China’s insurance regulator has approved the establishment of three mutual insurance associations, the first time such associations have been set up in China, the regulator said at a press conference recently, according to a Reuters report. China has become the world’s third largest insurance market, with insurance premiums reaching CNY2.4...
Allianz is set to part with its life insurance portfolio to Taiwan Life. The sale is in line with Allianz’s strategy to actively manage its life portfolio while focusing on customer needs. Given the constraints placed on European insurers presented by Solvency II, Taiwan Life Insurance is in the better...
Nexus Underwriting, the leading independent specialty MGA, has announced that it has signed a three-year underwriting capacity deal with XL Catlin in Asia through XL Insurance Company SE. Through its new branch based in Hong Kong, Nexus Underwriting Asia (HK), this arrangement will enable Nexus to offer up to USD15...
The Life Insurance Association of Malaysia (LIAM) is urging insurance companies to sell their products via online platforms to drive the penetration rate to 75 percent in 2020 from the current 56 percent. LIAM president Toi See Jong expressed hope that the companies could establish their own platform by January...
China’s tightening cyber security rules have raised more complaints from the international business segment. More than two dozen American and international business groups have signed a draft letter of protest against proposed Chinese regulations for the insurance sector that they say could result in discrimination against foreign technology companies. The...
Insurance payouts from both Japanese domestic and foreign non-life companies for damage to dwellings after the Kumamoto region of Kyushu, Japan earthquakes in April have risen by 46 percent in a week to USD1.65 billion. The USD1.65 billion of insurance claims paid reflects the settlement and claims payment of 59...
The Insurance Regulatory and Development Authority (IRDA) of India wants life insurers to mandatorily list shares on the stock exchanges while the industry has said that promoters should be allowed flexibility in capital management. In a recent meeting with CEOs, the regulator asked insurers to compulsorily evaluate listing in order...
The Insurance Regulatory and Development Authority of India (IRDAI) has granted special approval to 23 Cross Border Reinsurers (CBR) for the year 2016-17. According to PJ Joseph, Member (Non-Life), IRDAI, approvals were given on the basis of submissions made by CBRs and the recommendations made by the insurers and GIC...
The board of Housing Development Finance Corp. Ltd (HDFC) has approved a proposal to sell shares of unit HDFC Standard Life Insurance Co. to the public for the first time. “The plan is to do this divestment in the second part of the calendar year,” said Keki Mistry, vice-chairman and...
Future Generali India Insurance Co. Ltd has tied up with 10 medium and small size banks in Kolhapur and Sangli districts of the state of Maharashtra to help increase rural insurance penetration. With the tie-ups, Future Generali will provide rural and micro insurance policies, tailormade for the banks’ customers, who...
