The insurance and takaful industry in Malaysia has decided to provide supplementary benefits to affected policy holders in a move to support the government’s call on private and public partnership in managing the increasing cases of COVID-19 patients. “Generally, pandemic-related risks are not covered under any insurance and takaful plans...
Antares Managing Agency Ltd (Antares), the Lloyd’s specialist insurance and reinsurance subsidiary of QIC Global, has announced it has placed Syndicate 1274’s Lloyd’s China operation into run-off. Antares will cease accepting new/renewal business through the Lloyd’s China platform from the 1 March 2021. Going forward, Chinese business will be written...
The Insurance Regulatory and Development Authority of India has clarified a recent hike in health insurance premium rates by general and health insurers in a statement. “It is clarified that insurers were permitted to change the base premium upto +/- 5 per cent of originally approved premium rates in order...
In view of the spike in the COVID- 19 cases in Malaysia, the insurance and takaful industry has broadened the eligibility criteria of the COVID-19 Test Fund (CTF) to include all asymptomatic individual or group medical and health insurance, takaful policy and certificate (MHIT) holders in the country. Asymptomatic patients...
The National Bank of Australia (NAB) has announced it has entered into an agreement to sell BNZ Life, its New Zealand life insurance business, to leading New Zealand life insurance provider Partners Life for NZD290 million. The agreement to sell is consistent with NAB’s strategy to focus on its core...
Sumitomo Mitsui Insurance will invest USD350 million in US home insurance technology company Hippo, looking to tap the insurtech startup’s expertise in artificial intelligence to help policyholders minimise damages from fires and other disasters. Sumitomo Mitsui will purchase convertible bonds from the company, which follows a separate investment in July...
The Russian insurance sector is likely to report stronger net profit in 2020 due to improving premium volumes, reduced claims frequency during lockdown and significant foreign-currency gains from the Russian rouble depreciation, states Fitch Ratings. However, the agency expects insurers to report a weaker underwriting result in 2021 due to...
Allianz has agreed the purchase of the general insurance business of Westpac, and enter into a new 20-year exclusive agreement for the distribution of general insurance products to Westpac customers. On completion of the proposed agreement, worth AUD725 million, Allianz will expand its existing general insurance distribution arrangement with Westpac,...
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...
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,...
