The mishap of the Malaysia Airlines flight that ended its journey in the southern Indian Ocean has resulted in the handover of USD110 million to the airline by insurers. The Telegraph reported that the USD110-million payout was made in accordance with standard air travel industry policy which states that if...
Owing to growing concerns over the health of domestic debt markets and its broader impact on the economy, the insurance regulator in China has warned of risks in investment programmes marketed by insurance asset management firms. The China Insurance Regulatory Commission (CIRC) recently issued an internal notice, warning of risks...
Willis Group Holdings plc has opened a representative office in Yangon in Myanmar, which will support the organisation’s multinational and Asian client base. The move comes as a result of political and economic reforms in Myanmar which have fuelled a rise in demand for risk services and products, particularly in...
The Board of Control for Cricket in India (BCCI) is seeking insurance cover of USD180 million for the seventh edition of the Indian Premier League (IPL) cricket tournament in the country. The insurance cover for IPL protects BCCI, the national governing body for all cricket in India against any loss...
In what comes as a sign of relief for many, major South Korean insurance companies have announced that they will introduce reforms to compensation measures of victims of financial fraud caused by hacking or phishing scams. Thus customers will receive payouts quickly and easily, even when it is unclear who...
A.M. Best has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of General Insurance Corporation of India (GIC Re) (India). The outlook for both ratings is stable. The ratings reflect GIC Re's solid risk-adjusted capitalisation, consistently favorable investment results and its strong presence in the Indian and...
U.S. based global health service leader, Cigna Corporation and Indian conglomerate TTK Group, announced the launch of its operations in India, in a joint venture called Cigna TTK Health Insurance. Announcing the launch, Sandeep Patel, CEO and managing director, CignaTTK Health Insurance Company Limited said, “Cigna TTK’s focus is to encourage customers...
February’s heavy snows caused JPY65.8 billion in damage to agriculture in nine prefectures in eastern and central Japan, according to preliminary government estimates. Most of the damage was caused to greenhouses that collapsed under the heavy snowfall. The central government has decided to extend financial support, but people in the...
Taiwan's finance ministry said on Monday it will raise the income tax paid by banks and insurance companies to five percent from two percent now, in a move some economists see as the first step toward raising some corporate taxes. The tax increase for banks and insurers, which is still subject to parliament approval,...
Despite Beijing's gradual relaxation of investment caps on various assets for insurance funds, regulatory intervention remains a hindrance to the industry, analysts said. Nonetheless, they expect regulation to become less heavy-handed and the authorities to grant more liberty for insurers on where to invest the funds they manage. With market...
