Thursday, February 22, 2018

News

Ping An Insurance’s units raise US$2.2bn in private financing

Ping An Insurance’s units raise US$2.2bn in private financing

Investors in the three tech units included SoftBank, which placed US$400m with Ping An Good Doctor.

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Great Eastern may sell minority stake in Malaysian unit

Great Eastern may sell minority stake in Malaysian unit

Malaysia’s largest pension fund, Employees Provident Fund, is reportedly in talks to buy the US$1bn stake.

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FWD Group appoints Ken Lau for Greater China role

FWD Group appoints Ken Lau for Greater China role

He joins from Union Life and will lead FWD in Hong Kong and Macau, and oversee expansion in Greater China.

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Insurers jump onto cryptocurrency bandwagon

Insurers jump onto cryptocurrency bandwagon

Insurance companies are reportedly looking into theft coverage for companies that handle digital currencies.

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Allianz to acquire Sri Lanka’s Janashakthi Insurance

Allianz to acquire Sri Lanka’s Janashakthi Insurance

The German insurer will have a market share of approximately 20% after the US$107m acquisition.

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India unveils three-way merger of state-owned insurers

India unveils three-way merger of state-owned insurers

National Insurance, United India Insurance and Oriental Insurance are set to merge to form a single entity.

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AXA to open shared service centers in Manila, Kuala Lumpur

AXA to open shared service centers in Manila, Kuala Lumpur

Company officials say the new centres will become information technology hubs for Japan and the rest of Asia.

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Asia lagging world in insurtech innovation

Asia lagging world in insurtech innovation

A report by Willis Towers Watson shows that insurtech startups in Asia account for just 7% of the global total.

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Indian life companies push for separate limit on tax exemption

Indian life companies push for separate limit on tax exemption

The sector is looking at introducing various supportive measures in the upcoming state budget.

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Philippine life sector to log double-digit growth

Philippine life sector to log double-digit growth

The expansion is being driven by the country’s strong demographics and the impact of tax reforms.

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Operating cash flow of China’s insurers drops 65% in 2017

Operating cash flow of China’s insurers drops 65% in 2017

The decline is attributed to the intensified and widespread crackdown on risks and foul play in the sector.

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Swiss Re opens new Asian HQ in Singapore

Swiss Re opens new Asian HQ in Singapore

It has also appointed a new regional board of directors, chaired by Lim Siong Guan, formerly of GIC.

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Cat bond market hit record US$11bn issuance in 2017

Cat bond market hit record US$11bn issuance in 2017

In total, 35 catastrophe bonds were issued by 31 different sponsors in the insurance-linked securities sector.

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Korea to increase number of online insurers

Korea to increase number of online insurers

The regulator’s aim is to lower barriers to entry and ramp up competition in the country’s financial sector.

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Penetration improving in India but still lower than neighbours

Penetration improving in India but still lower than neighbours

At 3.49%, insurance buying in the country is up significantly from 2.7% in 2001, though still lags China.

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Japan’s Rakuten to acquire Asahi Fire & Marine Insurance

Japan’s Rakuten to acquire Asahi Fire & Marine Insurance

The e-commerce group has confirmed that it is considering buying the insurer from Nomura.

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Chubb names Edward Ler country head for Korea

Chubb names Edward Ler country head for Korea

He replaces Edward Kopp, who was recently appointed country president for general insurance in Thailand.

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Philippines to review capital rules for insurers

Philippines to review capital rules for insurers

The capitalisation requirement for local insurance companies is being reviewed in light of a study of Asean rules.

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Nina Klingspor, Allianz Global Corporate & Specialty

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