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• AM Best revises Philippines non-life insurance market outlook to ‘Stable’ thanks to higher interest rates, market growth, and new regulatory standards.
• However, the market still faces nat challenges including securing reinsurance capacity, leading to higher risk retention and elevated capital requirements.
• Protection gap remains in agriculture, with PCIC, the country’s largest agriculture insurer, lacking reinsurance.
• Minority shareholders of Great Eastern Holdings Ltd. are opposing OCBC’s S$1.4 billion (US$1 billion) takeover bid, as it represents a 30% discount to the company’s embedded value.
• OCBC defends the offer, which is a 40% premium over the pre-announcement price, while analysts have mixed views on whether the offer fairly values the insurer’s future potential.
• LIC is considering entering the health insurance sector and exploring acquisition opportunities.
• Chairman Siddhartha Mohanty told the PTI the insurer is assessing potential acquisition prospects and is interested in health insurance despite lacking expertise in general insurance.
• An amendment to the Insurance Act would be needed for life insurers to offer hospitalisation and indemnity cover.
• RGA and Tokio Marine & Nichido Life Insurance (Anshin Life) have agreed on a ¥100bn (US$638m) reinsurance deal for whole life policies.
• The deal is part of a growth in asset-intensive reinsurance agreements in Asia, with other recent deals involving Pacific Life Re, Resolution Re, Manulife, and Japan Post Insurance.
• Cyclone Remal caused severe damage in Southern Bangladesh and India, resulting in at least 36 deaths, millions affected, and widespread power outages.
• In Bangladesh, 30 million without power, and significant damage to homes and infrastructure; in India, 23 deaths due to landslides and accidents.
• Emergency response teams are aiding recovery efforts; transportation and communication disrupted.
• HL Assurance and AXS launch Fraud Protect360, offering up to US$1,000 in cyber insurance coverage for AXS users.
• Plan covers unauthorised electronic fund transfers and online retail fraud and is available or free until 31 May 2025.
• This insurance is the first in Singapore to cover fraudulent transactions across emails, SMS, and WhatsApp, companies said.
• CoverSure, a Mumbai-based insurtech startup, raised US$4m in a pre-series A funding round led by Enam Holdings.
• The funds will be used to further develop consumer-centric insurance platform, levering data intelligence and machine learning.
• CoverSure plans to expand its offering to other cities in India based on a data analysis of metrics like user engagement.
