August 20, 2019

Looking East

Looking East
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Proposal to insure against oil spills

The New Zealand government has announced a new proposal to offer further protection for taxpayers from the cost of potential oil spills. Under proposed new rules, offshore oil and gas operators would be required to insure up to NZD1.2 billion (USD791 million) in order to help cover the fallout of...

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Moratorium to prevent genetic testing for life cover

A new moratorium has come into effect to prevent insurance providers from asking genetic test results be disclosed in applications for life insurance of AUD500,000 or below. Australia’s Financial Services Council (FSC), a professional body of which all companies offering life insurance are members, announced the moratorium which came into effect on 1 July....

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Fitch: Relaxing FDI laws to benefit insurers

India’s proposed removal of the foreign-ownership cap on insurance intermediaries is likely to increase competition, strengthen distribution capabilities to enhance insurance penetration and boost M&A in the medium to long term, Fitch Ratings states. More international companies are likely to enter the fast-expanding Indian market. The proposal comes at time...

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FWD agrees to acquire MetLife HK

WD Management Holdings Limited has announced it has entered into an agreement to acquire MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited. The transaction is subject to regulatory approvals. Terms of the deal were not disclosed. The acquisition of MetLife Hong Kong will further increase FWD’s market...

New unit to assume Anbang assets

China has created a new insurance group to take over the main operations of Anbang Insurance Group Co., the conglomerate that’s under state control. Beijing-based Dajia Insurance Group, has CNY20.4 billion (USD3 billion) of registered capital and will provide insurance services as approved by the China Banking and Insurance Regulatory Commission, according...

‘Trade war escalation could spike insolvencies’

A global escalation of the trade war could cost nearly USD1.5 trillion in lost trade by end 2020, according to a report by Atradius. Trade policy uncertainty is forecast to contribute to an increase in the number of corporate insolvencies in advanced markets, after nearly a decade of sizeable annual...

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State reinsurer extends cover

Requests from the travel and insurance industries following the Easter Sunday attacks on churches and high end hotels has prompted Sri Lanka state-owned reinsurer, the National Insurance Trust Fund (NITF) to extend the Personal Accident (PA) cover of the Strike, Riot, Civil Commotion and Terrorism Fund (SRCC & T Fund)...

PasarPolis expands to Thailand, Vietnam

Insuretech start-up PasarPolis is expanding to Thailand and Vietnam this year as part of its growth strategy, the company said in a statement. Founder and CEO Cleosent Randing said the company will focus on consumer-facing businesses in ecommerce, tourism, ride-hailing, online food delivery, and courier services. It will offer travel insurance...

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Fi Life sets up shop

Fi Life, an insurtech start-up, has commenced operations in Malaysia. The launch of Fi Life follows the acquisition of online life insurance provider U for Life from German reinsurer Hannover Re and New Zealand insurance software company Intelligent Life. Following the completion of takeover last year, U for Life has...

Irdai to create regulatory sandbox

The Insurance Regulatory and Development Authority of India (Irdai) recently issued draft regulations for the creation of a regulatory sandbox in a bid to promulgate a conducive environment for insurtech and fintech companies to carry innovation in the insurance space. The draft has been placed for public and stakeholder feedback....

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