Online payments major Paytm plans to apply for a licence to operate as a life and general insurer. Paytm, which has set up two separate entities named Paytm Life Insurance and Paytm General Insurance, will file an application with IRDAI, stated a report in The Economic Times. Paytm’s move to...
XL Catlin is set to enter into a joint venture agreement with Mahindra & Mahindra, India’s largest farm equipment manufacturer. “We have signed an agreement with XL Catlin to start a general insurance company in a partnership where Mahindra & Mahindra will own 51 percent and XL Catlin 49 percent,”...
In a bid to reduce financial risk China is considering the merging of the China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC). A report in the South China Morning Post states that proposals were being considered to amalgamate the CIRC, which has been without a leader...
The China Insurance Regulatory Commission has found that three domestic insurers have violated the rules of foreign investment. The companies have been given a month to take the necessary corrective steps. China Re Asset Management Co., China Life Insurance Co. and Ping An Insurance (Group) Co. have breached the regulations...
Zurich Insurance is seeking a joint venture partner in China, as the country’s recent easing of financial sector rules, tempts it to return to the mainland’s life insurance market which it quit five years ago. “We have ambitions to grow in mainland China, which is a very big market...
London-headquartered specialist insurance-linked securities (ILS) and reinsurance linked investment manager Leadenhall Capital Partners LLP has backed a new start-up life insurance operation in Australia, named Integrity Group Holdings Limited. Integrity Group aims to disrupt the Australian life insurance market at a time when the sector is consolidating to only...
SINGAPORE’S newest life insurer Singapore Life is acquiring the business portfolio of Zurich Life Singapore, the two firms have officially stated. In accordance with the agreement, Singapore Life will become responsible for all of Zurich Life Singapore’s customers’ policies, totalling approximately SGD6 billion of coverage for life, critical illness and...
Growth of Malaysia’s takaful continued to rise faster than the conventional insurance sector in 2017, led by burgeoning domestic consumption and a government push for greater penetration, according to Fitch Ratings. Family and general takaful grew by 7.5 percent and 5.9 percent, respectively, in the first half of 2017, compared...
Japan’s Nippon Life Insurance Co, which recently struck a deal with US investment firm TCW Group, is scouting for opportunities to buy boutique managers of bonds and alternative assets, its president said. “Asset management is a business that can generate synergy with life insurance and it needs to be operated...
Online retail and e-commerce organisation Amazon could be close to finalising its investment in insurtech start-up Acko. Acko wants to disrupt India’s insurance industry through a digital-only platform, having raised USD30 million and recently received in-principal approval from the financial market regulators in India. Amazon and rival Flipkart had both...
