Consumer groups and insurance lawyers have criticised a new life insurance code of conduct, saying it fails to protect people from unethical behaviour and only covers a fraction of the industry. The code, released by the Financial Services Council (FSC), does not cover people with life insurance policies held through their super fund, about 70 per...
IAG, which owns AMI Insurance, State, and NZI, is raising car insurance excess by 25 percent due to rising costs, it says. All new policies or renewals would have the standard excess on car claims raised from AUD300 to AUD400. The Australian-owned company said it was spending more paying out...
Lloyd’s of London will be expanding its insurance and reinsurance operations in Malaysia in the first quarter of next year, said chairman John Nelson. Through an onshore Tier 1 licence, the specialist insurance and reinsurance player wants to take advantage of Malaysia’s raised risk profile and the low insurance penetration...
France’s AXA and Germany’s Allianz SE have advanced to the second stage of bidding for a Standard Chartered deal that would enable the sale of general insurance products through the bank’s Asian branches, people familiar with the matter said. It was not immediately clear if other suitors who had made...
Gaming firms, real-estate companies and drug makers in China are chasing what they believe to be the country’s next hot commodity: private health insurance. At least 29 publicly traded Chinese companies have announced plans to invest in commercial insurance businesses since 2015, according to a report from researcher VC Beat...
Life insurance company AIA Group Ltd, plans to set up a subsidiary in Korea, a move closely watched as a preparatory step to pull out of the country amid sluggishness in the insurance market and ahead of tighter capital regulations. According to the insurance industry, AIA Group is said to...
Following the tremors in Gyeongju, North Gyeongsang province, sales of earthquake insurance have skyrocketed. Insurance companies that had halted selling this line of business resumed sales after the aftershocks, amid increasing criticism. Local insurers said they have been getting hundreds of phone calls inquiring about earthquake insurance, following the 5.8-magnitude...
Canada’s Sun Life Financial Inc and Malaysian sovereign wealth fund Khazanah Nasional are in talks to buy the insurance business of Hong Leong Financial Group Bhd, two banking sources said recently. The deal, valued by the sources at about MYR3 billion (USD752.26 million), would allow the Canadian firm to expand...
The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines for acquisition of shares in listed insurance companies under which the acquirer will be required to adhere to the fit and proper criteria and seek regulators nod for owning voting rights beyond five percent. “Every person who intends...
Dai-ichi Life Insurance Co. is expanding into the Cambodian market, which will make it the first Japanese life insurer to do business in the Southeast Asian country, informed sources said to The Japan Times. The insurer plans to open a representative office in Phnom Penh by the end of July,...
