The Life Insurance Association of Malaysia (LIAM) has noted that the life insurance industry provided insurance coverage amounting to MYR1.24 trillion (USD302 billion), compared to with MYR1.17 trillion in 2014, in sum assured for all policies combined in 2015. LIAM president Toi See Jongsaid this performance reflects the awareness of...
China became the world's third largest insurance market in 2015, with insurance premiums surging in the past five years, according to the China Insurance Regulatory Commission (CIRC). With an annual growth rate of 13.4 percent, insurance premiums increased from CNY1.3 trillion (USD197.9 million) in 2010 to CNY2.4 trillion in 2015,...
Brit Limited, the global specialty insurer, has announced the opening of an office in Singapore. The new office begins operations on March 1, 2016, with Brit having received approval to begin underwriting from both Lloyd’s and MAS (Monetary Authority of Singapore). The office will be headed by Charlie Barrett, currently...
The South Korean government plans to introduce new insurance plans for electric cars as early as September, officials said. The new plans are expected to help users of eco-friendly cars pay less insurance, according to a report in the Korea Herald. The Ministry of Trade, Industry and Energy and the...
Plunging long-term interest rates triggered by the Bank of Japan's negative-rate policy will force life insurers into tough decisions, according to the head of the industry association. With government bond yields on the decline, providers are starting to look at “lowering guaranteed policy yields and ending sales of insurance products,”...
The Indian government is considering a proposal to permit 49 percent FDI through automatic approval route in the insurance sector with a view to attracting more overseas inflows. Currently, FDI up to 26 percent is permitted through automatic approval route. For FDI up to 49 percent, the approval of Foreign...
HDFC Standard Life Insurance Company, a subsidiary of Housing Development Finance Corporation (HDFC), has incorporated a wholly-owned subsidiary in the Dubai International Financial Centre (DIFC). Called HDFC International Life and Re Company Ltd (HILRCL), it will have an initial capital outlay of USD12.33 million. HDFC, in a notice to the...
New India Assurance Company Ltd (NIA), a government-owned Indian general insurance company, will open a reinsurance desk within the UAE to enhance both its business prospects and presence in the Gulf region. NIA said it will open the reinsurance desk at its Dubai International Financial Centre (DIFC) office. Speaking on...
Crescent Star Insurance Limited (CSI) is to buy majority shares of Pak Kuwait Takaful Limited with management control, subject to regulatory approval, according to a bourse filing. "CSI has singed Memorandum of Understanding for acquisition of 62.5 percent controlling shares of Pak Kuwait Takaful Limited, subject to all necessary legal...
German reinsurer Munich Re said it would buy an additional 23.27 percent stake in India's Apollo Munich Health Insurance Co Ltd from its joint venture partner Apollo Hospitals Group India for INR1.64 billion (USD24.18 million). The deal increases Munich Re's holding in Apollo Munich to nearly 48.75 percent, with 51.1...
