Industry News

August 30th, 2016

Japan: Quake insurance contracts hit record, exceeding 60%

The proportion of newly signed fire insurance contracts in the fiscal year ended 31 March 2016 that include earthquake damage coverage rose by 0.9 percentage point from the previous year to a record 60.2%, according to industry data.

August 30th, 2016

India: Regulator to bar incentives to banks for selling insurance

IRDAI proposes to ban insurance companies from giving incentives and junkets to bank staff for selling insurance policies. The objective is to curb mis-selling of insurance by banks. The insurance regulator will devise different commission structures for insurance agencies and banks, with incentives to be cut for banks selling insurance, reported The Economic Times citing Mr Nilesh Sathe, an IRDAI member.

August 30th, 2016

China: CIRC denies billions in insurers’ funds will exit bourse

The Chinese insurance regulator, CIRC, has denied that up to CNY600 billion (US$90 billion) worth of capital from life insurers which market universal life products will withdraw from the local A-share market, even as it is considering stricter regulations on universal life insurance.

August 29th, 2016

Sri Lanka: Insurance industry sees higher combined profits in 1Q

The combined pre-tax profit of the insurance industry in Sri Lanka increased to LKR2,713 million (US$18.6 million) for the first three months of this year, 9% higher than for the corresponding quarter last year, the Insurance Board announced in a statement.

August 29th, 2016

China: Regulator to tighten up on insurers’ equity acquisitions

The insurance regulator CIRC will limit the funding avenues for insurers which take stakes in other companies, in an effort to crack down on aggressive acquisitions, reported Reuters citing the financial news outlet Caixin.

August 29th, 2016

Singapore: Proposal for insurers to help promote workplace safety

Insurance companies can influence improvement in mindset and behaviour concerning workplace safety and health (WSH), beyond disbursing work injury compensation, according to the International Advisory Panel’s (IAP) recommendations for WSH.

August 26th, 2016

India: Only 1 out of 22 non-life insurers posts underwriting profits

As many as 21 out of the 22 general insurance companies operating in India continue to lose money in the main insurance business, with Bajaj Allianz General Insurance being the only non-life company to make underwriting gains.

August 26th, 2016

China: Regulator mulls tougher action on risky short-term products

China’s insurance regulator is weighing new measures to clamp down on high-yield, short-term policies that compete with wealth management products, in a bid to reduce risk created by the high liquidity needs of such products.

August 26th, 2016

Singapore: Marsh & McLennan opens 1st Asia Pacific risk research institute

Marsh & McLennan Companies (MMC) and the Singapore Economic Development Board (EDB) have launched the Asia Pacific Risk Centre (APRC) in Singapore to analyse the key risks facing industries, governments and societies in Asia and identify practical ways to build resilience. The centre is MMC’s inaugural risk research institute in Asia Pacific, providing insight and analysis to government leaders and corporate executives.

August 24th, 2016

India: Digital trend turns insurance into a buyers’ market

Insurance in India has been transformed to become a digitally driven buyers’ market from being a sellers’ market, according to a report titled “Insurer of the Future” prepared jointly by international professional services firm EY and the Confederation of Indian Industry (CII).