July 18, 2019

Looking East

Looking East

Dai-ichi Life Insurance to set up shop in Myanmar

Dai-ichi Life Insurance Co. has been granted licence to set up a subsidiary in Myanmar, making the company one of five foreign insurers to obtain initial approval to enter the market via a wholly owned subsidiary. Dai-ichi Life won in-principle approval along with Hong Kong-based AIA Co., Bermuda-registered Chubb Tempest...

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Terror attacks: LKR500 mn worth of claims so far

The National Insurance Trust Fund (NITF) has conveyed that it expects total claims over damage of property and lives following the Easter Sunday terror attacks to be less than LKR500 million though a final assessment is still pending. “We have expedited all the claims and assessments. Right now an Independent...

Supervision of medical insurance funds to intensify

Chinese authorities will tighten the reins of supervision with respect to  country’s medical insurance funds to ensure the safety and efficiency of the funds, according to the National Healthcare Security Administration. According to a draft regulation issued by the administration the use of such funds must be put under strict...

FWD revives acquisition talks

FWD Group, backed by billionaire Richard Li, has revived talks about a potential acquisition of the life insurance operations of Thailand’s Siam Commercial Bank Pcl after a two-year hiatus. Siam Commercial reached a preliminary pact with FWD on a potential life-insurance partnership, the lender said in a recent Bangkok exchange...

Zurich partners to boost M&A capacity

Zurich Australia has teamed up with Fusion Specialty Insurance, a business unit of POP Insurance, to strengthen its capacity in the mergers and acquisitions (M&A) space in Australian insurance sector. Pursuant to the terms of the underwriting agency partnership agreement, Zurich Australia will grant its underwriting authority to Fusion to...

“Uncertainty as new certainty”

Malaysia’s Employees Provident Fund (EPF), the country’s largest pension fund, expects uncertainty to be the new norm in 2019 and says it will remain prudent with investments. According to EPF chief executive officer Alizakri Alias, this will be a year where “uncertainty will be the new certainty”. “Last year, there...

Dai-ichi Life invests JPY1 bn in VC fund

Japan’s Dai-ichi Life Insurance Company (Dai-ichi Life) has committed JPY1 billion (USD9.03 million) to a venture capital fund investing in renewable energy, marking the insurer’s tenth domestic impact investment in the past 17 months. Impact investing refers to investments in enterprises that produce social and environmental benefits, in addition to...

Ping An partners with SingularityNET

Ping An has partnered with Ethereum (ETH)-based decentralised artificial intelligence (AI) start-up SingularityNET. In a press release announced by SingularityNET, the collaboration will at first focus on Optical Character Recognition (OCR), Computer Vision (CV) and model training. SingularityNET notes that the scope of the partnership is expected to expand to...

Chinese maternity, medical insurance funds to be pooled

The State Council General Office has issued a document on the combination of funds and management resources for maternity insurance and basic medical insurance in a bid to improve management efficiency and reduce operation costs. The move is also aimed at establishing an institutional system that adapts to China’s economic...

Coal, palm oil regulations delayed in Indonesia

The Indonesian Trade Ministry has delayed the implementation of its regulation that requires coal and palm oil exporters to obtain local insurance cover to May 31, 2019. The latest postponement is the third for the regulation. It was first issued in October 2017, and later slated to come into effect...

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