Thursday, October 19, 2017

Legal/Regulatory

Insurance payout for Yangtze accident to hit US$14.8m

Insurance payout for Yangtze accident to hit US$14.8m

Payout involves 340 contracts underwritten for parties involved with the incident.

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Anbang Insurance’s US$1bn acquisition of Tong Yang Life approved

Anbang Insurance’s US$1bn acquisition of Tong Yang Life approved

Approval issued despite concerns over reciprocity.

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Philippine court stops paid-up capital rate hike order for insurers

Philippine court stops paid-up capital rate hike order for insurers

An adverse effect on the business climate is sufficient basis for an injunction, The Court of Appeals.

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China’s private hospitals to be eligible for reimbursement

China’s private hospitals to be eligible for reimbursement

Threshold for private healthcare providers also to be lowered.

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India seeks assets reconstruction insurance

India seeks assets reconstruction insurance

Cover to compensate for the cost of reconstruction after natural disaster.

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MSI permitted to operate in Myanmar’s Thilawa Special Economic Zone

MSI permitted to operate in Myanmar’s Thilawa Special Economic Zone

Obtains a provisional permit to underwrite general insurance from regulators.

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Shanghai insurance exchange to get approval this year

Shanghai insurance exchange to get approval this year

Exchange will offer risk securitisation products, catastrophe bonds and insurance derivatives, according to reports.

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India’s LIC becomes second foreign insurer to enter Bangladesh market

India’s LIC becomes second foreign insurer to enter Bangladesh market

LIC to start operations as a JV entity with a paid up capital of BDT1bn (US$12.86m).

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Philippine insurers push for lower taxes on non-life insurance

Philippine insurers push for lower taxes on non-life insurance

5.5% tax on non-life insurance premiums sought.

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Vietnam’s insurance premiums forecast to grow in double digits

Vietnam’s insurance premiums forecast to grow in double digits

Q1 Turnover from insurance premiums reached more than US$665.75m.

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Samsung Life Insurance eyes acquisition in the Philippines

Samsung Life Insurance eyes acquisition in the Philippines

Growing economy, low insurance penetration rate, and large population seen as factors.

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China’s regulator to oversee claims related to ship tragedy

China’s regulator to oversee claims related to ship tragedy

Regulator also urges insurers to provide quick claim services.

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China launches commercial vehicle insurance reform

China launches commercial vehicle insurance reform

Insurance firms to receive more autonomy in setting premiums as part of the reform.

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Myanmar considers giving more licences to foreign insurers

Myanmar considers giving more licences to foreign insurers

Temporary licences already given as first step to more foreign investment.

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Sales of investment-linked assurance products fall 42% in Q1

Sales of investment-linked assurance products fall 42% in Q1

Sales plunge dramatically after Hong Kong regulators tightened rules in January.

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M&As in global insurance sector start to recover, Swiss Re

Emerging markets, particularly Asia Pacific and Latin America, sees a pick-up in activity.

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Japan passes healthcare insurance reforms

Japan passes healthcare insurance reforms

Contribution percentages for patients aged 75 and over will be increased.

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India’s nuclear insurance pool may be launched this year

India’s nuclear insurance pool may be launched this year

Indian government expected to put in some resources.

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Victor Kuk, Swiss Re

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AUTUMN 2017

Roundtable

Convergence of reinsurance and capital management