October 19, 2019

Looking East

Looking East

CHINA – Chinese insurer takes legal action

Ping An Insurance (Group) Co of China Ltd has threatened to take legal action against the New York Times for reports that suggest that Wen Jiabao’s relatives had accumulated massive wealth, largely through holdings in the firm.  A written statement said, “Recent media coverage related to the company contained serious...

SINGAPORE – Measly increase in life insurance sales

According to the Life Insurance Association (LIA) Singapore, the industry achieved a total of $1,608.1 million in weighted new business premiums for the first nine months of 2012, representing a 10 percent improvement over the corresponding period in 2011.  The overall performance was driven by the positive quarter-to-quarter growth in...

TAIWAN – Chinese students in Taiwan look forward to health insurance coverage

Chinese students studying in Taiwan said that they would welcome a proposed measure to include them in Taiwan’s National Health Insurance (NHI) program, saying the inclusion will help them “feel more secure” during their stay in Taiwan.   Under current guidelines, foreign residents are required to join the insurance program...

INDIA – FDI hike in insurance

The Government has decided to hike the foreign direct investment (FDI) cap in insurance from an existing 26 percent to 49 percent, which seems to have elicited a cautious response from investors. The proposal is subject to legislative amendments requiring voting in the Parliament and is necessary for driving future...

SINGAPORE – IE Singapore launches Political Risk Insurance

With the growing number of Singaporean companies expanding overseas, IE Singapore has launched a new scheme to help businesses protect their investments from external political risks. The Political Risk Insurance Scheme (PRIS) is aimed at supporting up to SGD 2 billion worth of overseas investments over the next three years....

CHINA – Chinese insurance market is in its state of transition

According to A.M. Best, after a period of rapid expansion, the Chinese market must now adjust for sustainable and healthy growth.   “Since enhancing risk management and market discipline in recent years, China’s regulator has gradually rolled out plans for solvency reform, less restrictive investment rules, the opening of compulsory...

INDIA – Non-life insurers premium up by 18 percent

Non-life insurance companies reported 18 percent growth in premium collections in the April-August period, reflecting an upturn in business environment.   The premium income of the general insurance industry, comprising 21 private and four public sector insurers, stood at Rs. 27,942 crore in the first five months of the current...

CHINA – China makes way for insurance

China has eased restrictions on foreign companies in parts of its insurance industry in a possible effort to reverse a slide in investment from abroad. Beijing doesn’t publicize many of its regulatory changes and it is not uncommon for the first word to come from the companies who were affected. In...

HONG KONG – Manulife bags Yahoo Emotive Brand award

  Manulife’s strong commitment to excellent customer services and personalized financial solutions continues to receive recognition from the Hong Kong public, who voted in Yahoo! Emotive Brand Awards 2011-2012 making the company a nine-time winner of the honour in the insurance category.   Michael Huddart, Manulife’s executive vice president and...

TAIWAN – Non-life insurers??? premium soar high

Premium growth of natural disaster insurance and auto-insurance policies boosted Taiwan’s non-life insurers to score NTD 82 billion (USD 2.73 billion) in written premium revenues in the first eight months, up 7.2 percent year-on-year, which is much better than Non-life Insurance Association of the R.O.C (NLIA’s) prediction of 3.2 percent,...

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