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Insurance Business provides daily news, opinion and analysis for insurance brokers and advice profes

Insurance Business is a key business resource in the insurance industry, providing daily breaking news, cutting-edge opinion and in-depth analysis for insurance brokers and advice professionals. Insurance Business also offers a series of industry reports that recognise the achievements of key individuals and businesses as well as providing the latest in business best practice in a continually evolving industry.

09/12/2023

The Monetary Authority of Singapore (MAS) has released the finalised Code of Conduct for ESG Rating and Data Product Providers (CoC), accompanied by a checklist following a public consultation that took place from June to August2023.

Firms urged to publicly disclose their adoption of the CoC within 12 months

09/12/2023

Insular Life (InLife) and Oona Insurance Group have announced a new agreement wherein InLife will sell its 40% stake in their non-life insurance joint venture, Oona Insular Insurance Corporation (Oona Philippines).

Cooperative relationship will remain despite the transaction

09/12/2023

After sparking controversy with an 'unrecognized' list of healthcare providers in Hong Kong, the company's made a swift reversal. The uproar from the medical community prompted action.

https://hubs.la/Q02cvzNj0

Doctors in the list voiced their dismay over the firm's actions

09/12/2023

Singapore's life insurance sector faces challenges amid economic uncertainty. LIA President Dennis Tan reflects on his inaugural year, highlighting a focus on growth and improvement.

"Looking ahead, digitalisation will remain a significant driving force"

08/12/2023

McKinsey's latest research sheds light on the complex tapestry of the Asian insurance market, with a comprehensive exploration of both life and property and casualty insurance sectors.

New report outlines both growth and pains as the world’s growth engine chugs on

08/12/2023

Prudential Plc has published its financial results for the third quarter of the year.

Health and protection now account for more than a third of new business profit

07/12/2023

Novidea sets its sights on Southeast Asia's insurance landscape! With a global-first approach, their platform aims to revolutionize the fragmented market in Hong Kong and Singapore.

https://hubs.la/Q02cfhdn0

Market characterised by fragmentation and complexity

07/12/2023

Chubb Malaysia steps into the digital age with innovative services! The Chubb Claims Centre streamlines claims processing, while MY Chubb Motor Assist offers seamless roadside assistance.

https://hubs.la/Q02cf9ts0

Initiatives reflect the company's commitment to digitisation, the insurer says

07/12/2023

Jon Hayes, Global Co-Chair at DLA Piper, emphasizes the personal aspect of DE&I. His 'lived experience' shapes his appreciation for diversity and challenges, shedding light on the Dive In Festival's success.

https://hubs.la/Q02cf4nv0

Embracing a lived experience of diversity and inclusion

07/12/2023

Clearwater Analytics' survey reveals strong expectations for increased M&A activities in Singapore and Hong Kong's insurance landscapes in 2024. The findings hint at larger entities spearheading industry consolidation.

https://hubs.la/Q02cf6TM0

Larger organisations optimistic in acquisition activities

07/12/2023

Unlocking innovation through inclusion! Dive In Festival 2023, with CPD-certified events for the first time, saw a 64% increase in first-time attendees. From AI to indigenous rights, it embraced vital conversations worldwide.

https://hubs.la/Q02cf5fL0

For the first time ever, the festival's events are also CPD-certified

07/12/2023

HDI Global SE Singapore has expanded into the accident and health market in Asia with the appointment of Lisa Leow as underwriting manager, effective immediately.

She brings more than two decades of expertise to the role

06/12/2023

Markel Group has appointed Isaac Meek to the position of cyber senior underwriter for the Middle East and North Africa (MENA) region.

He will be situated at the company's Dubai office

06/12/2023

The insurance sector in South Korea has experienced a notable rise in combined net income, with a nearly 50% increase in the first nine months of this year compared to the same period last year.

Substantial rise linked to a low base effect

06/12/2023

Taiwan's FSC introduces measures to aid insurers in navigating interest-rate risks ahead of the new Insurance Capital Standards (TW-ICS) and IFRS 17 implementation. Fitch Ratings sees positive impact on insurers' ability to manage risks.

https://hubs.la/Q02c3wMf0

New measures give the industry more time to adjust its strategies

06/12/2023

The Insurance Authority (IA) of Hong Kong released significant claims data reflecting the impact of two extreme weather events in early September – Typhoon Saola and a severe black rainstorm.

Property and motor most impacted sectors

05/12/2023

Insurtech Igloo has completed a US$36 million Pre-Series C funding round, led by global firm Eurazeo, through its insurtech fund supported by insurer BNP Paribas Cardif.

