Regulatory

Australia's GI Code Governance Committee sees improved compliance as breaches decline

April 8 2025

Insurers reported 67,394 breaches of the Insurance Code of Practice in 2023–24, marking a 13% decline from the previous year.

aa-insurance-new-zealand-fined-nz6-175m-due-to-discount-failures

IAG NZ faces FMA civil action over systemic pricing and discount failures

April 4 2025

The regulator alleges IAG breached fair dealing provisions under the FMCA, resulting in overcharges of around NZ$35m (US$20m).

malaysian-pac-to-hold-closed-door-proceedings-on-rising-insurance-premiums-private-healthcare-costs

PAC to deepen probe into Malaysia medical insurance hikes with five more closed-door sessions: Report

April 4 2025

The committee held two public hearings and 12 closed-door sessions involving ministries, regulators, insurers, and hospital groups.

Sompo hires Sherlyn Kok Meili as Head of Compliance for APAC

April 4 2025

She joins from JPMorganChase.

Malaysia: Insurers expedite claims, waive requirements after Putra Heights explosion

April 3 2025

The blaze caused by a gas pipeline rupture engulfed a 500-metre stretch, injuring over 300 people.

absence-of-strong-data-privacy-laws-slows-development-of-hong-kongs-cyber-insurance-market

Absence of strong data privacy laws slowing development of Hong Kong's cyber insurance market

April 3 2025

Lack of mandatory breach reporting limits data available for underwriters to price risk.

taiwan-further-eases-regulatory-strain-on-local-insurers

Taiwan's FSC approves Taishin and Shin Kong merger

April 3 2025

Merger will give Taishin access to Shin Kong's insurance operations and is set to boost Shin Kong Life's capital adequacy.

Insurance losses from ex-TC Alfred and North Queensland floods surpass A$1.2bn

April 2 2025

The ICA reports over 104k claims lodged from the two nat cats so far, with around 95k of those from Alfred.

spike-in-significant-breaches-highlights-systemic-weaknesses-in-australias-life-insurance-sector

Australian life insurers see 60% rise in significant breaches: LCCC

April 1 2025

Annual notice failures and privacy breaches drove the highest customer impact, with some issues dating back to 2017, according to code compliance committee.

Thai insurers reassessing earthquake coverage after Bangkok building collapse: Report

April 1 2025

Thai General Insurance Association says insurers are reviewing nat cat coverage and may separate earthquake and flood cover from fire policies.

korean-guarantee-insurance-payouts-rise-as-economy-falters-report

Korea’s revised capital rules to ease burden, improve capital quality says Fitch

April 1 2025

Immediate effects may be limited, but insurers are expected to adjust strategies over time to sustain earnings and manage capital costs, says Fitch.

australian-deferred-pay-rules-increase-dampo-exposure-for-insurers

Australian deferred pay rules increase D&O exposure for insurers

April 1 2025

The Financial Accountability Regime (FAR), introduced in March, potentially brings a lot of personal exposure for directors, as well as for entities.

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