairs and Minister for Law K Shanmugam.

Source : AIR | 01 Oct 2017
Disrupting the CIO
The role of the Chief Information Officer was brought into question at Asia Insurance Review’s 6th CIO Technology Summit. He now needs to be an instigator, an integrator and an innovator.

Source : AIR | 01 Oct 2017
Engineering first
Commercial and industrial property insurer FM Global’s approach to business is different, says Mr David Johnson, newly-appointed Vice President, Regional Manager, Asia. Not only is it a mutual company for close to two centuries, in business, it is also very much focused on loss prevention engineering backed by science.

Source : AIR | 01 Oct 2017
Millennials: Get them on board
The insurance industry does not figure on any list of preferred employers. We speak to different stakeholders on how to win talent, especially the millennials, over.

Source : AIR | 01 Oct 2017
Product Bites
- Japan: ‘Minpaku’ products come to market
- Hong Kong: Prudential announces multi-claim critical illness protection solution
- Singapore: Etiqa launches personal cyber insurance
- Global: Aon offers $350m reinsurance capacity for new silent cyber facility
- Global: Seamless space insurance from XL Catlin
Source : AIR | 01 Oct 2018
Singapore: Identity card number collection and copying to be illegal from Sept 2019
Singapore’s data protection watchdog has issued updated guidelines to enhance consumer protection against the indiscriminate collection, use and disclosure of individuals’ National Registration Identity Card (NRIC) numbers and retention of physical NRICs.

Source : AIR | 01 Oct 2018
Singapore: DBS Bank lays path for instant claims payment
DBS Bank, the largest banking group in Singapore and Southeast Asia, recently shared insights on how the insurance claims experience could be transformed with instant claims payments – through leveraging on its new API named DBS IDEAL RAPID.

Source : AIR | 01 Nov 2017
Evolving to stay relevant
Mr Joseph Kwok of Financial Planning Association of Singapore (FPAS) looks at the need for financial planners to stay relevant as customers become more tech savvy and sophisticated in their protection planning needs.

Source : AIR | 01 Nov 2017
South African delegation in Singapore share information and best practices
A South African delegation of 35 insurance professionals (a mix of insurers, reinsurers, brokers, risk managers and others) was in Singapore in September at the invitation of the Singapore Insurance Institute (SII).

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
Thome Group opens state-of-the-art operations hub in Singapore
The Thome Group, a dynamic provider of integrated ship management services, has opened a modern operations hub at its office in Singapore to enhance the quality of its ship management services and reaction times to emergency responses.

Source : AIR | 01 Dec 2017
Product Bytes
Asia: Beazley launches financial lines products

Asia: FinTech policy unveiled

Hong Kong: Ironshore introduces legal expense cover

Hong Kong: AIG announces new cyber insurance products

Malaysia: New Allianz cover for diabetics

Singapore: Bandboo introduces new P2P excess protection for drivers

Source : AIR | 01 Dec 2017
Echo Re targeting more Asian business
Dr Peter F Hugger is the man at the helm of Echo Re since February 2012. Having spent a considerable part of his 30-year professional life in Asia, with some of the top names in the reinsurance business, he is now ready to chart a new course for Echo Re in Asia, where the company already has a big presence and where he believes lies the opportunity for international players like his. He speaks to Asia Insurance Review on his new plans and strategy for the region, and the future ahead for his company.

Source : AIR | 01 Dec 2017
Samsung Re: Expanding beyond group business
Samsung Re has been keeping a low profile since its inception in 2011 but of late, the reinsurer has adopted a new strategy to expand its operations beyond its group business and into newer territories across Asia. We speak to Mr Tae Y Choi, CEO, Samsung Re at the SIRC, to find out the plans and strategies ahead for the company.

Source : AIR | 01 Dec 2017
Regulator sets in place plans for Singapore to be a global capital for Asian risk transfer
The Singapore authorities is stepping up the buzz in an already burgeoning insurance industry with a slew of initiatives announced last month, including strategies for the Lion City to be a global capital for Asian risk transfer.

Source : AIR | 01 Dec 2017
Singapore: Peak Re receives composite licence from MAS
Peak Reinsurance Company, the Hong Kong-based global top-43 reinsurer, has been authorised as a life and general reinsurer by the MAS to carry on reinsurance business in Singapore since 2 November 2017.

Source : AIR | 01 Dec 2017
BOT or not? - AI and the future of Singapore's Insurance Industry
The world of life and health insurance is poised on the edge of a potential revolution, thanks to advancements in AI. With a healthy dose of human intuition, logic and imagination, this will be a brave new world of exciting possibilities for customers, says Mr James Tan, CEO of Tokio Marine Life Singapore (TMLS).

