Insurance

HKECIC posts $24.7m FY 2021 net profit

This was from a net loss of $13.5b (HK$104.6b) reported in FY 2020.

India's LIC to have CEO, managing director instead of chairman

Both the CEO and managing director positions will be appointed by the government.

Reinsurance pool could lead to premium discount in Australia's cyclone areas

The government announced a $7.4b (A$10b) cyclone reinsurance pool that will help drive down insurance premiums.

Thai regulator probing possible fraud in COVID-19 claims

COVID-19 claims in the country have jumped ten times since last year.

South Korean life insurers' interest payment burden rising: report

Their financial performance is diverse but has decayed amidst the prolonged low interest rates.

FWD Singapore, Ryde extends free accidental death insurance

Passengers can also get compensated if they lose their IDs during a trip.

Sun Life HK launches new participating insurance plan

Vital offers whole-life protection and potential long-term wealth growth.

AXA XL names chief underwriting officer for APAC, Europe

Marine Ress will be responsible for underwriting strategy for general liability, motor, and environmental insurance.

US firm Arthur J. Gallagher acquires Mumbai broker Edelweiss

The deal is still subject to regulatory approval.

China to hike subsidies for agricultural insurance premiums

Subsidies will be provided to crop-growing farmers who buy full-cost insurance or income insurance.

Westpac sells NZ life insurance unit to Fidelity Life

Westpac Life NZ and Fidelity Life will also enter into a 15-year distribution agreement.

Australia's Suncorp renews reinsurance programme for FY2022

The FY2022 reinsurance tower will grant Suncorp with $4.9b (A$6.5b) of protection.

Taiwan's COVID measures bring remote meeting, broker amendments to insurance market

Although temporary, the remote meeting measures may be adopted as a general practice.

Allianz Malaysia CEO calls for unity vs motor claims fraud

Motor claims fraud costs the industry $240.5m (MYR1b) per year, he said.

Changes to India's LIC Act takes effect

This is seen as a major step towards LIC's proposed IPO.

AIA Hong Kong, Bank of East Asia launch bancassurance partnership

They launched seven products that provide comprehensive life, critical illness, savings, and retirement protection.