Firm intends to use funds toward mergers and acquisitions

05/12/2023

Don't fall for fake insurance offers online! The Hong Kong Insurance Authority warns against fraudulent sellers on social platforms claiming to represent Dah Sing Insurance. A

https://hubs.la/Q02bVMqK0

Individuals are falsely claiming to be intermediaries for an authorised insurer

05/12/2023

Zurich Singapore and the Z Zurich Foundation team up with APSN to enhance vocational training for individuals with special needs, fostering inclusivity and empowerment.

https://hubs.la/Q02bVMVD0

Program is aimed at individuals with mild intellectual disability

05/12/2023

Gallagher has recently inaugurated a new branch in Taiwan, with this new office being led by Brian Wang, who was also appointed CEO of the Taiwan operation.

New CEO for country operations also announced

04/12/2023

According to a report from The Korea Times, the adjustment forms a significant part of a financial support package, estimated at around KRW1 trillion (US$773 million), set to benefit small and medium-sized enterprises (SMEs).

Development in line with president's initiative promoting "mutual growth"

04/12/2023

Patrick Wei joins Sun Life as Chief Distribution Officer for Asia, leveraging over 30 years of insurance distribution experience to drive excellence and digital innovation.

https://hubs.la/Q02bJNDP0

He brings over three decades of expertise to this new role

04/12/2023

The Insurance Authority (IA) of Hong Kong has disclosed provisional statistics for the local insurance industry for the first nine months of 2023.

Which sectors recorded the biggest drops?

04/12/2023

A married man from China’s Sichuan province successfully sued an insurance company over a “love insurance” policy which promised a payout of CNY9,995 (US$1,400) if the insured couple got married within a specific timeframe.

Court ruled that the coverage was not about the "love relationship"

01/12/2023

Prudential Hong Kong joins hands with HKIOC and CXH to introduce the Cross-Border Cashless Cancer Treatment Service in the Greater Bay Area, easing the burden on patients and families.

Developed in response to increasing demand for integrated medical services

01/12/2023

GSIS partners with JICA to fortify government asset protection against disasters, embracing modern insurance solutions for a more resilient future!

Initiative falls under mandate requiring coverage for all government assets

01/12/2023

Nippon Life Insurance is set to acquire Nichii Holdings, the holding company of nursing care provider Nichiigakkan, in a deal valued at approximately JPY210 billion (US$1.41 billion).

Firm still in talks with regulators over the deals

01/12/2023

Aon's report sheds light on underplayed risks shaping the Asia Pacific business landscape. Climate change might not be top-listed, but its impact on supply chains, regulatory shifts, and market trends calls for proactive risk mitigation strategies.

https://hubs.la/Q02bzD1S0

Insights reveal that climate change is responsible in influencing four key threats

30/11/2023

Insights from Antonio Huertas, MAPFRE's CEO advocates for ethical AI legislation at the Geneva Summit, highlighting the need for responsible development.

https://hubs.la/Q02bs7RD0

He was speaking to insurance leaders at a Zurich summit

30/11/2023

FM Global has announced that it received strong ratings from two prominent rating agencies.

Firm has made strides through improved results and performance

30/11/2023

Singlife has announced a partnership with Qlik to enhance its digital capabilities and analytical proficiency.

He was speaking to insurance leaders at a Zurich summit

30/11/2023

Tokio Marine chief executive Satoru Komiya has addressed concerns related to the rising industry losses due to climate change.

Global natural disasters have consistently exceeded $100 billion in recent years

30/11/2023

CFC announces leadership changes after a completed Lloyd’s investigation. Louise O’Shea steps in as the new group CEO, bringing a wealth of experience to navigate this phase.

https://hubs.la/Q02bp2CG0

Underwriting business says "there have been failings"

29/11/2023

Group, has recently launched a new travel insurance product designed to cater to a wide range of customers, including families and adventure enthusiasts.

It is available in two plans with different levels of coverage

29/11/2023

Health experts in Malaysia have expressed support for a proposed social health insurance scheme, seeing it as a more sustainable method for financing healthcare.

"If we decide to take this route, it needs to be fair to all"

29/11/2023

China's healthcare finances on track! National Healthcare Security Administration reports robust revenue of CNY2.62 trillion in basic medical insurance funds. Discover more about the country's healthcare expenditure and financial trends.

https://hubs.ly/Q02bfzyr0

Expenditure, on the other hand, also surpassed CNY2 trillion

29/11/2023

Bermuda-based Athene Holding has recently completed its first block reinsurance transaction in Japan, marking a significant development in Athene's expansion in the Japanese insurance market.

Further agreement with notable reinsurer also reached for retrocession of mortality risk

28/11/2023

The National Healthcare Security Administration in China announced that over 100 million individuals have registered to use a digital code for the country's basic medical insurance plan.

Program covers approximately 135 million by the end of 2022

28/11/2023

Life Insurance Corporation of India, the largest insurer in the nation, jumped the most in eight months on the expectation of double-digit growth in new business premiums.

It jumps the most in eight months

28/11/2023

China's motor insurance sector poised for growth! Forecasts suggest a 4.5% CAGR, reaching CNY1.1 trillion by 2028. GlobalData's Sravani Ampabathina highlights key drivers behind this surge.

https://hubs.la/Q02b5NQC0

Sector expected to experience a 4.5% CAGR boom

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