November 17, 2018

Looking East

Looking East

4 Singapore insurers sign pact with authority

Singapore’s media development authority signed a memorandum of intent, or MOI, with four insurance companies – Great Eastern, LumenLab (MetLife’s Innovation Centre in Asia), NTUC Income and Prudential Singapore – to improve the digital capabilities of the country’s insurance sector. The emergence of new technologies is disrupting the insurance industry,...

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Aetins, IG Tech to form JV for digital solutions

Malaysian insurance company Aetins and Cambodian information technology firm IG Tech have announced a joint venture (JV) that will be called IG Aetins Asia, as reported by Khmer Times. The JV will adopt the latest technologies in the sector to improve business performance and efficiency and offer insurance solutions implemented...

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ZhongAn inks deal with Sompo insurance

Japanese property insurer Sompo has announced a technology deal with China’s ZhongAn International. ZhongAn is one of the major players in enterprise blockchain in China. The deal comes just a month after SoftBank invested USD100 million in ZhongAn International to expand into Asia. Sompo has prioritised the use of digital...

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Zurich to buy majority stake in Adira Insurance

Zurich Insurance is acquiring an 80 percent stake in Indonesia’s Adira Insurance from PT Bank Danamon Indonesia and a minority investor for at least around USD414 million, the Swiss group said recently. “Zurich has earmarked Asia Pacific to be a major engine of growth for the group, and Indonesia is...

Hanover to sell Chaucer to China Re

The Hanover Insurance Group, Inc. has agreed to divest its three wholly owned subsidiaries to China Reinsurance (Group) Corporation for USD950 million, according to a statement in the Nasdac website. The divestment is intended to intensify the company’s focus on domestic expansion. Shares of the company have lost four percent...

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Typhoon Mangkhut insured loss up to USD2bn

The insurance and reinsurance industry losses in Hong Kong, mainland China and Macau due to the impact from Typhoon Mangkhut are estimated to be in the range of USD1 billion to USD2 billion, according to AIR Worldwide. Typhoon Mangkhut affected Hong Kong with some of the worst typhoon winds and...

Cabinet approves MoU between IRDAI, FIO

The Union Cabinet recently approved the signing of a memorandum of understanding (MoU) between the Insurance Regulatory and Development Authority of India (IRDAI) and the Federal Insurance Office, USA. The MoU provides a framework for cooperation and coordination, including for the exchange of information and research assistance with respect to...

Life sees 20% hike in new business in H1 2018 in Singapore

Life sees 20% hike in new business in H1 2018

A half-yearly review by the Life Insurance Association in Singapore (LIA) has stated that new business premiums in the Life insurance industry rose by 20 percent to SGD2.02 billion in comparison with the same period last year. Another trend that was observed by the LIA was that consumers opted to...

Indonesian start-up gets backing from tech trio

Indonesian tech unicorns Go-Jek, Tokopedia and Traveloka are backing digital insurance startup PasarPolis in a Series A funding round, according to a report by TechCrunch. The three tech unicorns will also act as strategic partners for the startup. PasarPolis sells insurance options spanning travel, health, vehicle, accident, property and life,...

General products hit by 6% service tax

General products hit by 6% service tax in Malaysia

The General Insurance Association of Malaysia has stated that general insurance products will be subject to an additional six percent service tax charge. This tax would not be applicable to medical policies. The move follows the recent passing of the Service Tax Bill in Parliament. “Consumers who purchase or renew...

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