October 19, 2019

Looking East

Looking East
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GI business dips 1.4%: PIAM

The Malaysian general insurance industry dipped by 1.4 percent year-on-year in the first six months of 2019 with gross direct premiums of MYR8.92 billion, according to the General Insurance Association of Malaysia (PIAM). In a statement PIAM said motor insurance, the dominant class, was relatively flat with a marginal decline...

Allianz to refund AUD8 mn for mis-selling

The Australian unit of Allianz SE will refund more than AUD8 million (USD5.40 million) to customers who were mis-sold consumer credit insurance (CCI) premiums, the Australian Securities and Investments Commission (ASIC) stated recently.  The investment regulator said Allianz Australia Insurance Ltd will refund more than 15,000 consumers for a variety...

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Aviva may sell Asia business

British life and general insurer Aviva is looking to sell its Asia business, valuing the unit at more than USD2 billion, according to a Reuters report. Aviva is working with a financial adviser on a possible sale, with a formal process likely to begin in the fourth quarter, sources said, with...

CPIC invests in B3i

China Pacific Insurance Company (CPIC) has made an undisclosed investment in blockchain insurance startup B3i. B3i is a collaborative effort of a number of insurance and reinsurance companies to explore and test the potential of blockchain. Founding members include Aegon, Allianz, Munich Re, Swiss Re and Zurich, which were later...

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Atradius: Global insolvencies to hike by 1.2%

Globally, the continuing uncertainty of world trade is increasingly taking its toll. This is predicted by Atradius, one of the world’s largest credit insurers, in its global insolvency forecasts for 2019. North America is in the lead with 3.2 percent, and outperforms Western Europe (2.7 percent). In Asia-Pacific, for the...

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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...

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