• The IRDAI announces eight principles-based regulations following 125th Authority meeting.
• 34 existing regulations are consolidated into six with introduction of two new regulations, including for upcoming online market place, Bima Sugam.
• Regulations cover: Rural, Social Sector, and Motor Third Party Obligations; Bima Sugam; Registration, Capital Structure, Transfer of Shares & Amalgamation; Corporate Governance; Products; Registration and Operations of Foreign Reinsurers Branches & Lloyd’s; Actuarial, Finance, and Investment.
• Regulation are part of ongoing efforts that align with 'Insurance for All by 2047' strategy, which also include issuing of more insurance licenses and promotion of India as an attractive reinsurance hub.
• MixCare is preparing for regional expansion, including Thailand in the short term.
• The US$300bn Asia market for wellness solutions may be underpenetrated and lacking in cost-efficient solutions. Insurers are working to plug a gap in health and wellness offerings.
• By leveraging data analytics, MixCare aims to customise wellness programs for policyholders and employers.
• This approach positions MixCare as a one-stop platform for strategic preventive healthcare solutions.
• RGA to reinsure ¥700bn (US$4.62bn) of Japan Post Insurance's life annuities through a coinsurance transaction.
• Senior VP at RGA hails deal as first-of-its-kind for Japanese market and a significant milestone in Asia-Pacific.
• Transaction is part of a growing trend of asset-intensive reinsurance deals in Asia.
• Manulife and Global Atlantic, Resolution Re and Dai Ichi Life have announced asset-intenstive tie ups over the last ew months.
• Regulatory changes and shift towards investment in Japan drive are driving interest in the market.
• Australia's Federal Court on Friday ruled in favour of Auto & General regarding a term used in the insurer's policies.
• The term requires policyholders to notify the insurer of property changes, which the Australian Securities and Investments Commission (ASIC) argued was vague and could possibly lead to denied or reduced claims.
• Federal Court ruled it does not contravene the ASIC Act.
• Tokio Marine & Nichido Fire Insurance issue Kizuna Re III (Series 2024-1) catastrophe bond.
• The bond, designed to cover earthquake risks in Japan, was issued out of Singapore on 21 March after achieving its funding target of US$100m.
• Tokio Marine is first Japanese insurer to use a SOFR-based World Bank Sustainable Development Bond in a cat bond.
• Proceeds will purchase a Sustainable Development Bond (SDB) issued by the International Bank for Reconstruction and Development.
• The SDB will serve as collateral while funding positive social and environmental projects in IBRD member countries.
• Zurich Insurance partners with e-commerce platform Klook on FlyEasy, an embedded, parametric insurance product that offers real-time airport lounge access for flight delays over two hours.
• The solution is powered by Zurich Edge and Blink, a parametric-as-a-service insurtech.
• Available to Singapore residents with an eligible Klook Protect policy.
• Ping An Co-CEO Michael Guo Xiaotao tells the South China Morning Post that Hong Kong and Greater Bay Area are focus areas for growth.
• Guo did not provide specifics on expansion plans, but said the insurer was examining different options.
• Co-CEO took note of the increase in mainland Chinese visitors to Hong Kong to buy life insurance, adding the insurer is exploring different ways to capture opportunities.
• Indian regulator grants registration to Galaxy Health and Allied Insurance Company Limited.
• Approval increases the total number of registered health insurers in India to seven.
• It represents the sixth new registration in the past year across life, non-life, and health sectors; prior to 2023, there had been a long pause in new insurer registrations in the country.
• IRDAI Chairman is advocating for more market players, capital, and distributors as part of 'Insurance for all by 2047' strategy.
• ABC Australia investigation alleges Netstrata charged insurance brokerage fees up to three times the industry standard.
• Netstrata's Managing Director temporarily steps down from his role as president of NSW Strata Community Association (SCA).
• Netstrata and SCA are initiating formal investigation process in response to allegations.
• ABC investigation also alleges it has uncovered evidence of conflicts of interest with other businesses owned by Netstrata as well as kickback schemes with external contractors and suppliers.
• Berkley Insurance Australia partners with MGA Frontier Global Underwriting to offer cover for Blockchain industry, with a focus on businesses outside of crypto.
• The partnership aims to expand the limited capacity of the segment by providing tailored Professional Liability, General Liability, and Directors’ & Officers’ Liability products.
• Blockchain technology adoption is seeing uptake in industries including supply chain management, automotive, and insurance.
• Japan Post Insurance said Bank of Japan's (BOJ) interest rate policy shift will not have a radical impact on results or investment or hedging strategies.
• BOJ ended negative interest rates, with first rate rise in 17 years, raising concerns about management of US$2.4 trillion in foreign debt held by Japan's financial institutions.
• The insurer says it plans to optimise yield through strategic bond replacement.
• It added that hedging costs are expected to remain high due to the BOJ's cautious rate increase approach.
• AM Best affirms Hollard's 'A-' (Excellent) IFS and 'a-' (Excellent) ICR ratings, with a stable outlook.
• At Hollard's request, AM Best withdrew ratings due to insurer opting out of interactive rating process.
• The company has seen significant premium growth over past decade, but growth is expected to moderate as company focuses on operational efficiency and technological advancements.
• Factors such as nat cats, COVID-19, and claims inflation have affected underwriting profits, though these are expected to improve.
• Hollard has moderate reliance on reinsurance for nat cat and large loss exposure, however this reliance is decreasing.
• AM Best confirms FSR of 'A' (Excellent) and ICR of 'a' (Excellent) for China Taiping Insurance Macau (CTIM), with a stable outlook.
• CTIM is improving its online presence and exploring cross-selling with China Taiping Life Insurance Macau.
• In 2022, CTIM's combined ratio improved to 70.5% due to a lower loss ratio, which remained stable in 2023.
Dhruti Muchhala (pictured left) has taken on the role of SVP for Key Relations, Neha Plasterwala (pictured centre) is Lockton's Director and Head of Marketing, and Ajay Prabhu (pictured right) has been appointed as Managing Director for Affinity.
