Friday 8 March 2024

• Analysis shows gender pay gap across APAC finance and insurance markets varies widely.

• Lack of Asia data makes comparisons difficult, but gap appears to be significantly larger in Hong Kong (64%) and Singapore (51%) than in Australia (26.1%).

• Despite outperforming regional peers, Australia’s finance and insurance sector has second highest gender pay gap, trailing only construction.
• Insurance and superannuation fund segment data reveals a worsening trend, with gender pay gap increasing from 24.8% in 2020-21 to 26.1% in 2022-23.

• Deloitte data reveals positive trend for future leadership in the region, with women holding 44.9% of 'next-generation' roles in Singapore, 29% in Hong Kong, and 33.8% in Australia.

• Hong Kong's ICAC charges Hui Mei-ying, former Executive Director of the IA, and daughter-in-law, Chan Tsz-wai, with conspiracy to commit misconduct, with both granted bail.

• Hui also faces an alternative charge of misconduct in public office.

• Allegations involve coercing Prudential to hire Chan with an enhanced salary package.

• Prudential terminated the employment process due to a potential conflict of interest and reported the case to the IA.

• Taiwan's FSC will allow insurers to issue bonds overseas through Special Purpose Vehicles.

• The move aims to diversify capital-raising channels and addresses the limited capacity of the domestic bond market, with life insurers in particular set to benefit.

• Cathay Life already has plans to establish SPV in Singapore.

• The regulatory amendment aligns with other transitional measures to help the sector prepare for TW-ICS capital requirements.

• India's Shipping Ministry has held discussions with insurers to create a domestic Indian P&I club, according to a senior government official.

• Stakeholder discussions are said to have taken place in Feb involving shipbuilding, financing, and insurance sectors.

• The initial focus is on domestic coastal and riverine vessels in India, with plans to expand to international waters later.
• Current laws do not support mutual insurance associations, but there is hope for legislative reforms after upcoming election.

• 2024 Vero SME Insurance Index reports increase in Australian business satisfaction with brokers.

• Businesses have show a growing trend towards comprehensive insurance coverage.
• Perceived value of insurance for peace of mind increased to 82% in 2024 from 67% in 2019.

• But 51% adjusted insurance due to unstable economic conditions, with 83% considering future changes.

• Concerns over nat cats have grown, with 40% more businesses worried than the year prior.

• 46% of businesses have adopted AI, but less than half have discussed AI-related cyber risks with brokers.

• Australian Treasury initiates consultation to standardise natural hazard definitions in insurance contracts.

• Currently, only 'flood' has a standardised definition in insurance policies.

• Proposal seeks to include fire, storm, and stormwater and rainwater runoff in standardised definitions.

• Insurance Council of Australia (ICA) supports consultation and says it aligns with industry efforts to boost transparency.

• Etiqa Insurance launches Essential Critical Secure plan in Singapore.

• The plan offers protection against 111 critical illnesses and mental health conditions for various stages of illnesses.

• It also introduces 'Continuous Care Benefit' for severe critical illness diagnoses, which offers monthly cash payouts.

• Fitch affirmed Thai Life's IFS Rating at 'A-' and National IFS Rating at 'AAA(tha)', with a stable outlook.

• TLI's ROE for Q3 improved to 2023 11%, with shift toward new participating products and an effective product repricing strategy noted as contributing factors.

• TLI's risk-based capital (RBC) ratio stood at 398% in 2023, with a Fitch Prism Model score as 'Very Strong'.

Cheng's expanded remit sees him maintain his role as Managing Director of Crawford Taiwan in addition to leading the 40+ Hong Kong team.