June 26, 2017

Looking East

Looking East
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Discovery expands in Australia

South African insurer Discovery Limited said recently it would create a health insurance brand in a joint venture with two Australian companies to expand the footprint of its behaviour-tracking programme. Discovery’s Vitality programme, which rewards health and life insurance clients for healthy lifestyle choices and helps track their fitness, will...

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Captives remain uncharted territory

The captive insurance industry is significantly under-penetrated despite lower risk burden, said Labuan IBFC Inc. chief executive officer Danial Mah Abdullah. “The Asian market for captive is relatively unexplored and the potential for growth is immense. The penetration level is low at the moment with only 2.3 percent out of...

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CIRC lambasts Anbang, bans two products

China’s insurance regulator has banned Anbang Life Insurance Co from applying for issuance of new products for three months for inappropriate design of products and disrupting market order, it said in an online public notice on Friday. The China Insurance Regulatory Commission also instructed Anbang to rectify its product development...

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Japan: Revenue fall in 2016 for Life

Top Japanese life insurers sustained an estimated 16 percent decline in combined domestic premium income in the fiscal year ended March, as the Bank of Japan’s (BOJ) negative interest rate policy weighed on their investment income. The four biggest players — Dai-ichi Life Holdings, Nippon Life Insurance, Meiji Yasuda Life...

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Stricter RBC rules expected in S. Korea

The Financial Supervisory Service (FSS) of South Korea is planning to adopt new regulations so that insurance companies raise their risk-based capital (RBC) ratios in stages before the introduction of IFRS 17 scheduled for 2021. This is to encourage them to increase their capital or improve their debt structures in...

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First online-only Acko gets huge backing

Acko General Insurance, India’s first online-only insurance company, has racked up USD30 million or INR200 crore in one of the largest ever seed funding rounds after it received an in-principle regulatory clearance to launch, recently. Mumbai-based Acko is being backed by the likes of N.R Narayan Murthy’s Catamaran Ventures, Kris...

Indian Premiums set to Follow the GST path

The impending implementation of GST would undoubtedly impact one’s personal finances especially when it comes to financial services, albeit marginally. From the present rate of 15 percent, the GST on banking, insurance and investments such as real estate, mutual funds will see a hike of three percent as the GST...

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GIC Re opens IIO at GIFT City

 In yet another milestone for India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), General Insurance Corporation of India (GIC Re) opened its IFSC Insurance Office (IIO). General Insurance Corporation of India (GIC Re), is wholly owned by government of India. Speaking at the occasion,...

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Life insurers buy foreign bonds at slower pace

Alarmed by the prospect of US interest rate hikes, Japanese life insurance companies are purchasing foreign bonds at a much slower pace and shifting more of their investment focus to real estate and infrastructure. Japan’s 10 major life insurers are expected to increase their holdings of foreign bonds by JPY2.9 trillion to...

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SCB, FWD in talks for Life arm

Siam Commercial Bank (SCB) has entered into exclusive talks with Hong Kong insurer FWD Group to sell its life insurance arm, which could raise USD3 billion (THB103 billion) for Thailand’s third-biggest lender, people with direct knowledge of the matter said. A successful deal would rank as the largest insurance M&A...

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