TO provide financing quickly in the aftermath of disasters or catastrophic losses, Singapore has moved to develop alternative risk transfer mechanisms such as insurance-linked securities (ILS) and government pools. Minister for Trade and Industry (Trade) Lim Hng Kiang, who is also deputy chairman of the Monetary Authority of Singapore (MAS),...
ACR Capital Holdings Pte. Ltd. (ACR) has announced that the proposed acquisition of ACR by Shenzhen Qianhai Financial Holdings Co. Ltd. and Shenzhen Investment Holdings Co. Ltd. will not be proceeding. ACR’s existing major shareholders remain committed to firmly supporting the sustainable and profitable growth of ACR’s business. Over the...
Indian online retail aggregator Flipkart is set to include insurance in its offering. The company has officially stated in its filing to the Registrar of Companies that it “intends to venture into the new line of business viz. solicitation and servicing of insurance policies by acting as a Corporate Agent....
China’s insurance regulator has banned three life insurance firms from applying for permission to sell new products for six months, after it found they had been offering “problematic” policies. The China Insurance Regulatory Commission (CIRC) has also required ABC Life Insurance, the insurance arm of state-owned Agricultural Bank of China,...
Sydney real estate owners are now being warned of increased insurance premiums unless governmental initiatives are being taken to mitigate natural disaster, according to a Deloitte Access Economics report. Over the past decade, the total economic cost of natural disasters has averaged AUD18.2 billion a year – 1.2 percent of the...
RMS, the US-based global risk modelling and analytics firm, has opened a new office in Sydney, Australia, as part of its drive to support clients’ expansion in the Australian and New Zealand markets. The focus will be to help (re)insurers with the adoption of new models and to advise the...
Shares of state-owned General Insurance Corp. of India Ltd’s (GIC Re) debuted 14.5 percent below their issue price in an otherwise vibrant market, before recouping some losses to close 4.56 percent lower. The disappointing debut comes after the state-owned reinsurer’s INR11,372 crore initial public offer (IPO)—the second largest in India—was...
New India Assurance Company, India’s largest general insurance company, is all set to launch its INR9,600 crore IPO in November. This will be country’s second-biggest IPO in the insurance sector after GIC Re’s INR11,370 crore issue launched earlier in October. Addressing media ahead of its IPO, chairman cum managing director...
A new industry body, Insurtech Australia, has been launched this week and is dedicated to the advancement of insurance innovation and insurtech startups. Insurtech Australia was created as a ‘standalone division’ of Fintech Australia, and will focus on representing ‘insurtech startups, insurers, reinsurers and brokers’ and other insurance related disciplines,...
Taipei-based China Life Insurance has bought a portion of Allianz’s Taiwanese business. Allianz Taiwan Life Insurance said to the Sydney Morning Herald that it had agreed to sell a part of its “traditional” life insurance portfolio to China Life in Taipei. The sum was not disclosed but the German insurance...
