South African insurer Discovery Ltd. said it has set up a partnership with Japan’s Sumitomo Life Insurance Co. and SoftBank Group Corp. to develop and introduce products for the world’s third-largest economy. Discovery’s Vitality program, which rewards members for exercising and eating healthy, will be introduced through Sumitomo and use...
The company behind Holiday Inn is being evaluated by Chinese conglomerate Anbang in a swoop that could be worth GBP7 billion. Insurance giant Anbang has reportedly held discussions over a potential takeover of Intercontinental Hotels Group. The FTSE 100 firm was formed in 1998 from long-standing British firm Bass brewers...
Life insurers in Singapore posted a 20 percent jump in new business sales in the second quarter compared to a year ago, rising to SGD845 million, according to numbers from the Life Insurance Association Singapore (LIA). LIA attributed the strong growth to the growing awareness among Singaporeans about the importance...
Atrium Syndicate 609 has announced that it will no longer accept any new business to be written on its Singapore Platform. Atrium are in discussions with Lloyd’s in both Singapore and London and with the Monetary Authority of Singapore (MAS) in order to guarantee the business is run off to...
Insurance penetration in India has risen partially to 3.4 percent in financial year 2015-16 compared to 3.3 percent in 2014-15, according to Swiss Re’s latest sigma report. The report said that total insurance premiums in India grew by 7.9 percent in 2015 owing to stronger growth in life and non-life...
Zurich Insurance has agreed to sell its general insurance operations in Taiwan to Hotai Motor Co Ltd. “Zurich’s decision to sell its general insurance business in Taiwan follows a comprehensive assessment that found while the market in Taiwan remains attractive, there was limited scope for Zurich’s general insurance business to...
With the government pushing to sell off its controlling stake in Woori Bank, Anbang Insurance Group is reportedly showing interest, according to sources. After the USD3 million acquisition of Allianz Life Insurance Korea, the Chinese insurance group has emerged as a player in the domestic mergers and acquisitions (M&A) market....
The Financial Markets Authority (FMA) is calling for cooperation from the life insurance industry and financial advisers to address the potential harms to consumers from the relatively high levels of switching of existing insurance policies. The FMA released its first report into sales practices within the life insurance industry. The...
Following a strategic review, Munich Re is considering divesting its primary insurance arm Great Lakes Australia (GLA). GLA is the Australian branch of Great Lakes Reinsurance (UK) SE (Great Lakes). Great Lakes is a wholly owned subsidiary of Munich Re. GLA was registered in Australia in 2007 and operates as...
A surge in claims has pushed the insurance costs of severe east coast storms to USD235 million. Insurers have received almost 32,000 claims across Queensland, NSW, Victoria and Tasmania, and residents and business owners are still lodging claims, the Insurance Council of Australia said. Heavy rainfall, strong winds and king...
