The Insurance Regulatory Development Authority of India has decided to set up a committee to examine the feasibility of allowing life insurers offering indemnity-based health policies. “Historically Health insurance is recognised as one of the important elements of healthcare and health insurance premiums have been registering a significant CAGR of...
China’s insurance industry reported premium income worth CNY4.3 trillion (about USD614.29 billion) in 2019, up 12.2 percent year on year, official data showed. The growth rate was 13.7 percentage points higher than the previous year, the People’s Bank of China said in its latest quarterly monetary policy implementation report. Among...
Allianz has received the approval from the China Banking and Insurance Regulatory Commission (CBIRC) to commence operation of China’s first fully foreign-owned insurance holding company. With this, Allianz will strengthen its proposition in the country and position the business to capitalize on the fastest growing economy in the world. The...
All life insurance and takaful operators will provide hospitalisation coverage and treatment for the novel coronavirus to their policyholders and certificate holders. The undertaking was announced in a joint statement recently by the Life Insurance Association of Malaysia (LIAM) and Malaysian Takaful Association. The statement said that even though a...
The China Banking and Insurance Regulatory Commission (CBIRC) has issued a statement urging the sector’s support to combat the Coronavirus outbreak. It has told banks to allow delayed mortgage and credit card repayments for individuals and maintain credit support for businesses that have been impacted by the epidemic. The regulator...
The Financial Services Agency has decided to reduce premiums for compulsory motor liability insurance from April. The move reflects the improved finances of the insurance program as wider use of vehicle safety devices such as automatic braking systems contribute to a decline in the number of traffic accidents. The Compulsory...
The Insurance Council of Australia (ICA) has analysed 10,550 claims and announced that the losses from the recent bushfire catastrophe has reached USD939 million. The amount of land burned in the catastrophe is said to be more than 10 million hectares. Insured losses from the ongoing bushfire catastrophe have devastated...
The Indian government has stated plans to divest a portion of the Life Insurance Corporation (LIC) by listing a part of the stake of the life insurance company. Such a move would enable the government to meet its divestment target of INR2.1 trillion rupees (USD29.55 billion) in the financial year...
After the recent Budget announcement in India, the insurance industry is expecting a hike in foreign direct investment (FDI) in the sector from 49 percent to 74 percent. However, the success of a hike in FDI will hinge, to a large extent, on sorting out the ownership and management control...
The Australian Securities and Investments Commission (ASIC) has voiced concern that there are significant shortcomings in Board oversight of non-financial risks, as compared to the more developed frameworks generally in place for the management of financial risks. ASIC has identified these shortcomings in an October 2019 report titled the “Director...
