October 18, 2017

Looking East

Looking East
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Foreign insurers pushed to partner with local firms

Wholly foreign- owned insurance companies in Malaysia that dominate the multi-billion-dollar sector are being encouraged to partner with local firms to conform with the country’s strict ownership laws. Based on a directive issued in April by the central bank, Bank Negara, companies such as AIA, Great Eastern, Prudential and Tokio...

School children to receive free health cover in SL

The Cabinet of ministers has approved health insurance cover for school children. According to a statement released by the Cabinet, Budget 2017 proposed to provide a free insurance cover of LKR200,000 for 4.5 million school children in the age of 5-19 years and allocated LKR2,700 million for the purpose. The...

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Quake aftermath: Low insurance penetration woes

The plight of Sichuan residents and business in the aftermath of the recent 7-magnitude earthquake has been highlighted in local media due to low insurance penetration in an industry with assets worth CNY16 trillion. Many damaged houses or buildings, especially private ones, were not covered with sufficient insurance. Other guest...

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Nonlife firms to slash premiums in Japan

Major nonlife insurance firms plan to cut premiums on their voluntary motor insurance products by two to three percent on average in January. The companies see improved profitability in their auto insurance operations as the number of traffic accidents decreases amid improving vehicle safety technologies, according to a report in...

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MSI to acquire First Capital Insurance

Mitsui Sumitomo Insurance Company (MSI) is acquiring Singapore’s First Capital Insurance for USD1.6 billion from Canada’s Fairfax Financial Holdings, in the biggest takeover by a Japanese insurer in populous Southeast Asia – a key target region for global players. Japanese insurance firms have been aggressively expanding globally. In the last...

GI gross premiums show strong growth

Data from the Insurance Regulatory and Development Authority of India (IRDAI) suggests that in the gross direct premiums underwritten by the insurance industry shows 35 percent more growth than the previous year for the same months. The strong growth has been attributed to performance in segments such as health, motor...

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Cigna to raise stake in Indian JV to 49%

Health insurance firm Cigna has applied with the regulator to increase its stake in its Indian joint venture Cigna TTK to 49 percent from the current 26 percent. Cigna Corporation will put in an additional investment of INR113 crore (USD17.6 million) in Cigna TTK Health Insurance, a joint venture between the US firm and...

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...

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