July 6, 2020

Looking East

Looking East

Insurance start-up secures investment

Qoala, an insurance technology start-up, has secured USD13.5 million in its first round of financing from major investors Sequoia India, Flourish Ventures and Mirae Asset Venture Investment. The Series-A investment round was led by Centauri Fund, a joint venture between South Korea’s Kookmin Bank and state-owned telecommunication major Telkom Indonesia,...

Max Life to be 70:30 JV

Axis Bank Limited (Axis Bank) and Max Financial Services Limited (MFS) recently signed definitive agreements to become joint venture partners in Max Life Insurance Company Limited (Max Life).  Axis Bank will hold 30 percent stake in Max Life post transaction closure. The joint venture arrangement will significantly improve Max Life’s...

COVID-19 test fund broadens eligibility

The Life Insurance Association of Malaysia (LIAM), Persatuan Insurans Am Malaysia (PIAM) and the Malaysian Takaful Association (MTA) have broadened the eligibility criteria of the MYR8 million COVID-19 Test Fund (CTF) to include COVID-19 tests required for hospital admission for emergency and semi emergency surgeries. The definition for eligible emergency...

FWD completes life acquisition

FWD Group (FWD) has announced that it has secured regulatory approval to proceed with the acquisition of Vietcombank-Cardif Life Insurance (VCLI), a life insurance joint venture between Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and BNP Paribas Cardif. The addition of VCLI further strengthens FWD’s presence and...

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Insurance Council fast-tracks new GI Code

The Insurance Council of Australia (ICA) has announced changes to the implementation of the new 2020 General Insurance Code of Practice due to the unparalleled impact COVID-19 has had on the industry and its customers. Insurers will fast-track their support for customers who are experiencing vulnerability, including financial hardship. Insurers...

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India: ‘Force majeure clause will not apply’

The Life Insurance Council of India has decreed that all life insurance companies, both public and private, will process all coronavirus-related death claims, at the earliest. In a press release, the Life Insurance Council stated, “The Council also confirmed that the clause of ‘Force Majeure’ will not apply in case of COVID-19 death claims....

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Prudential to buy FWD banca pact

UK-based Prudential has stated that it would acquire FWD Group’s Thailand bancassurance partnership for THB24.5 billion (USD754 million). The deal will see Prudential’s Thai unit buy the right to sell life insurance products in the south-east Asian country through Bangkok-based TMB Bank, according to a report by the Financial Times....

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Cover-More suspends travel product

Cover-More Travel Insurance has suspended its ‘Cancel For Any Reason (CFAR)’ add-on product in Australia and New Zealand amid the rapidly changing global impact of the Coronavirus outbreak. Judith Crompton, CEO of Cover-More for the Asia Pacific, said the company has made the decision to suspend sales of its CFAR...

Interim asset management products rules

The China Banking and Insurance Regulatory Commission recently issued new rules specifying how insurance companies can invest asset management product funds and spelling out the qualifications for investors in such products. The regulations, taking effect 1 May 2020, clarify requirements for a USD390 billion market and are part of a...

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TWF, Sinosure sign pact

The Turkish Wealth Fund (TWF) and China Export and Credit Insurance Corporation (Sinosure) have signed a Memorandum of Understanding (MoU) to promote bilateral economic, trade and investment cooperation. According to the MoU, Sinosure will look at providing support up to USD5 billion with respect to financing activities, according to a...

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