Wednesday 6 March 2024

• 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.