Source : AIR | 01 Dec 2017
Product Bytes

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
Rajesh Sud: 17 going on 18!
Mr Rajesh Sud, Executive Vice Chairman & MD of Max Life Insurance Company, is among the rare breed of CEOs to have survived in the top management space for over 17 years in one of India’s leading life insurance companies. He has seen the development of the life industry from close quarters since its liberalisation in 2000 and gives us his perspective of the industry.

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
Australia: Some health insurers should consider mergers - APRA
Mergers should be at least under active consideration by health insurers with low or negative member growth, and which only have small membership bases to begin with, Mr Geoff Summerhayes, APRA Executive Board Member, has said.

Source : AIR | 01 Mar 2018
Bangladesh: New law makes insurance mandatory for shipbreakers

Source : AIR | 01 Mar 2018
Singapore: Life insurers toast stellar growth of 24% for 2017
Singapore’s life insurance industry crossed a significant milestone in 2017 with total weighted new business premiums reaching a record S$4,088.2 million (US$3,083 million), says the Life Insurance Association, Singapore (LIA Singapore). The figure represents a 24% surge compared to 2016.

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
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
SMEs show misplaced assumptions about cyber risk
Many small and medium enterprises in Singapore think they are too small to fall prey to cyber attacks.

Source : AIR | 01 Mar 2019
ERGO: Getting its Singapore operations more ERGOnomical
ERGO Insurance is in a period of transformation to align its Singapore business with the strategies of the international ERGO Group. We caught up with Mr Karl-Heinz Jung, CEO of ERGO Insurance since August 2017, to learn about the insurer’s activities and ambitions in the city state.

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
Singapore: University students get a taste of real-world risk management

Source : AIR | 01 May 2018
Singapore: Insurance industry personnel attend ILAS event
A large group of members and friends of the Insurance Law Association Singapore (ILAS) turned up for its Networking Evening evening held on the 1 March.

Source : AIR | 01 May 2018
CIOs and the opportunities ahead
The responsibilities of CIOs are multiplying but there is a talent void in the cybersecurity industry in Singapore. Mr Cheong Wai Hon of Tokio Marine Life addresses this pertinent challenge.

Source : AIR | 01 Jun 2017
Singapore working towards homegrown P&I Club
Singapore is aiming to have a P&I Club in the medium term and is also working to have its own clause, a senior industry executive has said.

Source : AIR | 01 Jun 2017
Roland Eckl: In tune with regional trends and client needs
Munich Re is streamlining resources in Asia to ensure greater agility and responsiveness to local markets. Mr Roland Eckl, who was appointed Chief Executive Asia Pacific in January and will relocate to Singapore later in September to head a newly formed regional centre, shares the reinsurer’s reworked vision for the region.

Source : AIR | 01 Jun 2017
Singapore: Life sector kicks off with strong 1Q uptake of annual premium products
The life sector in Singapore posted S$925.1m ($694.1m) in total weighted new business premiums for 1Q2018, a remarkable 14% growth from the corresponding period the previous year, says the Life Insurance Association (LIA) Singapore.

Source : AIR | 01 Jun 2018
InsurTech hype gives way to reality
Insurance in Asia has come to a pivotal point as the much of the hype around disruptors has faded and the industry is now going through a self-correction phase.

Source : AIR | 01 Jun 2018
Product Bites

Source : AIR | 01 Jun 2018
Sustaining a reinsurance hub
Asia Insurance Review spoke to several market participants on how Singapore can to sustain its position as a leading reinsurance hub.

Source : AIR | 01 Jun 2019
AI: Helping people become more human
Some have viewed companies’ adoption of artificial intelligence (AI) with reluctance, suspicion and fear of being displaced. But software startup Flamingo says the use of AI can make humans more hu-man with its efficiency outcome.

Source : AIR | 01 Jul 2017
Product Bytes
APAC: XL Catlin launches real estate environmental protection solution

Asia: New critical illness products in Hong Kong and Singapore

Singapore: MSIG and Etiqa Insurance launch usage-based motor insurance

Source : AIR | 01 Jul 2017
Singapore: RIMAS highlights importance of global communication in cyber attack defence

Source : AIR | 01 Jul 2017
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
Singapore: First local life insurer licensed in 47 years
Singapore Life Pte Ltd has been approved as a fully licensed direct life insurer by the MAS, thus making it the first local insurer to be licensed since 1970.

Source : AIR | 01 Jul 2017
Delivering real solutions through innovation
Ms Regine Lai, Managing Director of Insurance Republic, is a Singaporean who has made her entrepreneurial mark across Asia and Europe over the last 10 years; specialising in brand consulting for retail, banking & finance and insurance entities. She recently led the launch of Insurance Republic’s new app, my-insurer.

Source : AIR | 01 Jul 2017
Breathing new life into Singapore's insurance market
The first local insurer to be licensed in Singapore in nearly 50 years wants to make buying life insurance a more pleasant experience.

