May 6, 2021

Looking East

Looking East

K-sure signs pact with Citibank

Korea Trade Insurance Corp. (K-sure) has signed a business agreement with Citibank Korea to support Korean companies’ exports and overseas expansion, the state-run agency announced on recently. Through this agreement, K-sure and Citibank will jointly support Korean companies’ exports of new industrial items such as green and digital products, materials,...

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Insurers’ asset risk on the rise: Fitch

Fitch Ratings has affirmed that Sri Lankan insurers’ asset risks have risen due to the sovereign’s weaker credit profile and the resultant lowering of some state-owned and private-sector institutions’ national ratings. Fitch estimated that around 12 percent of the fixed-income investment portfolios of Fitch-rated insurers, or around 28 percent of...

Government mulls privatisation

The government may consider privatising Oriental Insurance or the United India Insurance Co as their financial health has improved after a series of capital infusions. To further strengthen their financial health, the government is expected to infuse INR3,000 crore in the public sector general insurance companies during the current quarter. Both Oriental Insurance...

Nat Cat, BI, low investment income hit 2020 results

The Australian Prudential Regulation Authority (APRA) has released its Quarterly General Insurance Performance Statistics and Quarterly General Insurance Institution-level Statistics publications for the December 2020 quarter. Industry reported a net profit after tax of AUD35 million and return on net assets of 0.1 per cent during the year ended 31 December 2020. The result...

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China: Premiums grow by 6.1 percent

The China Banking and Insurance Regulatory Commission has confirmed that insurance companies had recorded primary insurance premium income of RMB4.5 trillion, showing growth of 6.1 percent year on year at the end of Q4 2020. The number of new insurance policies was 52.6 billion, marking an increase by 6.3 percent...

World Bank strengthens disaster pooling fund

World Bank’s Board of Executive Directors has approved a USD500 million loan to strengthen Indonesia’s financial and fiscal resilience. The loan will help the country build and strengthen its financial response to natural disasters, climate risks, and health-related shocks. From 2014 to 2018, the central government spent between USD90 million and USD500...

Allianz to set up foreign-owned asset management firm

Allianz (China) Insurance Holdings Co., Ltd.  (AZCH) has announced it has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) of the preparatory establishment of Allianz Insurance Asset Management Co., Ltd. (Allianz IAMC). Allianz IAMC is the first wholly foreign-owned insurance asset management company in China approved for...

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FDI hike to 74% in insurance sector

Indian finance minister Nirmala Sitharaman’s recently announced in the annual budget that the FDI limit in insurance would be increased from 49 percent to 74 percent. This will enable expansion of the insurance sector, its penetration, its level of competition, and value for customers in terms of better products at...

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Howden launches broking operation

Howden has announced that it is by forming a strategic partnership and launching an Australian broking operation in association with Steadfast. Howden in Australia will join Steadfast’s network -Australia’s largest general insurance platform -to leverage its scale, strength and access. With plans to launch a broker for Corporate, People Risks...

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ASIC: Beware of imposter bond scams

The Australian Securities and Commodities Commission (ASIC) is warning investors of a rise in imposter bond investment offers. Scammers pretend to be associated with well-known domestic and international financial service firms and offer high yield bond investments to investors. ASIC recently became aware of two such scam operations targeting investors...

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