News

irdai-mandates-policy-loan-facility-in-life-insurance-savings-products-as-part-of-new-reforms

IRDAI mandates policy loans for life insurance savings products as part of new segment reforms

June 13 2024

New regulations include mandatory policy loans, extended free look period, and partial withdrawals for pension products.

GIAJ: Noto Peninsula Earthquake claims rise to ¥90.9bn (US$578.02m)

June 13 2024

Approx. 145k of 150k residential claims have been investigated, with 69% of claims paid.

iSHANG and PSC Insurance partner to develop Web3 "Proof of coverage" insurance product in Hong Kong

June 13 2024

The solution will use smart contracts in a bid to enhance transparency, improve security, and streamline the claims process.

APRA finalises guidance for upcoming op risk standard, CPS 230

June 13 2024

Regulator releases final cross-industry guidance to aid in the implementation of CPS 230, which will take effect from 1 July 2025.

south-korean-motor-insurers-pay-claims-from-trash-balloons-despite-war-exclusions-report

South Korean insurers pay 'trash balloon' claims despite war exclusions - report

June 13 2024

Insurers are opting to cover motor damage, citing unusual circumstances and classifying North Korea's trash-filled balloons as "falling objects".

MAS and BIS develop blueprint for climate risk platform

June 13 2024

Project Viridis aims to merge regulatory and climate data from corporate disclosures to help financial authorities manage climate risks.

Parametric heatwave microinsurance triggers in India, providing relief for nearly 50,000 women

June 13 2024

The parametric product, underwritten by Swiss Re and provided locally by ICICI Lombard, was triggered by 40°C heatwaves in May, paying out to 46,242 low-income women in India.

NatCat - 2023 Australias Christmas Storms

Australia's Christmas Storms top AU$1.2bn in industry losses: ICA

June 12 2024

Christmas storms have led to over 97,000 claims with half now finalised, according to the Council's latest update.

Accuro Health Insurance ratings withdrawn by AM Best after company exits insurance market

June 12 2024

Ratings of New Zealand health insurer withdrawn after completion of portfolio transfer to UniMed.

Singapore Airlines offers compensation to passengers injured in severe turbulence - reports

June 12 2024

Passengers with minor injuries reportedly offered US$10,000, while serious cases are in discussions about tailored compensation.

indian-regulator-introduces-new-general-insurance-reforms

Indian regulator introduces general insurance reforms

June 12 2024

Stricter claim rejections, flexible policy durations, and 'pay as you drive' motor options outlined in new master circular from the IRDAI.

howden-strengthens-pacific-presence-with-acquisition-of-bridges-insurance-services

Howden strengthens Pacific presence with acquisition of NZ-based Bridges Insurance Services

June 11 2024

Bridges Insurance was established in 1990 and has focus on mid-market and SME business.

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