The Australian Securities and Investments Commission (ASIC) has restricted firms that still resort to cold calling to pressure people to purchase life and funeral insurance. Its review of direct life insurance, which is sold directly to people rather than by advisers or through superannuation, found consumers are cancelling their policies...
A top official has confirmed that more than 11,000 claims have been filed in connection with the recent floods in Kerala, amounting to about USD170 million approximately. United India Insurance Company director and general manager K.B. Vijay Srinivas announced in a press briefing that public secor insurance companies had decided...
Chubb Life in Hong Kong has announced the launch of its industry-first personalised digital business platform Chubb LinkSM for the company’s insurance consultants to better serve and engage with customers. The platform is a suite of connected digital tools, designed to facilitate a more efficient and seamless service journey. The...
Malaysia’s insurance regulator is likely to review a directive to foreign insurers to reduce ownership of their local units by nearly a third as finding domestic buyers for the equity stakes is proving hard, according to some sources. The review may result in the Malaysian regulator putting the requirement in...
India’s insurance regulator has allowed the country’s largest state-run insurer Life Insurance Corporation (LIC) to buy a stake of up to 51 percent in state-owned lender IDBI Bank, according to media reports. IDBI, which has the highest bad-loan ratio among Indian banks, is one of the 11 troubled lenders identified...
Insurance Australia Group has announced that it would sell its Thai and Indonesian operations to Japanese insurer Tokio Marine Holdings for AUD525 million (USD389.71 million), according to a Reuters report. The Japanese company’s unit, Tokio Marine & Nichido Fire Insurance, will buy IAG’s 98.6 percent stake in Thailand’s Safety Insurance...
Italy’s Generali Group will raise its stake in Indian insurance joint venture – Future Generali India Life Insurance Company and Future Generali India Insurance Company – to 49 percent from 25.5 percent at present. In a regulatory filing, Kishore Biyani-led Future Enterprises said it has entered into amended and restated...
China’s insurance sector saw premium income drop 5.9 percent year-on-year to CNY1.9 trillion (about USD286 billion) in the first five months, according to official data. The decline came as authorities enhanced regulation of the sector to defuse financial risk. Property insurance firms posted a 15.3-percent increase, but life insurance companies,...
Evacuation orders are in place for nearly two million people owing to the fatal flooding in Japan and landslide warnings have been issued in many prefectures. Some 54,000 rescuers from the military, police and fire departments have been dispatched across a wide swathe of western and south-western Japan. In the...
State Bank of India (SBI) chairman Rajnish Kumar recently conveyed that the lender is looking to sell stakes in some of its subsidiaries over the next two years. “All our subsidiaries have done exceedingly well. They hold large value, which is waiting to be unlocked. We have plans to unlock...
