The Life Insurance Council of India has decreed that all life insurance companies, both public and private, will process all coronavirus-related death claims, at the earliest. In a press release, the Life Insurance Council stated, “The Council also confirmed that the clause of ‘Force Majeure’ will not apply in case of COVID-19 death claims....
UK-based Prudential has stated that it would acquire FWD Group’s Thailand bancassurance partnership for THB24.5 billion (USD754 million). The deal will see Prudential’s Thai unit buy the right to sell life insurance products in the south-east Asian country through Bangkok-based TMB Bank, according to a report by the Financial Times....
Cover-More Travel Insurance has suspended its ‘Cancel For Any Reason (CFAR)’ add-on product in Australia and New Zealand amid the rapidly changing global impact of the Coronavirus outbreak. Judith Crompton, CEO of Cover-More for the Asia Pacific, said the company has made the decision to suspend sales of its CFAR...
The China Banking and Insurance Regulatory Commission recently issued new rules specifying how insurance companies can invest asset management product funds and spelling out the qualifications for investors in such products. The regulations, taking effect 1 May 2020, clarify requirements for a USD390 billion market and are part of a...
The Turkish Wealth Fund (TWF) and China Export and Credit Insurance Corporation (Sinosure) have signed a Memorandum of Understanding (MoU) to promote bilateral economic, trade and investment cooperation. According to the MoU, Sinosure will look at providing support up to USD5 billion with respect to financing activities, according to a...
The Insurance Regulatory and Development Authority of India (IRDAI) has asked insurance companies to allow additional 30 days of grace period for payment of renewal premium for life insurance policies if desired by the policyholders. This was stated in a press release issued by the regulator. In case of health...
Aeon Financial Service Co. has announced its plans to enter the life insurance line of business by acquiring a Japanese unit of Allianz SE. The financial service firm associated with major retailer Aeon Co. said that it would buy 32,400 new shares to be issued by Allianz Life Insurance Japan...
The Insurance Council of Australia (ICA) has declared a catastrophe for property losses caused by recent storms and flooding along the East coast. Insurers have received more than 10,000 claims with the value of claims estimated at AUD45 million. Most claims are for property damage caused by storm runoff, flooding,...
The China Banking and Insurance Regulatory Commission (CBIRC) recently issued a public notice, announcing that the newly-established Dajia Insurance Group Co., Ltd. that split from Anbang Insurance Group Co., Ltd. is basically capable of operating as normal, and the CBIRC therefore terminates the takeover of Anbang Group by law. On...
The General Insurance Association of Singapore (GIA Singapore) and Life Insurance Association, Singapore (LIA Singapore) today clarified member companies’ coverage for medical expenses relating to the 2019 Novel Coronavirus (2019-nCoV). Integrated Shield Plans (IPs) and IP riders will provide coverage for hospitalisation expenses related to 2019-nCoV. Many non-IP individual and Group health insurance...