Source : AIR | 01 Jul 2017
Singapore: Health ministry probes insurance fraud allegations
Dodgy practices have emerged in the healthcare industry, involving doctors, physiotherapists, insurance agents and third-party administrators (TPAs) splitting money from inflated insurance claims among themselves via a referral and commission system.

Source : AIR | 01 Jul 2018
Where does the pursuit of digitalisation lead?
The insurance industry’s pursuit of digitalisation continues even as the hype around disruptors fades. But where are insurers’ investment dollars being channelled and what exactly are they looking to achieve? Are some parts of the insurance value chain more equal than others?

Source : AIR | 01 Jul 2018
Milestone development: InsurTech Asia Association launched
A new dedicated InsurTech Asia Association is being launched to mark a milestone development in the regional insurance market.

Source : AIR | 01 Aug 2017
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
Asia Pacific: Regional giants to drive global life market
The giant emerging markets of China and India will drive global life premium growth in the coming years, forecasts Swiss Re Institute in its sigma report titled “World insurance in 2016: the China growth engine steams ahead”.

Source : AIR | 01 Aug 2017
Asia: Tan Suee Chieh elected to council of IFoA
Mr Tan Suee Chieh, a veteran in the insurance industry and previously Group Chief Executive of NTUC Enterprise, has been elected to the council of the Institute and Faculty of Actuaries (IFoA), the only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and globally.

Source : AIR | 01 Aug 2017
Asia: CIOs to forge ahead on InsurTech battleground
The rise of InsurTech has led insurers to change their approach to managing business. The large incumbents face competition from startups springing up across the globe, and need to decide whether to accept them as partners or rivals.

Source : AIR | 01 Aug 2017
Singapore Life: Breathing new life into the Singapore market
The first local insurer to be licensed in Singapore in nearly 50 years wants to make buying

life insurance a more pleasant experience. We speak to its founder and CEO Mr Walter de Oude.

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
Changing the cyber game in Singapore
The recent launch of Delta Insurance Singapore, a sister company to Delta Insurance New Zealand, introduced the first cyber, technology and financial lines Lloyd’s Coverholder in the country. We sit down with Mr Eugene Cheong, its Managing Director, to find out more about its tech focus and unique approach to cyber insurance.

Source : AIR | 01 Aug 2017
Product Bites

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
Singapore: Sterling Knight joins large employee-owned insurance group
Howden, the retail broking arm of Hyperion Insurance Group, has completed the acquisition of Sterling Knight, a leading specialist broker which is headquartered in Singapore.

Source : AIR | 01 Sep 2017
Milli Re: Staying stable through the years
Since opening their sole international branch in Singapore 10 years ago, Turkish national reinsurer Milli Re has been doing good business across Asia Pacific. Mr Chew Kwok Choong, CEO, gives us his insight on the markets in Asia, and Milli Re’s plans moving forward.

Source : AIR | 01 Sep 2017
Oversupply of ships and marine insurance
As part of the coverage for the IUMI Annual Conference in Tokyo this month, Mr Matt Cannock of Markel International Singapore looks at the marine scene today with oversupply being the same bane facing both the shipping and insurance industries.

Source : AIR | 01 Sep 2017
The incumbent vs the disruptor: How much has changed?
With the entry of InsurTech startups in Singapore, has the way insurance is transacted been altered significantly? What does disruption bring for the traditional advisory model and will the industry see InsurTechs replace face-to-face selling? PolicyPal founder Ms Val Yap and local advisory Infinity Wealth Management Senior Financial Services Director, Mr Poh Choon Kia share their views in this exclusive dialogue.

Source : AIR | 01 Sep 2017
Asian Insurers: Greater Expectations!
Reinsurers play an increasingly important role in most insurance markets in Asia and each year the expectations grow. So this year, in our coverage to kick start the renewal season with Monte Carlo, we polled a team of “seven wise” insurers around the region from big and small markets to gauge their expectations. Reinsurers have big shoes to fill. The market awaits.

Source : AIR | 01 Sep 2017
Singapore: Life market surges by 20% in 1H2018
Singapore’s life insurance industry posted a 20% y-o-y increase in new business premiums for the first half of this year to reach a total of S$2.02bn ($1.47bn).

Source : AIR | 01 Sep 2018
Product Bites
- Australia: Chubb announces flight delay insurance
- Japan: Swiss Re Corporate Solutions launches tsunami-derivative solution
- Malaysia: New protection solution introduced for migrant workers
- Singapore: Great Eastern partnership to offer industry-first insurance to freelance caregivers
- Global: Now Health International’s innovative mobile pass enhances customer experience
Source : AIR | 01 Sep 2018
Singapore: 11 critical sectors told to step up cyber security measures

Source : AIR | 01 Sep 2018

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