The Insurance Council of Australia has noted that insurers have made sweeping changes to their systems and processes in readiness for the implementation in coming days of wide-ranging reforms intended to improve consumer outcomes. The raft of regulatory changes being implemented are part of the federal government’s response to the...
The China Banking and Insurance Regulatory Commission recently issued a notice on catastrophe bonds by domestic insurance companies in the Hong Kong Market in order to support willing domestic insurance companies.The issuance was made with the aim of stabilizing the cost of catastrophe risk diversification, forming a multi-level catastrophe risk...
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 Korea,...
India Insurtech Association (IIA), a non-profit body promoting tech-driven insurance ecosystems in India has entered into a memorandum of understanding (MoU) with International Financial Services Centre at GIFT City, (GIFT-IFSC) to collaborate on building thought leadership in the field of insurance and promoting GIFT City for Indian and foreign insurance...
A proposal to protect policyholders should their insurer fail could add one per cent to two per cent to the price of insurance premiums. The Reserve Bank of New Zealand Te Pūtea Matua has asked for public feedback on proposals to beef up the regulation of both life insurers and general insurance...
With natural disasters and the COVID-19 pandemic affecting business significantly, many farmers in the Tohoku region of Japan are hedging against risk by opting to purchase farmers income insurance, which makes up for losses to their earnings. The insurance covers nearly all agricultural products as well as losses resulting from...
The China Banking and Insurance Regulatory Commission has released the figures for the second quarter of 2021. According to the figures at the end of 2021 Q2, total assets of the insurance companies amounted to CNY24 trillion, an increase of CNY1.64 trillion and up by 7.4 percent from the beginning...
Chubb Life Thailand and Krungsri Auto Broker have agreed to extend their payment protection insurance partnership through 2024, its twentieth year. The partnership, which provides car, motorcycle and “Car for Cash” loan payment protection insurance to Krungsri Auto Broker customers, will also expand to offer customers a user-friendly, easy, online...
AXA has announced that the company has entered into an agreement with HSBS to sell its Singapore unit, AXA Insurance Pte Limited (AXA Singapore). Under the terms of the agreement, AXA will sell AXA Singapore for a total cash consideration of USD575 million (or EUR487 million). “This transaction is another...
The cabinet committee on economic affairs has approved the proposal for an initial public offering of the state-run insurer Life Insurance Corporation of India. A group of ministers will now decide on various issues related to the proposed offering, according to disinvestment secretary Tuhin Kanta Pandey. The IPO of the...
