Subject: Regulatory Page 5 / 92
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- September 24 2024
India may consider a new turnaround plan for three general insurers: report
While solvency ratio, consistently high claims ratios and losses or low profitability were the concerns that need to be addressed by the state-owned carriers, the government is likely to provide fiscal support to companies showing profits.
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- September 20 2024
NZ fire levy increase revised downwards amid funding review
The levy hiked to 12.8% in July and Fire and Emergency New Zealand (FENZ) was set for an additional 5.2% increase to 2029. However, the government has revised the percentage to 2.2%.
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- September 20 2024
GIAJ guides Japanese insurers on cross-holdings, secondments and agency commissions
The industry body has published a series of guidelines for the scandal-hit sector in response to the report of the "advisory panel on structural issues and competition in the P&C industry" which was published on June 25.
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- September 19 2024
Australian, UK regulators greenlight Ardonagh’s takeover bid for PSC
The US$1.5bn scheme of arrangement to buy all the shares of the Australian broking group is now pending PSC's shareholders' and the court's approvals.
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- September 18 2024
Australia’s reinsurance pool led to a 21% fall in home premiums: study
The study by an MIT researcher claims that public reinsurance is a cost-effective policy solution for rehabilitating insurance markets affected by catastrophic climate risks.
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- September 17 2024
Suncorp CEO Steve Johnston to chair ICA board
Johnston, who joined the ICA board as director in August 2021, will begin his term as chair on January 1, 2025, succeeding Nick Hawkins, IAG managing director and CEO, who has served as president of the board for the past two years.
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- September 17 2024
Taiwan’s regulator blocks CTBC Financial’s US$4.1bn bid for Shin Kong Financial
The regulator's rejection now paves the way for the conglomerate's merger with Taishin Financial. Still, a merger will have little impact to Shinkong Insurance, Taiwan’s third-largest P&C insurer, whose biggest shareholder is separate and independent from the conglomerate.
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- September 17 2024
Hong Kong’s Asia Insurance buoyant on D&O as reforms unleash demand
The city's proposed corporate governance revamp and the newly launched RBC regime will open up opportunities for professional lines, and trigger industry consolidation as compliance costs mount, according to CEO Winnie Wong.
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- September 16 2024
Japan’s big 4 submit progress of business improvement plan to FSA
Tokio Marine & Nichido Fire Insurance, Sompo Japan and MS&AD's subsidiaries Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance' measures to improve compliance, audits throughout the year, and new bottom-line indicators that reflect profitability.
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- September 12 2024
China State Council issues opinion on deepening insurance reforms, preventing risk
The high level document by China's cabinet calls for deeper reforms for motor insurance focusing on new energy vehicles, and innovations for liability insurance and climate risk insurance.
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- September 9 2024
Government and private sector need faster progress on climate change: ICNZ
The council urges more coordinated efforts on addressing climate change as Auckland floods and Cyclone Gabrielle's US$8.9bn infrastructure damage underlines their impact on lives and property.
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- September 9 2024
HKIA to prioritise RBC review and re-domiciliation regime, says chairman
The Hong Kong Insurance Authority is aiming to attract insurers and brokers to place larger business volumes in Hong Kong, as it seeks to attract more overseas insurance groups to relocate their headquarters to the city, says chair Stephen Yiu.
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- September 6 2024
Extension of cyclone pool coverage period to 7 days would increase average annual loss by 5%: ARPC
The Australian cyclone pool will need to collect additional premiums through rate increases to cover the increased claims costs if such a change was made, the pool's administrator said.
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- September 4 2024
Cambodia to join Asean compulsory motor insurance system
The system provides vehicle mandatory third-party liability cover to vehicles transiting across the borders of 10 Asean countries.
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- August 29 2024
Philippines regulator imposes money laundering risk assessments on insurers, brokers
The Insurance Commission issued the guidelines that require institutional risk assessments on insurers and brokers at least once very two years.
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- August 29 2024
Korea’s FSC might review proposed change in insurers’ capitalisation rules: report
The Financial Supervisory Service had proposed that, starting next year, the discount rate for market valuation of insurance liabilities will be based on the 30-year government bond rate instead of the 20-year rate.
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- August 28 2024
Data breach by Japan’s big 4 insurers affects over 2 million customer records: report
Tokio Marine & Nichido Fire Insurance, Sompo Japan, Mitsui Sumitomo Insurance, and Aioi Nissay Dowa Insurance will need to submit reports to the financial regulator by the end of this week.
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- August 28 2024
Australian insurers urged to limit use of external experts to improve claims assessments
Carriers should not rely on external experts beyond their scope of expertise, as it could lead to poor claims decisions and disputes, according to an inquiry into the practice by six general insurers by the General Insurance Code Governance Committee.
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- August 26 2024
IRDAI urges carriers to devise strategies on affordable insurance products: report
The insurance regulator's appeal for more affordable products directed at the country's insurers is part of its move to achieve "Insurance for All" by 2047.
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- August 21 2024
NFRA seeks to improve nat cat response through new insurance assessment system
The assessment system is intended to improve the country’s response mechanism based on different grading of natural catastrophes, according to the P&C insurance supervision chief.
