November 26, 2020

Looking East

Looking East

Milliman to begin ops after acquisition

Milliman, Inc. has announced that it will begin operations in Sri Lanka after an agreement to acquire Colombo-based Spark Actuarial Private Limited. The new Milliman office will support local and international clients with the firm’s full range of actuarial services. “Asia’s economic growth has led to a substantial demand for...

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Halloween hailstorms declared Cat

The Insurance Council of Australia (ICA) has declared a Catastrophe for damage caused by hailstorms that struck south-east Queensland recently. Insurers had received more than 5000 claims, with insured losses estimated at USD60 million, according to an ICA statement. About 60 percent of claims are for damage to motor vehicles,...

Life insurers may obtain e-signatures: IRDAI

A recent circular sent out by the Insurance Regulatory and Development Authority of India (IRDAI) stated that life insurers were allowed to obtain the customer’s consent through electronic means on proposal forms for business solicited by insurance agents and insurance intermediaries under all products till 31 March 2021. “The suitability...

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Sompo Asia boosts pricing platform

Sompo Holdings Asia (SOMPO) has adopted Willis Towers Watson (WTW)’s innovative pricing solutions for its retail business across Asia to transform its pricing operations in 14 markets in the region. In an increasingly turbulent economic environment where consumer behaviour and financial markets are changing daily, it has become essential for...

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Life firms extend relief efforts till 31 Dec 2020

The Life Insurance Association of Malaysia (LIAM) and its member companies has announced the extension of the additional relief measures for affected policyholders to 31 December 2020 following the third wave of the COVID-19 pandemic in the country. The additional relief measures include cash benefits, hospitalisation allowance and lump-sum death/compassionate...

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Life premiums to slump this year: AAJI

Life insurance premiums are set to slump this year impacted by the COVID-19 crisis, according to a statement by the Indonesian Life Insurance Association (AAJI). AAJI chairman Budi Tampubolon said recently that the association expected the industry’s premium income to contract 2.5 percent year-on-year (yoy).  The life insurance industry’s premium...

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Supertanker owner to pay government

The owners of the MT New Diamond oil tanker which had recently caught fire in sea off Eastern Coast near Sri Lanka while carrying two million barrels of crude have agreed to pay full amount of compensation demanded by the Sri Lankan government. Accordingly, the Greek company Porto Emporios Shipping...

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ASIC files suit against Allianz

Australia’s corporate regulator recently began civil court proceedings against units of Allianz SE for misleading consumers through the sale of travel insurance products on websites run by Expedia. Between February 2015 and September 2018, the Australian Securities and Investments Commission (ASIC) alleges that Allianz Australia Insurance and AWP Australia failed to...

BNM regrets MyCC decision

Bank Negara Malaysia (BNM), the insurance regulator has released a statement regretting the final decision on the potential infringement of the Section 4 of the Competition Act 2010 by the Persatuan Insurans Am Malaysia (PIAM) and its 22 members. In its decision, the Malaysia Competition Commission (MyCC) concluded that PIAM...

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CBIRC seeks public opinion

With a view to effectively prevent and resolve risks, protect consumers’ rights and interests, and promote the high-quality development of Internet insurance business, the CBIRC drafted the Regulations on Internet Insurance Business for Consultation and released it for public comments. The Regulations on Internet Insurance Business (for Consultation) consists of...

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