China’s insurance sector records growth in assets
China’s insurance sector has seen steady growth in its total assets for the first nine months of the year, according to the China Insurance and Banking Regulatory Commission (CBIRC).
Internal failures most frequent cause of cyber claims
While companies should fear cyberattacks from external bad actors, a new analysis by Allianz Global Corporate & Specialty (AGCS) has revealed that it’s employee mistakes and technical issues that are to blame for the majority of cyber claims.
Singapore provide COVID-19 insurance for travellers
Visitors to Singapore will now be able to purchase inbound travel insurance for COVID-19 related costs incurred while in the country.
Aon launches capital advisory unit for re/insurers
Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has launched an Asia Pacific Capital Advisory unit within Reinsurance Solutions to deliver a holistic approach to capital optimisation for re/insurers.
Insurers’ recognition of and action against ESG risks
Many insurers and reinsurers recognise that proper understanding and integration of ESG factors is increasingly critical to the long-term viability of their businesses, says AM Best. However, overall, there is a marked lag between recognition of ESG risks and action being taken to mitigate those risks.
Japan life insurers commit ESG investment
Four major domestic life insurance companies have announced that they will strengthen their commitments to Environmental, Social and Governance (ESG) investment in the second half of the fiscal year ending 31 March 2021 (FY2020), focusing on how the companies in which they invest address the environment and other issues.
Most US young adults suffer mentally during pandemic
In the US, about 60% of young adults lost their jobs or lived with someone who did since the outbreak of the pandemic and nearly 40% expected to lose their job in the next month - shining the spotlight on health insurance policies for this group.
Cyber attacks on Singapore SMEs on the rise
Phishing attacks against small and medium sized businesses in Singapore have increased by more than 60% in the first 10 months of this year - a worrying sign at a time when SMEs are accelerating digitalisation efforts in the wake of COVID-19.
China to lead global insurance rebound
The recession caused by the COVID-19 pandemic is expected to cause global insurance premiums to contract by around 1.4% in 2020, according to a study by the Swiss Re Institute. In 2021, the global insurance market is expected to recover, with China leading the rebound.
Hong Kong creates insurance disciplinary panel pool
Hong Kong’s Insurance Authority (IA) has established the Disciplinary Panel Pool (DPP) as part of its new disciplinary mechanism for licensed insurance intermediaries and authorized insurers.
COVID-19 patients at risk of mental health problems
Many COVID-19 survivors are likely to be at greater risk of developing mental illness, psychiatrists said on Monday, after a large study found 20% of those infected with the coronavirus are diagnosed with a psychiatric disorder within 90 days.
Singapore to address foreign workers’ protection gap
Chubb Insurance Singapore is partnering with Singapore FinTech Pay2Home to offer free insurance cover for foreign workers. Foreign workers in Singapore can now receive free insurance cover of up to S$2,500 ($1,850) for accidental death and total permanent disability benefits, with a simple opt-in when sending money home.
HSBC targets insurers for fund administration
HSBC has launched an improved fund administration solution for Asia-based insurance companies, after onboarding HSBC Life, its Hong Kong insurance business.
US insurers turn a profit in first-half despite COVID-19
Property and casualty (P&C) insurers in the US remained profitable in the first half even as 26% was sliced from their net income.
Fast Cover wins insurance innovation award
Fast Cover Travel Insurance has won this year’s Finder Award for “Best Insurance Innovation”.