New data released by the Insurance Council of Australia (ICA) has shown that the insurance bill for storms and floods since January 2020 has topped AUD12.3 billion. According to a statement by the ICA, every eastern state has been significantly impacted by flooding over the last three years, while South...
The China Banking and Insurance Regulatory Commission (CBIRC) has announced the launch of pilots of commercial pension business of pension insurance companies on January 1, 2023. In a statement the regulatory authority said the move was in line with the implementation of the decisions and work plans of the 20th...
About 30 percent of working Malaysians in the prime financial planning age have no form of personal protection. Compounding this, 16 percent of them said they have no plans whatsoever to set aside any money for insurance or takaful. This is despite 75 percent of Malaysians not being able to...
The Insurance Council of Australia (ICA) has released a landmark paper outlining the way insurers can achieve net zero emissions for their operations by 2030 and across the entirety of insurers’ activities by 2050. Towards a Net Zero and Resilient Future was authored by Boston Consulting Group for the Insurance...
New claims data released by the Insurance Council of New ZealandTe Kāhui Inihua o Aotearoa (ICNZ) show that mid August’s extreme weather resulted in 3,165 general insurance claims with a provisional value of NZD47.98 million. Of this, the Nelson Tasman District accounted for 1,248 private insurer claims with a provisional...
CGU Insurance has finalised a long-term distribution agreement with ANZ, to become the general insurance underwriter for ANZ retail banking customers. According to a statement, the agreement will see CGU providing ANZ’s retail banking customers with home, landlord and motor insurance products. CGU, part of IAG’s Intermediated Insurance Australia (IIA)...
The Insurance Regulatory and Development Authority of India (IRDAI), in a circular, has directed insurers to comply with provisions of the Mental Health Care Act 2017 and place its provisions in their underwriting policies. The circular also specifies that all the insurance products that are in force on or after...
Warburg Pincus has announced a USD350 million equity commitment to establish Oona Insurance, a digital general insurance platform in Southeast Asia. This investment represents the largest funding round in the region to seed a digital insurance platform. Through a buy-and-build strategy, Oona aims to become the pre-eminent digital general insurance...
The Insurance Council of Australia (ICA) has welcomed a new report and analysis from the Actuaries Institute on cyber risk and the role of insurance in protecting against the impacts of cyber crime. The report follows the ICA’s Cyber Insurance: Protecting our way of life in a digital world report...
The general insurance market in Japan will grow at a compound annual growth rate (CAGR) of 3.0 percent from JPY11,155.4 billion (USD101.6 billion) in 2021 to JPY12,920.7 billion (USD133.1 billion) in 2026, in terms of gross written premiums (GWP), driven by a rise in demand for commercial insurance lines, forecasts...
