October 19, 2019

Looking East

Looking East

‘Trade war escalation could spike insolvencies’

A global escalation of the trade war could cost nearly USD1.5 trillion in lost trade by end 2020, according to a report by Atradius. Trade policy uncertainty is forecast to contribute to an increase in the number of corporate insolvencies in advanced markets, after nearly a decade of sizeable annual...

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State reinsurer extends cover

Requests from the travel and insurance industries following the Easter Sunday attacks on churches and high end hotels has prompted Sri Lanka state-owned reinsurer, the National Insurance Trust Fund (NITF) to extend the Personal Accident (PA) cover of the Strike, Riot, Civil Commotion and Terrorism Fund (SRCC & T Fund)...

PasarPolis expands to Thailand, Vietnam

Insuretech start-up PasarPolis is expanding to Thailand and Vietnam this year as part of its growth strategy, the company said in a statement. Founder and CEO Cleosent Randing said the company will focus on consumer-facing businesses in ecommerce, tourism, ride-hailing, online food delivery, and courier services. It will offer travel insurance...

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Fi Life sets up shop

Fi Life, an insurtech start-up, has commenced operations in Malaysia. The launch of Fi Life follows the acquisition of online life insurance provider U for Life from German reinsurer Hannover Re and New Zealand insurance software company Intelligent Life. Following the completion of takeover last year, U for Life has...

Irdai to create regulatory sandbox

The Insurance Regulatory and Development Authority of India (Irdai) recently issued draft regulations for the creation of a regulatory sandbox in a bid to promulgate a conducive environment for insurtech and fintech companies to carry innovation in the insurance space. The draft has been placed for public and stakeholder feedback....

Lobby might be ‘open’ to a commissions cap

In a submission to the Australian Competition and Consumer Commission (ACCC) published recently, the Insurance Council of Australia (ICA) defended commissions on the ground that general insurance contracts were simple, short term and therefore “not like other financial products”. But the ICA said it might support reforms ‘that would ensure commissions...

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Genetic tests for cancer treatments to be covered

The Japanese health ministry recently decided that genetic tests to help cancer patients identify the best drugs and therapies for their treatment will be covered by the public health insurance system. Insurance coverage for genomic testing will be applied to patients who have not responded to conventional cancer treatment. Patients...

1mn foreigners join state health program

Foreign subscribers to South Korea’s state health insurance program numbered about 1 million in 2018. The number of foreign subscribers, including South Koreans living abroad, stood at 971,199 as of end-December last year, or 1.9 percent of the total subscribers tallied at 51.07 million, according to the data by the...

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Health insurance law revised in Japan

The Cabinet has set in motion a legislative revision to make the national health insurance program largely applicable only to workers and their dependents residing in Japan. The revision to the health insurance law is aimed at blocking use of the system by foreigners who have never lived in Japan,...

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Insurance Board unveils consolidation incentives

The Insurance Board has introduced an array of incentives to encourage insurance companies to merge after several failed attempts to get them to increase their paid-up capital. Recently the board issued an amended directive on merger and acquisition (M&A), which it said, was designed to promote qualitative growth in the...

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