The life insurance industry remained flat in the three months ended September 2016, with total weighted new business sales – a growth measurement – down one percent from a year ago to SGD808.2 million. The performance was largely due to a 14 percent fall in weighted new business sales of...
American International Group, Inc. (AIG) has announced that it has agreed to sell its Japan life insurance business AIG Fuji Life Insurance Company, Ltd. (AFLI) to FWD Group, the insurance arm of Pacific Century Group. The transaction is subject to regulatory approvals. Terms of the deal were not disclosed. This transaction does...
The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to make a decision on the order of preference in reinsurance cessions. The committee will have members from life, general, and health sectors as well as representatives from General Insurance Corporation of India, General Insurance Council, Marsh India, Lloyd’s and...
Mitsui Sumitomo Insurance has plans to launch an insurance product specifically designed to cover losses and damages for bit coin exchanges. The product, developed with Japanese bit coin exchange operator bitFlyer, will protect both exchanges and their customers. The total coverage, ranging from JPY10 million (USD89000) to JPY1 billion, will...
The recent 7.8 magnitude earthquake that struck in New Zealand could result in a cost to the economy of up to NZD8 billion, with insurance and reinsurance potentially paying as much as NZD5 billion (almost USD3.6 billion) of the loss, according to the regulator. The estimate from the Reserve Bank...
The Ministry of Health (MOH) recently welcomed a “timely and commendable” report by an industry-led taskforce on managing the cost of health insurance in Singapore, amid escalating claim costs for Integrated Shield Plans. The taskforce recommended a number of “targeted measures” with the aim of steering stakeholders towards “more efficient...
Markets regulator SEBI recently came out with norms for listed insurance companies in disclosing their quarterly results, less than a month after the first-ever listing of an insurer. The decision was taken in consultation with Insurance Regulatory and Development Authority of India (IRDAI). In a circular, SEBI said that insurance...
Insurer Sompo Holdings Inc said recently that it will buy US property and casualty insurer Endurance Specialty Holdings Ltd for USD6.3 billion, the latest in a string of acquisitions by insurers starved for growth in aging Japan. Japan’s insurance companies have been aggressively buying US businesses, announcing a slew of...
Very few small businesses have purchased cyber attack insurance, despite almost one in five experiencing an attack, a new survey shows. Just six per cent of the 500 small businesses surveyed by Norton had already purchased the insurance, with nine percent considering buying it in 2017. Yet 18 percent of...
Global reinsurance firm Swiss Re has sealed an agreement with the Chinese province of Guangdong to be the sole reinsurer for a parametric disaster insurance pilot providing USD350 million of protection against tropical cyclone and excess rainfall for seven prefectures in the region. The first payout under the new Guangdong...
