National Insurance Company has joined other national companies to tap the capital markets through an initial public offering. The company has approached the regulator seeking permission to move through the IPO process. The move follows a clean-up of the company’s balance sheet, which has resulted in its solvency margins improving...
Insurance penetration in India saw a rise to 3.49 percent from 3.40 percent in financial year 2017 (FY17), according to the sigma report by global reinsurer Swiss Re. Life insurance penetration stood at 2.72 percent while general insurance penetration stood at 0.77 percent. Insurance density or the premium per capita...
South African insurer Discovery Limited said recently it would create a health insurance brand in a joint venture with two Australian companies to expand the footprint of its behaviour-tracking programme. Discovery’s Vitality programme, which rewards health and life insurance clients for healthy lifestyle choices and helps track their fitness, will...
The captive insurance industry is significantly under-penetrated despite lower risk burden, said Labuan IBFC Inc. chief executive officer Danial Mah Abdullah. “The Asian market for captive is relatively unexplored and the potential for growth is immense. The penetration level is low at the moment with only 2.3 percent out of...
China’s insurance regulator has banned Anbang Life Insurance Co from applying for issuance of new products for three months for inappropriate design of products and disrupting market order, it said in an online public notice on Friday. The China Insurance Regulatory Commission also instructed Anbang to rectify its product development...
Top Japanese life insurers sustained an estimated 16 percent decline in combined domestic premium income in the fiscal year ended March, as the Bank of Japan’s (BOJ) negative interest rate policy weighed on their investment income. The four biggest players — Dai-ichi Life Holdings, Nippon Life Insurance, Meiji Yasuda Life...
The Financial Supervisory Service (FSS) of South Korea is planning to adopt new regulations so that insurance companies raise their risk-based capital (RBC) ratios in stages before the introduction of IFRS 17 scheduled for 2021. This is to encourage them to increase their capital or improve their debt structures in...
Acko General Insurance, India’s first online-only insurance company, has racked up USD30 million or INR200 crore in one of the largest ever seed funding rounds after it received an in-principle regulatory clearance to launch, recently. Mumbai-based Acko is being backed by the likes of N.R Narayan Murthy’s Catamaran Ventures, Kris...
The impending implementation of GST would undoubtedly impact one’s personal finances especially when it comes to financial services, albeit marginally. From the present rate of 15 percent, the GST on banking, insurance and investments such as real estate, mutual funds will see a hike of three percent as the GST...
In yet another milestone for India’s first International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT City), General Insurance Corporation of India (GIC Re) opened its IFSC Insurance Office (IIO). General Insurance Corporation of India (GIC Re), is wholly owned by government of India. Speaking at the occasion,...
