The China Insurance Regulatory Commission (CBIRC) recently issued the Guidance on the Digital Transformation of the Banking and Insurance Industry requiring banking and insurance institutions to conscientiously implement these terms. The guidance emphasises that banking and insurance institutions should strengthen top-level design and overall planning, scientifically formulate digital transformation strategies,...
Committing to achieving net-zero greenhouse gas, Tokio Marine Group has joined the Net-Zero Insurance Alliance. Specifically, the organisation has been developing insurance products and services that help achieve the goals of the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement, and has achieved carbon neutrality in the Group’s...
Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) members are working with the harbour master and marina management to co-ordinate the safe recovery of wrecks, pollution management and health and safety matters for the recovery effort following the damage at Tutukaka marina. “While the focus for most...
China Pacific Life Insurance (HK) Co. Ltd., a subsidiary of China Pacific Insurance Co. Ltd., has obtained an operational license from Hong Kong regulators to conduct life insurance business in the city. China Pacific Life Insurance (HK) secured the business license in November, allowing the company to offer policies specializing...
Saudi Arabia-based Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the export credit and investment insurance agency of the Islamic Development Bank (IsDB) Group, has signed a landmark Memorandum of Understanding (MoU) with Nippon Export and Investment Insurance (NEXI), the Export Credit Agency (ECA) of Japan, whereby...
The General Insurance Association (GIA) of Singapore has announced that the sector-wide financial relief measures will conclude on 31 December 2021 in a statement. General insurers remain committed to providing support for insureds through times of uncertainty and will remain agile in responding to evolving protection needs. Policyholders who are...
PERILS, the independent organisation providing industry-wide catastrophe insurance data, has disclosed its initial industry loss estimate for the Southern Australia severe storms which occurred during the period of 28 to 30 October 2021. PERILS’ initial estimate of the insured market loss, based on loss data collected from the majority of...
Japan is planning to raise premiums for employment insurance in fiscal 2022, starting next April. The government has decided to ask for greater premium payments from employers and employees as the employment insurance system is running low on funds, due to an increase in employment adjustment subsidy payments to companies...
Indonesia-based insurtech startup Fuse has secured USD25 million of Series B extension round as it plans to enter more countries including Thailand and Vietnam in Southeast Asia. The startup has closed three funding rounds of Series B within the past six months, bringing the company’s total raised to over USD70...
UK-based specialist insurance and reinsurance broker BMS has announced the acquisition of Seoul-based insurance broker, Value-add Insurance Broker (VIB). As part of the acquisition, VIB will become a newly-licensed entity called BMS Korea, operating under the wider BMS Asia team, and will provide specialist M&A insurance solutions to the Korean...
