Promoting conservation efforts, individuals and companies in Chaozhou, Guangdong province, can now file claims for damage to crops and other property caused by wild animals. Chaozhou’s forestry bureau has recently signed agreements with insurance companies to offer products to insure against such damage, reported China Green Times. According to the...
Life insurance start-up DearTime, a member in the Bank Negara Malaysia Fintech Regulatory Sandbox, has launched its services. In a statement, the start-up said it aimed at providing a regulatory environment that is conducive for the deployment of fintech and facilitate overall innovation in the country’s financial sector. Citing Bank...
Swiss Re has partnered with Indonesia Re, administrator of the National Insurance Data Centre Management Agency (BPPDAN), to provide members with access to its analytics solutions and risk consulting services. The collaboration will act as a catalyst for digital transformation in Indonesia’s insurance industry. “Swiss Re is committed to building...
In consultation with the Insurance Advisory Committee the Insurance Regulatory and Development Authority has drafted regulations on the payment of commission or remuneration or reward to insurance agents and insurance intermediaries. The regulation aims to enhance responsiveness of the regulation to market innovation, facilitate the insurers in development of new...
Mitsui Sumitomo Insurance Co., Ltd. (MSI), a subsidiary of MS&AD Insurance Group Holdings, Inc. has commenced procedures to acquire Transverse Insurance Group, LLC (Transverse). Transverse is a non-life insurer that delegates certain functions and authorities to MGAs and transfers risks underwritten by MGAs to reinsurers (commonly referred to as fronting...
The Australian Prudential Regulation Authority (APRA) has released final reporting standards for general insurers to support the operation of the Government’s cyclone and related flood damage reinsurance pool, which will be administered by the Australian Reinsurance Pool Corporation (ARPC). The six reporting standards released clarify that reinsurance recoverables are not...
China’s unemployment insurance payouts have hit a record high in June, adding to signs of a struggling labour market as the economy has been badly hit by COVID-19 outbreaks and a property crisis. Payments by China’s unemployment insurance fund jumped 256.6 percent in June from a year earlier to CNY37.19...
A new collaborative research project between Food Agility CRC, Charles Sturt University (CSU), Myriota and IAG, parent company to rural, business and strata insurer, WFI, is examining what data is most essential to understanding haystack degradation as a precursor to fires. Haystack fires can happen spontaneously and variables such as...
Argenta Underwriting Asia Pte Ltd (AUA) has announced that it will cease writing new and renewal business in Singapore with immediate effect. This decision follows a strategic review of that business written through the Singapore coverholder by Lloyd’s Managing Agency, Argenta Syndicate Management Limited (ASML). This change follows a decision...
Generali has completed the acquisition of the majority stakes in the AXA-Affin joint ventures in Malaysia. Generali has acquired a 70 percent stake in the AXA Affin Life Insurance joint venture (49 percent from AXA and 21percent from Affin) and an approximate 53 percent stake in the AXA Affin General...
