Saturday, September 23, 2017

Countries

Macau insurers peg typhoon losses at US$362.5m

Macau insurers peg typhoon losses at US$362.5m

Typhoon Hato, which struck the casino city in August, caused economic losses of US$1.4bn.

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AIA pays A$3.8 billion for CBA life unit

AIA pays A$3.8 billion for CBA life unit

The Asian insurance giant has acquired Australia’s CommInsure Life and New Zealand’s Sovereign.

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Hong Kong explores blockchain bancassurance project

Hong Kong explores blockchain bancassurance project

China Construction Bank and IBM are aiming to streamline transaction processing and enhance service delivery.

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Debt-to-equity swaps open to Chinese insurers

Debt-to-equity swaps open to Chinese insurers

Insurance funds may soon be granted permission to join in debt-to-equity swaps of distressed firms.

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Willis appoints insurance consulting head for HK, Taiwan

Willis appoints insurance consulting head for HK, Taiwan

Albert Li has been named as head of the insurance consulting and technology business.

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AIA denies Korea exit rumours

AIA denies Korea exit rumours

Group CEO Ng Keng Hooi says the company is in fact considering additional funding to comply with IFRS 17.

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Foreign insurers rush to meet Malaysia ownership cap

Foreign insurers rush to meet Malaysia ownership cap

Bank Negara Malaysia wants foreign ownership in local insurance companies to be capped at 70% by June 2018.

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Malaysia’s central bank approves AXA Affin share sale

Malaysia’s central bank approves AXA Affin share sale

Affin Holdings has been given the green light to acquire a 7.07% equity interest in AXA Affin General Insurance.

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China to heighten insurance scrutiny

China to heighten insurance scrutiny

Investments and capital flows in and out of the industry will be overseen more closely, the country’s regulator announced.

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Mounting debt forces Hyundai Life to cut workforce

Mounting debt forces Hyundai Life to cut workforce

The company has reportedly placed 120 employees under a voluntary retirement programme as it faces mounting debt.

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Chinese life firms urged to diversify products

Chinese life firms urged to diversify products

A senior official at CIRC wants insurers to innovate and offer more than just short-term life products.

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ZhongAn eyes HK expansion after IPO

ZhongAn eyes HK expansion after IPO

The company is looking to sell life insurance and other healthcare products in the territory after it lists on HKEx.

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India’s life insurers record 23% growth in first-year premium

India’s life insurers record 23% growth in first-year premium

The state-run Life Insurance Corporation remained the leader among the country’s life insurers.

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AIA set to buy Commonwealth Bank’s life assets

AIA set to buy Commonwealth Bank’s life assets

The Asian insurance group has become favourite to buy the unit in a deal said to be worth more than US$4bn.

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ZhongAn seeks US$11bn valuation in HK IPO

ZhongAn seeks US$11bn valuation in HK IPO

China’s first internet-only insurer is selling a 15% stake that will see it raise US$1.5bn if the deal materialises.

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At least 20 bidders eye AXA wealth unit in HK

At least 20 bidders eye AXA wealth unit in HK

China Taiping Insurance and Country Garden are reportedly among the companies that have expressed an interest.

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Ant Financial’s agri insurance JV gets green light

Ant Financial’s agri insurance JV gets green light

China’s insurance regulator has given the go-signal for a joint venture with China United Insurance to begin operations.

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Singapore bond issuers urged to take up insurance

Singapore bond issuers urged to take up insurance

Such policies would pay for the costs of calling for meetings and legal and financial advisory fees.

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SUMMER 2017

House of cards

From supply chains to cyber, we discuss emerging risks with a roundtable of Singapore risk managers