edition
"Munich Re's revised set-up in the region will be leaner at the top and closer to the markets," says Achim Kassow.
Matthew Jackson (pictured left) named APAC President for newly formed Liberty International Insurance, while Defne Turkes (pictured right) will become its Chief Operating Officer.
• Australian Consumers Insurance Lobby conducted strata insurance survey, following a March ABC news report which sparked public outcry.
• ACIL's survey reaffirmed known issues, such as breaches of fiduciary duties, excessive remuneration models, and lack of informed consent.
• It also uncovered new findings indicating systemic issues, including bad actors and supply chain ownership conflicts of interest.
• Five strata managers and five insurance brokers are now under investigation by the ACIL.
• Malaysia's life insurance industry saw new business growth of 11.6% in 2023, with premiums reaching RM13.4bn.
• Group policies and investment-linked policies drove growth, with increases of 14.5% and 13.6% respectively.
• Number of traditional policies saw 56.9% decline in new policies, with end of Perlindungan Tenang Voucher Scheme a key reason.
•Claims payout surged by 14.9% to RM15.4bn in 2023, with notable increases in disability payments and medical claims.
• An independent panel led by Helen Rowell, former APRA Deputy Chair, has launched the first phase of a public consultation on the 2020 General Insurance Code of Practice.
• Key focus areas include support for vulnerable customers, financial hardship assistance, regulatory alignment, and enforceability enhancements.
• The process invites feedback from the public and industry stakeholders.
Kawai set to step into dual role, targeting improved disaster financial resilience for ASEAN+3 member countries.
