edition
• BNP Paribas said it had agreed to buy a 9% stake in Ageas from Fosun Group for €730m (US$777m), though Fosun HKEX announcement said sale represents a 8.19% stake.
• The purchase will occur in two tranches, with an initial 4.8% of shares acquired immediately and remaining shares purchased following regulatory approvals.
• Ageas operates in nine Asian countries and serves about 29.5m customers in the region.
• Sale is part of Fosun's efforts to to streamline its operation to focus on core businesses.
• PERILS' releases 2024 Industry Exposure Database (IED) which shows 11.7% increase in global insured property asset value.
• Data shows increase in exposed sums to at US$111 trillion, with inflation adjustments from last few years starting to filter through, GlobalData said.
• Wind Japan's exposure remained stable, with low single-digit increases based on local currency.
• European windstorm insured sums grew 10.1%, closely matching 2023 rise.
• Nissay received approval from authorities for the establishment of a new Indian subsidiary in Mumbai.
• Nippon Life aims to strengthen its operations in India, where it already has a presence through Reliance Nippon Life Insurance Company and Nippon Life India Asset Management.
• Nissay plans to double core operating profit by 2035, with overseas business - particularly acquisitions, a key part of the strategy.
• NFRA release "Measures for Anti-Insurance Fraud (Exposure Draft)", containing six chapters and 37 articles.
• Measures aim to establish a comprehensive framework against insurance fraud.
• Provisions include defining anti-fraud regulatory responsibilities and clarifying insurers' duties.
• NFRA said it will revise the draft based on public feedback before finalising measures.
• ClaimBuddy completes Series A funding, raising US$5m led by Bharat Innovation Fund.
• Funds to be used for technology advancement, team and sales network expansion, and new product lines.
• ClaimBuddy, founded in 2020 by Khet Singh Rajpurohit and Ajit Patel, aims to simplify the health insurance claim process for patients and hospitals.
