August 22, 2017

Looking East

Looking East

Australia to bring in life reform

Insurance companies in Australia will henceforth be subject to stricter, more transparent consumer protection guidelines as part of the financial services industry’s first ever Life Insurance Code of Practice for consumers. As a result of the changes that came into practice on July 1, all Australian Financial Services Council (FSC) members must ensure that...

Travel cover to include mental health

Some of the largest insurance providers in Australia have revised travel insurance policies that have long contained blanket exclusions for mental health conditions. Cover-More Australia and QBE Insurance have recently removed exclusions in their policies that deny cover to people who cancel or change travel plans due to a mental illness that...

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Bitcoin exchanges to offer cover

Two bitcoin exchanges in Japan are launching insurance products aimed at preventing losses tied to failed transactions. According to a report from Nikkei, bitFlyer is working with Mitsui Suitomo Insurance, a subsidiary of MS&AD Insurance Holdings Group, which offers non-life insurance products. Coincheck, another domestic bitcoin exchange, is pursuing a similar...

Cyber insurance sales triple in Japan

Three major non-life insurance companies saw sales of cyberattack policies more than triple to over 1,000 clients combined in fiscal 2016. Demand for cyberattack insurance, which covers losses caused by damaged computer systems, is surging as cybersecurity concerns spread to small and midsize firms. The Japan Network Security Association said...

GST: Insurance premium heats up

With the country implementing a new tax regime with the introduction of the Goods and Services Tax (GST), consumers will now have to pay more for insurance premium payments. Most of the financial services will attract a higher tax of 18 percent as against the previous 15 percent under the...

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National Insurance Company plans IPO

National Insurance Company has joined other national companies to tap the capital markets through an initial public offering. The company has approached the regulator seeking permission to move through the IPO process. The move follows a clean-up of the company’s balance sheet, which has resulted in its solvency margins improving...

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Penetration rises to 3.49%: Swiss Re

Insurance penetration in India saw a rise to 3.49 percent from 3.40 percent in financial year 2017 (FY17), according to the sigma report by global reinsurer Swiss Re. Life insurance penetration stood at 2.72 percent while general insurance penetration stood at 0.77 percent. Insurance density or the premium per capita...

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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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