March 21, 2019

Looking East

Looking East
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Compulsory travel insurance to be enforced soon

Thailand’s tourism officials are looking at introducing compulsory travel insurance for international visitors in the near future, especially as a recent spate of accidents involving tourists have cast the spotlight on the country’s safety and security records. Surging visitor numbers into Thailand has intensified the challenge of unpaid medical treatment...

IAG weighs SBI General Insurance stake sale

Insurance Australia Group (IAG) is considering selling a stake in SBI General Insurance, a joint venture with India’s largest lender, according to informed sources. IAG, which holds 26 percent stake in the general insurer, has started preliminary talks to hire an investment bank to manage the sale process, the sources...

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Swiss Re backs first county-level Cat project

Swiss Re has become the exclusive reinsurer to a new catastrophe insurance project in Mao County in China’s Sichuan Province initiated by AVIC UNITA Insurance Company, according to reports from China Financial News. The project, which is the first in the country to provide catastrophe insurance at the county-level, provides...

War risk insurance for ships

Joining the ranks of countries such as Greece, Japan, Norway and Britain, Singapore has begun to offer war risk insurance for ships. Almost 800 Singapore-registered ships will be covered under the Singapore War Risks Insurance Conditions (SWRIC) launched recently, as opposed to availing insurance from Lloyd’s of London and other...

AGCS targets growth in India

Allianz Global Corporate & Specialty SE (AGCS) has launched a new branch office in Mumbai, India, having received the necessary reinsurance license from the Insurance Regulatory and Development Authority of India (IRDAI) earlier last year. The new reinsurance branch allows AGCS to further expand its presence across Asia Pacific to...

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No coverage for overseas dependents

A proposal presented recently at a policy council under the ministry of Health, Labour and Welfare has called for the exclusion on coverage of overseas dependents of Japanese nationals as well as foreigners working in Japan, owing to rising healthcare costs. Japan’s universal health insurance system requires all citizens and non-Japanese...

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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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