edition
• QBE survey shows 30% of HK SMEs reporting cyber-attacks, an increase from 24% the previous year, though awareness of cyber threats climbed to 48%, from 36%.
• Singapore survey showed awareness drop to 47% from 57%, while businesses without cyber protection increased to 19%
• Hong Kong and Singaporean SMEs reported productivity improvements due to AI, with only a third predicting job replacement.
• Hong Kong SMEs have a high recognition of mental health importance at 94%, while Singapore reported a slight decline in mental health emphasis.
• The United Nations Environment Programme announced the establishment of the Forum for Insurance Transition to Net Zero (FIT) on Thursday.
• FIT aims to accelerate the insurance industry's contribution to a net-zero emissions economy.
• Forum follows discontinuation of the Net-Zero Insurance Alliance (NZIA) due to a significant exodus of members amid antitrust allegations.
• FIT will be guided by international legal experts to help navigate antitrust, competition laws, and sustainability issues.
• 19 (re)insurers, including IAG, Singlife, Beazley, and Generali join as founding members.
• The Indian Directorate General of Shipping approves VSK Insurance, Sogaz Insurance Co., Alfastrakhovanie PCL, and Ingrosstrakh Insurance Company as marine insurers.
• A source told Reuters that Russian National Reinsurance Company (RNRC) had provided financial guarantees as part of the approvals.
• Move comes amid US$60 sanction cap on Russian oil, with some insurers moving away from risk and others implementing stricter processes.
• India remains a significant buyer of Russian oil, not adhering to sanctions outside those imposed by the United Nations and approval will facilitate more seamless trade of oil.
• Insurance Authority finalises Rules for the Risk-based Capital (RBC) regime following industry consultation.
• Industry feedback of rules generally supportive, with some amendments made based on feedback, the IA said.
• The Rules are scheduled to be reviewed by Legislative Council in May.
• Revised rules extend submission transitional period to three years, from previous two.
• A three-year transitional period for market risk capital requirements can be applied for, if there is sound justification.
• Beazley's 2024 Geopolitical Risk Snapshot surveyed over 3,500 global business leaders.
• 82% of Singaporean business leaders express concern over the impact of global elections on international trade.
• 30% of global leaders and 32% in Singapore see political risk as the top threat in 2024.
• 36% of global executives perceive their operating environment as high risk.
• 16% of Singaporean leaders feel unprepared for political risks.
• The report emphasises the importance of political risk and trade credit insurance.
• China's strategic investments in mining highlight geopolitical tensions and supply chain dependencies.
• Hanwha Life announced it intention to acquire a 40% stake in Indonesia’s Nobu Bank, pending regulatory approval.
• Move would mark first venture of a Korean insurer into the overseas banking industry.
• The acquisition is part of Hanwha Life’s strategy to diversify due to South Korea’s ageing population.
• The partnership aims to combine traditional banking with digital solutions, leveraging Hanwha Life’s technological capabilities.
• An anonymous executive told The Economic Times that an Indian regulator has approved the option for life insurers to offer variable annuity plans.
• Insurers will be required to detail the variation of annuity payouts and provide clear illustrations of potential variability and risks.
• The new rule reportedly applies to both group and individual annuity products.
• Variable products are expected to be introduced in the Indian market within the next two to three months, focusing initially on straightforward equity-linked returns.
• Singapore-headquartered insurtech announced series of partnership in Vietman.
• Zalopay, Vietnam's second-largest e-wallet network, will offer Phone Screen Protection insurance through Igloo.
• Lotte Finance and Igloo will introduce Income Protection Insurance and Car Physical Damage products.
• FE Credit and OPES will offer Accidental and Liquid Damage insurance (ADLD) bundled with mobile phone instalment plans.
• Brokerage FSE Nova, a subsidiary of FSE Lifestyle Services, signed a new agreement to extend strategic partnership which began in May 2022.
• Businesses committed to investing further resources more resources and capabilities to provide insurance broker services across Hong Kong and China, with a focus on gas safety and household property protection.
• S&P Global Ratings reaffirms MSIG Singapore's 'A+' IFS rating, with a stable outlook.
• Premium growth for MSIG Singapore in 2024 is likely to be modest due to increasing demand for various insurance products but amid competitive markets and regional macroeconomic challenges.
• S&P anticipates that MSIG's loss experience will align with the industry average, reflecting quality of its underwriting book and ongoing efforts in loss moderation.
