January 22, 2019

Looking East

Looking East
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Ageas to acquire 40% stake in RSGI

Ageas has announced that it has signed an agreement to acquire 40 percent of the share capital of the Indian non-life insurance company Royal Sundaram General Insurance Co. Limited (RSGI) for a total consideration of EUR186 million. RSGI is a top 10 privately owned player in the Indian general insurance...

Allianz to set up first fully owned foreign insurance holding company

Allianz recently announced that it has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) for the preparatory establishment of an insurance holding company in China. The company – Allianz (China) Insurance Holding Company Limited – will be China’s first-ever wholly owned insurance holding company by a foreign...

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Sedgwick launches strategy for long-term growth

Claims management organisation Sedgwick, has established new long-term targets, reaffirmed its current capabilities and defined growth strategies for New Zealand, one of the company’s key markets. Ian V. Muress, Sedgwick’s CEO international, outlined plans to build on the integration of Cunningham Lindsey. “This is a great time for Sedgwick in...

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MAS signs MoU with CBB

The Monetary Authority of Singapore (MAS) and the Central Bank of Bahrain (CBB) recently signed a Memorandum of Understanding (MOU) to foster innovation in financial services between the two countries. The MOU will support the sharing of information on emerging Fintech trends and developments, and facilitate co-operation on innovation projects...

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New chairman of Labuan FCA

Datuk Oh Chong Peng has been appointed as the chairman of Labuan Financial Services Authority (Labuan FSA). Chong Peng has wide experience in financial and other business sectors. He is currently the non-executive director of British American Tobacco (Malaysia) Berhad, Malayan Flour Mills Berhad, Dialog Group Berhad, Kumpulan Europlus Berhad,...

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SBI Life awarded first RIMS ERM accolade

RIMS, the risk management society, recently presented SBI Life Insurance Co. Ltd. with the 2018 India Enterprise Risk Management Award of Distinction for its outstanding efforts to deliver enterprise-wide risk management solutions that address dominant risks while uncovering financial savings. The award was accepted by NKV Roopkumar, SBI Life’s EVP, chief of Risk,...

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100% FDI in insurance broking planned

The government is looking at allowing 100 percent foreign direct investment (FDI) in insurance broking. A committee comprising senior officials from finance ministry and department of industrial policy and promotion (DIPP) will review the idea, a senior government official said. Currently the insurance industry allows up to 49 percent, including...

Indian govt mulls talent pool for succession plan

The Indian government is planning to set up a ‘talent pool’ to deal with the succession planning in the PSU general insurance sector. Finance Ministry officials had recently told insurers that the government will create a ‘talent pool’ of officials who will be eligible for the fast-track promotions to hold...

QBE: Asia Pacific no longer separate arm

QBE Insurance Group Ltd has announced a streamlining of its operations whereby its Asia Pacific arm will no longer be a separate division. Effective from January 1, 2019, QBE’s International operations will comprise Europe and Asia, while Australia Pacific will include Australia, New Zealand, the Pacific and India, the global...

Emerging economies have USD160bn exposure gap

An estimated USD163 billion worth of assets are underinsured in the world, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity, according to new research from Lloyd’s and the Centre for Economics and Business Research (CEBR). The average insurance penetration in developed nations is twice...

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