Tune Insurance Holdings Bhd (TIH) has bought a controlling stake in Indonesian general insurer, PT Asuransi Staco Mandiri (ASM), for IDR82.86 billion, to expand its business beyond Malaysia. "The investment in ASM will enable TIH Group to have a controlling interest in a local general insurer in Indonesia, through which...
South Korea's delayed insurance payments reached a combined KRW1.45 trillion from 2010 to 2014, with life insurers taking up the bulk of the amount, data released by the Financial Supervisor Service showed. Based on the data, total delayed payments of the country's life insurers for the five-year period reached KRW1.3...
Lloyd's of London is reportedly negotiating with Malaysian regulators to establish itself in the country as part of its efforts to break into the Islamic insurance industry. According to Reuters, the talks are an attempt by Lloyd's to gain insights into how to access to the world's largest markets for...
MNRB Holdings Bhd’s unit Malaysian Reinsurance Bhd has received Bank Negara Malaysia’s approval to conduct general and family retakaful business. The reinsurer said recently that the business would be under Section 10 of the Islamic Financial Services Act 2013 (IFSA) via the setting up of a retakaful division. “Following the...
The Kuala Lumpur-based Islamic Financial Services Board (IFSB) has released final guidance on liquidity risk management for Islamic banks, which may spur national authorities to issue more sukuk and establish sharia-compliant deposit insurance schemes. The guidance note, known as GN-6, clarifies the tools that Islamic banks can use to meet...
Premier Mike Baird has declared the super storm that has left at least three people dead and several others missing a natural disaster. He said the declaration will help in the recovery process that will begin once the storm clears and the full extent of the disaster can be assessed....
A.M. Best, has established a new office in Singapore as part of its continuing growth in the Asia Pacific Region. The office will offer internationally recognised ratings to insurers, reinsurers, takaful operators and captives in Singapore and across the Association of Southeast Asian Nations (ASEAN)/Australasia regions. A.M. Best was founded...
Singapore Post customers will be able to buy travel, home or car insurance from insurance company AXA at selected post offices. In its latest move to diversify its business away from traditional mail, customers will be able to purchase a range of insurance products at 34 post offices or on...
More than 500 insurance products are sold in China online, with accident insurance taking up the bulk of the products, a recent report in Asia First Intelligence has shown. According to Wind Information Statistics, there are about 300 accident insurance products that are marketed only through online channels in China,...
China's insurance regulator said that it would relax controls on offshore stock and bond investments by domestic insurers, according to a report by Dow Jones. Until now, investments have been confined to Hong Kong, but the regulator will now let insurers invest in markets in 45 countries or regions, the...
