Wednesday 06 Mar 2024 edition
• YuLife is aiming to move away from the ‘death insurance’ model by using tech which enables greater interaction between life insurers and their customers.
• Bupa’s Blua app was launched in July 2023 and the firm is investigating how the data it produces can be used to enhance its products.
• YuLife has signed a partnership deal with Dai Ichi Life which will be used to develop a new generation of life insurance products.
• The integration of app data into underwriting will lead to lower loss ratios and allows YuLife to offer reduced premiums for end users.
• Australia's government announces the AU$2bn (US$1.2bn) Southeast Asia Investment Financing Facility (SEAIFF).
• The SEAIFF aims to boost Australian trade and investment in Southeast Asia, focusing on clean energy and infrastructure.
• The facility will be managed by Export Finance Australia, offering loans, guarantees, equity, and insurance.
• The insurance sector is expected to see new business opportunities in areas such as trade credit, energy, construction, and infrastructure.
• Fitch Ratings downgraded Korea's CG Outlook to Stable, from Positive, reflecting concerns over potential claims from Taeyoung Engineering & Construction's (TY E&C) liquidity issues.
• CG's Insurer Financial Strength (IFS) Rating remains at 'A'.
• Fitch acknowledges CG's sufficient capital buffer to absorb potential claims.
• CG maintained profitability with an ROE of 1.7% in 2022 and an average combined ratio of 62% over the past three years.
• ASIC issues letter to General Insurers in wake of severe summer weather events in Australia.
• Regulator highlighted need for efficient, honest, and fair practices for nat cat events.
• Areas of improvement include better communication, readiness, project management, complaint handling, and treatment of vulnerable consumers.
• Regulator noted steps taken to improve claims handling, but that complaints have risen.
• ASIC to monitor industry progress and consider claims handling an enforcement priority in 2024.
• Fitch Ratings affirms MTL's IFS Rating at 'A-' and LTIDR at 'BBB+'.
• Fitch predicts medium-term growth in new business value, by digital transformation and increasing demand for health products.
• Fitch's stable outlook reflects MTL's strong market position, diversified business, and solid financial health.
• Fitch expects continued growth in Malaysia's takaful sector, despite inflation and weakening ringgit.
• Growth to be driven by increased awareness of medical and nat cat coverage and reinforced by supportive ecosystem and digital transformation.
• Family takaful contributions fell 3.9% in 1H 2023, due to a decline in investment-linked products.
• General takaful saw 20.1% growth in 1H2023, but mainly from motor contributions, boosted by tax-free incentive which expired 31 March.
• General takaful claim ratio increased to 64.3% in 2023 due to frequent floods.
• Mustard Underwriting partners with Sovereign Insurance Australia (SIA).
• Partnership will launch personal lines products: home and contents, landlord, and motor insurance products.
• Jon Calverley, Co-Founder and Global Head of Partnerships at Mustard said there were plans for expansion of ‘many, many more’ products in Australia and NZ.
