RIMS, the risk management society, recently presented SBI Life Insurance Co. Ltd. with the 2018 India Enterprise Risk Management Award of Distinction for its outstanding efforts to deliver enterprise-wide risk management solutions that address dominant risks while uncovering financial savings. The award was accepted by NKV Roopkumar, SBI Life’s EVP, chief of Risk,...
The government is looking at allowing 100 percent foreign direct investment (FDI) in insurance broking. A committee comprising senior officials from finance ministry and department of industrial policy and promotion (DIPP) will review the idea, a senior government official said. Currently the insurance industry allows up to 49 percent, including...
The Indian government is planning to set up a ‘talent pool’ to deal with the succession planning in the PSU general insurance sector. Finance Ministry officials had recently told insurers that the government will create a ‘talent pool’ of officials who will be eligible for the fast-track promotions to hold...
QBE Insurance Group Ltd has announced a streamlining of its operations whereby its Asia Pacific arm will no longer be a separate division. Effective from January 1, 2019, QBE’s International operations will comprise Europe and Asia, while Australia Pacific will include Australia, New Zealand, the Pacific and India, the global...
An estimated USD163 billion worth of assets are underinsured in the world, leaving an exposure gap that poses a significant threat to livelihoods and global prosperity, according to new research from Lloyd’s and the Centre for Economics and Business Research (CEBR). The average insurance penetration in developed nations is twice...
The China Banking and Insurance Regulatory Commission (CBIRC) has published a first draft of new guidelines that would lift limits on how much and in what insurers can invest, specialised media outlet Caixin reports. Currently, insurance firms can only buy shares of fellow insurance companies, non-insurance financial companies and companies linked...
FWD Group, the Swiss Re backed insurance business of Pacific Century Group (PCG), has announced that it plans to acquire a majority stake in PT Commonwealth Life, the Commonwealth Bank of Australia’s (CBA) Indonesian life insurance venture. The arrangement will also see FWD enter into a 15-year life insurance distribution...
Recent natural disasters such as the earthquake and tsunami in Sulawesi has resulted in Indonesia adopting a new disaster risk financing and insurance strategy to better cope with the devastating impact of recurrent natural disasters. Finance minister Mulyani Indrawati said recently that such an integrated strategy was critical to protect...
The Union Cabinet recently approved the signing of a memorandum of understanding (MoU) between the Insurance Regulatory and Development Authority of India (IRDAI) and the Federal Insurance Office, USA. The MoU provides a framework for cooperation and coordination, including for the exchange of information and research assistance with respect to...
Singapore’s media development authority signed a memorandum of intent, or MOI, with four insurance companies – Great Eastern, LumenLab (MetLife’s Innovation Centre in Asia), NTUC Income and Prudential Singapore – to improve the digital capabilities of the country’s insurance sector. The emergence of new technologies is disrupting the insurance industry,...
