Op Risk

giaj-rolls-out-trust-building-measures-and-agency-reform-initiatives

General Insurance Association of Japan rolls out trust-building measures

March 24 2025

GIAJ is spearheading efforts to enhance transparency and accountability in Japan's non-life sector following recent scandals.

APRA urges insurers to improve governance and claims management ahead of regulatory changes

March 21 2025

CPS 230 and FAR are set to reshape risk oversight, while Cyclone Alfred tests claims handling.

japan-post-insurance-arm-embroiled-in-data-misuse-controversy-affecting-10-million-customer-accounts

Japan Post insurance arm embroiled in data misuse controversy affecting 10m customer accounts

March 21 2025

FSA calls for detailed reports to clarify extent of unauthorised data use by Kampo Life Insurance.

allianz-australia-awp-australia-fined-a16-8m-for-misleading-travel-insurance-advertising

Supreme Court of NSW fines Allianz, AWP A$16.8m for misleading travel insurance advertising

February 28 2025

The court found both companies misrepresented policy features and coverage levels online between 2016 and 2018.

niva-bupa-investigates-potential-data-breach

Niva Bupa investigating potential data breach

February 24 2025

If confirmed, the breach would mark another significant cybersecurity incident in India’s insurance sector.

Regulator fines Japan's major non-life insurers for price-fixing

November 1 2024

JFTC has imposed fines totalling ¥2bn (US$13m) and issued cease and desist orders over anti-competitive activities.

mainland-chinese-turn-away-from-hong-kong-health-insurance-post-covid

AFCA data shows 5% increase in complaints for Australia's GI industry

November 1 2024

GI grievances up in 2023-24, but life insurance complaints decreased by 4% over the same period.

australian-federal-court-rules-in-favour-of-auto-general-in-asic-legal-battle-over-policy-terms

ASIC starts legal action against QBE over misleading pricing

October 23 2024

Customers were promised discounts for their loyalty when renewing their policies, ‘which they didn't receive’ alleges the regulator.

APRA warns on the risk from outsourced underwriting

October 17 2024

Australian regulators are introducing the Financial Accountability Regime (FAR) and CPS 230 in 2025.

new-giaj-chairman-says-blunted-sense-of-risk-a-root-cause-of-compliance-failures

New GIAJ Chairman says "blunted sense of risk" a root cause of industry operational failures

September 23 2024

Hiroaki Shirota pledges reforms and restoration of trust following industry scandals which have weighed heavily on Japan's non-life industry.

giaj-tells-japanese-non-life-insurers-to-set-clear-deadline-to-offload-strategic-shareholdings

GIAJ tells Japan's non-life insurers to set clear deadlines for offloading of strategic shareholdings

September 20 2024

Amid regulatory pressure to reduce conflicts of interest, GIAJ sets new guidelines calling for clear timeframes on divestment of cross-held shares.

apra-outlines-plan-to-close-australias-household-insurance-protection-gap

APRA outlines plan to help close Australia’s household insurance protection gap

August 28 2024

In its 2024-2025 corporate plan, the regulator emphasises the need for collaboration to improve affordability and strengthen the insurance industry’s resilience.

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