Indonesia AirAsia flight QZ8501 is required to pay compensation to the victim's next of kin, acting air transportation director-general Djoko Murdjatmodjo said recently. "The obligation to pay compensation lies with the airline," he said in response to a question on insurance payment by Indonesia AirAsia. Payment dispute has arisen after...
All insurance premiums, except for life insurance, will be subjected to six percent goods and services tax (GST), said deputy finance minister Datuk Chua Tee Yong. He said, however, GST on insurance premiums was not an issue as consumers have all along been subjected to sales and service tax (SST)....
China revolutionised its banking sector by formally proposing a deposit-insurance system, a long-awaited move that is aimed at better disciplining its lenders and their customers. The State Council, the Chinese government’s top decision-making body recently released a draft of a plan to insure up to CNY500,000 in deposits made by...
Anbang Insurance Group Co, the Chinese insurer that has bought New York's famed Waldorf Astoria hotel, has increased its stake in China Minsheng Banking Corp Ltd to become the biggest shareholder of the country's largest private lender. The company now owns about 3.1 billion Minsheng shares increased from 1.7 billion,...
India is offering to set up an insurance pool to indemnify global nuclear suppliers against liability in the case of a nuclear accident, in a bid to unblock billions of dollars in trade held up by concerns over exposure to risk. PM Narendra Modi’s government is hoping the plan will...
Arthur J. Gallagher & Co. is set to buy insurance broker Blue Holdings Pty Ltd. for an undisclosed price. The target company's chief executive, Richard Smith, will continue to run the company. Blue Holdings has offices across Australia, in Brisbane, Perth, Sydney, Melbourne and Townsville locations under the direction of...
The Insurance Council of Australia said 39,677 claims had been lodged: 10,863 for house and contents policies and 28,814 for motor vehicles. Estimated insurance losses totalled USD201 million, towards the bottom end of a range up to USD500 million predicted last week. The claims are likely to affect Suncorp and...
A Malaysian subsidiary of South African insurer Sanlam is selling its general insurance business to a unit of Toronto-listed Fairfax Financial Holdings to comply with local law. Malaysia stipulates that investors cannot operate under more than one life or general insurance licence, unless the second is a Shari’ah-compliant Takaful permit....
China Re has become the first Chinese firm to own an underwriting syndicate from Lloyd’s of London, a first in the insurance market’s 326-year history. The company has been working with Catlin since 2011 when they agreed to run a special purpose syndicate together. This vehicle will be converted to...
Two of three major nonlife insurance groups logged record-high net profits for the first half of fiscal 2014, according to their earnings reports, according to Japan News. For the April-September period, consolidated net profit increased 56.3 percent from a year before to JPY142.9 billion at Tokio Marine Holdings Inc. and...
