Risk

chinas-ageing-population-boosts-demand-for-senior-policies-but-insurers-face-regulatory-challenges

Insurers innovate to serve China's ageing population, but now face regulatory challenges

August 18 2023

Chinese insurers have spent over US$10bn building retirement communities, but new draft rules could see some excluded from the insurance-plus-service sector.

Japan's Bigmotor fraud puts spotlight on poor data oversight

August 17 2023

Existing data exchange mechanisms may need to be beefed up, say industry sources.

vesttoo-files-for-chapter-11-new-ceo-pledges-to-fight-scandal

Vesttoo files for Chapter 11, Interim CEO pledges to fight scandal

August 15 2023

The insurtech has pledged to preserve the company and pursue legal action relating to its fraudulent letters of credit scandal.

Ami Barlev steps in as Interim CEO at Vesttoo in an attempt to avert crisis and lead recovery

August 10 2023

Interim CEO signals that the company is determination to navigate through fraudulent collateral scandal.

japans-fair-trade-commission-initiates-formal-probe-into-major-insurers-for-alleged-price-fixing-report

Pressure mounts as Japan's Fair Trade Commission initiates formal probe into major insurers over alleged price-fixing: report

August 8 2023

Tokio Marine, Mitsui Sumitomo Insurance, Sompo, and Aioi Nissay Dowa are already under scrutiny from the FSA over allegations of price collusion.

Insurtech Vesttoo cuts staff by 75%, shuts down Asian operations following fake letters of credit crisis: report

August 2 2023

In the wake of the US$4bn credit letter scandal, the insurtech said it was taking measures to reduce costs and focus on core services.

major-japanese-insurers-under-further-scrutiny-for-price-fixing-report

Major Japanese insurers face further scrutiny over price fixing: report

August 2 2023

In June, the FSA instructed major Japanese insurers to investigate "cartel" behaviour over contracts supplied to railway operator Tokyu; the latest report suggests price fixing could be a more widespread...

insurance-claim-delays-spark-surge-in-finance-complaints-in-australia

Australia: finance industry complaints hit record high, driven by insurance claim delays

July 28 2023

AFCA recorded 97,000 complaints in 2022-23, with a 76% increase in insurance claim issues and a 50% surge in P&C insurance complaints.

japanese-motor-insurers-in-the-spotlight-as-bigmotor-fraud-scandal-further-scrutinised

Major Japanese insurers in the spotlight as Bigmotor fraud scandal scruitinsed further

July 27 2023

Bigmotor submitted thousands of false insurance claims; enquiries are being made whether there’s more insurers should have done.

Australian regulator finalises new prudential standard to strengthen op risk safety net

July 17 2023

CPS 230 applies to insurers, banks, and supers and APRA confirmed it's set to be operational from July 1st, 2025.

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