The Insurance Council of Australia (ICA) has declared an insurance catastrophe for parts of South Australia impacted by recent hail, rain, and strong winds. Insurers have received more than 12,000 claims so far and this number is expected to rise. Motor vehicle claims are two thirds of those currently lodged. It...
The Dewan Rakyat (Parliament) recently passed the Malaysia Deposit Insurance Corporation (Amendment) Bill 2021, which aims to improve the governance of the body. The bill, which was approved after the third reading, was to amend the Malaysia Deposit Insurance Corporation 2011 (Act 720) (PIDM Act) by inserting new provisions. Earlier,...
In order to strengthen and improve the supervision of online personal insurance business, ensure market order and prevent business risks, the China Banking and Insurance Regulatory Commission, recently issued a notice on further regulating online personal insurance business of insurance institutions, in a bid to promote fair competition and effectively...
Chubb Limited has announced a definitive agreement to acquire the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna in seven Asia-Pacific markets for USD5.75 billion dollars in cash. The operations to be acquired include Cigna’s A&H and life business in...
Willis Towers Watson (WTW) has announced the signing of an agreement to acquire the remaining 51 percent shares from Anemone Holdings Private Ltd and Rohit Jain in Willis Towers Watson (WTW) India. WTW currently owns 49percent of Willis Towers Watson India Insurance Brokers Private Limited (WTW India) and recent changes...
A group of Japanese life insurance companies invested in two 15-year green bonds issued by the World Bank to support the financing of climate projects and the critical role the multilateral development banks play in providing climate finance in developing countries as momentum builds for the United Nations Climate Change...
AM Best has revised its market segment outlook on Indonesia’s non-life insurance market to negative from stable, citing a weaker-than-expected economy recovery, which likely will delay the segment’s recovery to pre-pandemic growth levels, along with the increased likelihood of depressed investment returns and heightened credit insurance risks. The report notes that...
Singapore insurance companies have overtaken banks in the quality of customer experience (CX) for the first time since 2018, according to a survey by research and advisory firm Forrester. Forrester said it surveyed more than 2,000 Singapore consumers across 11 brands (six insurers and five banks) to form its Singapore...
The Perlindungan Tenang Voucher (PTV) Programme, a national initiative by the Malaysian government in collaboration with insurance and takaful providers will be officially launched, offering social protection to about 8.4 million eligible Bantuan Prihatin Rakyat (BPR) recipients. Under the first phase of the PTV Programme rollout, a MYR50 voucher will...
The Insurance Regulatory and Development Authority of India (IRDAI) has allowed health and general insurance companies to continue issuing health insurance policies in electronic form and without insisting on a physically signed proposal form till March 31, 2022. Due to the restrictions imposed by the lockdown, many consumers were finding it difficult...
