October 1, 2020

Looking East

Looking East

Family violence: Insurers boost support

Many insurance customers will soon be able to see how their insurer can support them if they are experiencing family violence. As of July 1, 2020, subscribers to the General Insurance Code of Practice are required to have family violence policies available online for their customers. Insurance Council of Australia...

Government buys stake in ICICI Prudential Life

The government of Singapore has acquired shares of Indian insurer ICICI Prudential Life Insurance worth USD111 million, according to media reports. The shares were bought from the life insurer’s promoter ICICI Bank Ltd, India’s second-largest private sector lender by Singapore’s sovereign wealth fun GIC Pte. With this stake sale, ICICI...

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LIAM retains president

The Life Insurance Association of Malaysia (LIAM) has re-elected Loh Guat Lan, chief executive officer of Hong Leong Assurance Berhad as LIAM president at its 46th annual general meeting held recently. LIAM also re-elected Rangam Bir, chief executive officer of Gibraltar BSN Life Berhad as LIAM vice-president for the term...

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AXA XL to begin reinsurance operations in China

AXA XL has announced that its China subsidiary, XL Insurance (China) Company Limited has received approval from the China Banking and Insurance Regulatory Commission (CBIRC) to change its business license in China from an insurance license to reinsurance. The new reinsurance legal entity will be named XL Reinsurance (China) Company...

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7-11 partners with MS&AD

Convenience store chain Seven-Eleven Japan has partnered with MS&AD Insurance Group Holdings to sell life insurance that is contactless during the Coronavirus pandemic. Customers will be able to register the necessary information through multi-function machines in Seven-Eleven’s 20,000 stores and complete the process with a payment. The partnership comes as insurance...

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Paytm acquires Raheja QBE

Digital payment platform Paytm recently announced the acquisition of general insurance firm Raheja QBE. The latter is a joint venture between Prism Johnson Limited and QBE Insurance Group and began operations in 2009. Prism Johnson Ltd approved divestment of its entire holding of 51 per cent in Raheja QBE General...

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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