The Shari’ah Advisory Council (SAC) of Bank Negara Malaysia at its 213th meeting has ruled that the method to measure qard (interest-free loan) transaction between shareholders’ fund and takaful fund under MFRS 17 Insurance Contracts and MFRS 9 Financial Instruments requirements is allowed. This is because the total repayment of the qard amount will...
Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector USD300 million–400 million due to payouts for ticket and hospitality refunds, Fitch Ratings states. However, this is only 10–15 percent of the amount reinsurers would have faced had the Olympics been cancelled, and...
AIA Group has announced plans to acquire a stake in the life insurance arm of the China Post Group for USD1.86 billion as it continues to expand its presence in mainland China. Hong Kong’s biggest publicly traded life insurer will buy a 24.99 percent stake in China Post Life Insurance...
AXA has entered into an agreement with Generali to sell its insurance operations in Malaysia, which include its 49.99 percent shareholding in AXA Affin General Insurance and 49 percent shareholding in AXA Affin Life Insurance. Under the terms of the agreement, AXA will sell its ownership in AAGI and AALI...
Indian aggregator Policybazaar recently received approval from IRDAI to operate as an insurance broker. While Policybazaar is one of the largest online distributors of health, motor and term life insurance the broking licence allows the operations to extend further. “As a web aggregator, we were already among the top ten distributors of insurance. We can now provide a wider...
The Indian insurance regulator, the Insurance Regulatory and Development Authority has confirmed instances of some hospitals charging differential rates and insisting on cash deposits from the policyholders for providing treatment for COVID-19 despite having cashless arrangement with their insurers. “Charging differential rates to policyholders, demanding advance deposits and denying cashless...
The Insurance Council of Australia (ICA) has declared a catastrophe for regions of Victoria that were impacted by recent significant storms and flooding. The ICA’s Catastrophe Declaration serves to escalate and prioritise the insurance industry’s response for affected policyholders. Under the Catastrophe declaration, claims from affected policyholders will be given...
The Monetary Authority of Singapore has reprimanded a few financial adviser organisations for breaches of requirements relating to risk management arrangements and the remuneration of supervisors. MAS also reprimanded a consultant for accepting remuneration in breach of regulatory requirement. In the course of MAS’ ongoing supervision, there were indications that...
Crawford & Company has announced the launch of a Japan desk in Bangkok, Thailand. The Crawford Japan Desk provides a dedicated facility to support the growing presence of Japanese companies and their affiliates in the South East Asia region. Led by Tetsuya Fujita, director of the company’s Japanese Business Unit,...
Chubb has launched a recent report titled Digital Business Accelerated, which explores how increased digitalisation impacts small and mid-sized businesses and the emerging risks in digital transformation – a transition that has accelerated during the ongoing pandemic. Chubb partnered with Accenture to survey small and mid-sized businesses in nine markets...
