September 24, 2018

Looking East

Looking East
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...

Seed production to get insurance subsidies in China

Seed production companies to get insurance subsidies

Farmers, rural cooperatives and companies engaging in the production of the seeds will be subsidised by the central government on their agricultural insurance premiums, according to a document released by the Ministry of Finance, Ministry of Agriculture and Rural Affairs, and China Banking and Insurance Regulatory Commission. The move aims...

Regulator restricts cold calling in Australia

Regulator restricts cold calling in Australia

The Australian Securities and Investments Commission (ASIC) has restricted firms that still resort to cold calling to pressure people to purchase life and funeral insurance. Its review of direct life insurance, which is sold directly to people rather than by advisers or through superannuation, found consumers are cancelling their policies...

Kerala floods claims amount to 11,000

India: Kerala floods claims amount to 11,000

A top official has confirmed that more than 11,000 claims have been filed in connection with the recent floods in Kerala, amounting to about USD170 million approximately. United India Insurance Company director and general manager K.B. Vijay Srinivas announced in a press briefing that public secor insurance companies had decided...

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Chubb Life launches digital platform for consultants

Chubb Life in Hong Kong has announced the launch of its industry-first personalised digital business platform Chubb LinkSM for the company’s insurance consultants to better serve and engage with customers. The platform is a suite of connected digital tools, designed to facilitate a more efficient and seamless service journey. The...

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Malaysian foreign ownership directive to be reviewed

Malaysia’s insurance regulator is likely to review a directive to foreign insurers to reduce ownership of their local units by nearly a third as finding domestic buyers for the equity stakes is proving hard, according to some sources. The review may result in the Malaysian regulator putting the requirement in...

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IRDAI allows LIC to buy up to 51% in IDBI Bank

India’s insurance regulator has allowed the country’s largest state-run insurer Life Insurance Corporation (LIC) to buy a stake of up to 51 percent in state-owned lender IDBI Bank, according to media reports. IDBI, which has the highest bad-loan ratio among Indian banks, is one of the 11 troubled lenders identified...

IAG finds buyer Thai, Indonesia units

Insurance Australia Group has announced that it would sell its Thai and Indonesian operations to Japanese insurer Tokio Marine Holdings for AUD525 million (USD389.71 million), according to a Reuters report. The Japanese company’s unit, Tokio Marine & Nichido Fire Insurance, will buy IAG’s 98.6 percent stake in Thailand’s Safety Insurance...

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