Residential property insurance should be made a requirement, much like motor third-party liability insurance, to protect against risks like damage caused by accidents and disasters. This message is being increasingly sounded.
The National Financial Regulatory Administration (NAFR) has addressed more fully questions about allowing cross-border insurance access between mainland China and Hong Kong and Macau.
The Philippine Insurance Commission (IC) has issued guidelines on the conduct of institutional risk assessment relating to anti-money laundering and combating the financing of terrorism (AML/CFT) by insurance entities to ensure that such a review is carried out comprehensively and uniformly.
Significant protection gaps still exist in Malaysia, particularly among the vulnerable segments of the population, and a multi-faceted approach is critical to narrow them, with the insurance sector taking on greater ownership, according to Mr Adnan Zaylani Mohamad Zahid, deputy governor of Bank Negara Malaysia (BNM).
The General Insurance Code Governance Committee (CGC) says that training for external experts has emerged as an area needing improvement in the insurance sector.
A key ongoing shift in financial reporting to the International Financial Reporting Standards (IFRS) 17 is underway, representing a significant accounting change that has necessitated the segmentation of performance analysis in the reinsurance market, according to a new AM Best report.
Dr Mohamed Farid, the chairman of the Financial Regulatory Authority (FRA) has called on insurance companies to adjust their operations to the recently enacted Unified Insurance Law.
While takaful has gained significant acceptance among Algerians, the sector still faces some hurdles that hinder its growth, including regulatory and technological obstacles and the lack of awareness campaigns, according to two academics.
The Financial Services Authority (OJK) is strengthening the development of health insurance to promote insurance penetration and density.
Compulsory earthquake insurance should be offered automatically to all homeowners in Turkiye with a sufficient level of coverage, a senior insurance executive has suggested.