China's continued urbanisation and rising household wealth will sustain the growth dynamics of the its non-life insurers, but intense rivalry will further weaken the sector's underwriting margin in 2014, according to Fitch Ratings. The declining margin is unlikely to materially constrain insurers' capability to obtain capital infusion. The Sector Outlook...
Third party motor insurance premium rates are likely to soar by at least 40 percent as the insurance regulator has raised the quantum of funds which non- life insurers have to set aside to meet high claims in this industry. In a notice to general insurers, the Insurance Regulatory and...
Swiss Re announced the entry into a transaction with Zurich Insurance Company Ltd to acquire a 4.9 percent stake in New China Life Insurance Company Ltd, reaffirming Swiss Re’s commitment to high growth markets. New China Life is a Chinese company that provides life and health insurance products. Headquartered in...
In the wake of the recent weather disasters in East Asia experts from 40 countries discussed how to improve regulation for better microinsurance at the first Consultative Forum held in Jakarta recently. The forum was held in connection with the ninth International Microinsurance Conference and brought together representatives of the...
The Indian government has merged various schemes under agriculture insurance and is allowing private sector companies to enter the agriculture insurance market. The new measures, which took effect from November 2013, are expected to make the experience of insuring crops farmer-friendly, according to the Ministry of Agriculture. The Indian government...
Bushfires that ravaged New South Wales earlier may inflict losses of USD139 million on the insurance industry, the Insurance Council of Australia said on recently. The bushfires began on 17 October and destroyed over 200 homes in the Blue Mountains, raising fears the outskirts of Sydney could come under threat,...
Amendments to the IC Act will allow insurers to communicate with their customers electronically through platforms such as email, internet websites, or via emerging platforms such as the digital mailbox services provided by companies like Digital Post Australia and Australia Post, potentially saving time and cost, and increasing the ease...
Munich Re, the world’s biggest reinsurer, said China will remain its biggest growth market in Asia, as it considers countries such as India too unpredictable to step up investment. “Our biggest customers in China are still growing their business by more than 15 percent a year, driven by motor...
The Indian government will officially launch a pension scheme for over five million overseas workers in the UAE. Reports quoted Indian ambassador M K Lokesh as saying that the UAE is the first foreign country where the scheme – the pension and life insurance fund – will be launched...
Life Insurance of India (LIC) said it has asked the regulator for extending the deadline for withdrawing existing products that do not meet the new norms from October 1. “We are awaiting approval from the Insurance Regulatory and Development Authority (IRDA). We have made this request in case of approvals...
