Policy and regulation
The Office of Insurance Commission of Thailand intends to establish a National Insurance Bureau with a similar function to those of credit bureaus, Asia Insurance Review reported. The insurance bureau could be formed as an agency under the regulator, a public organization or a private company. The regulator plans to obtain approval from the commission's board by August and start legislation for establishing the bureau at the beginning of 2023.
Life and health
The Council of Australian Life Insurers, a new advocacy body for the Australian life insurance industry, is expected to launch later in 2022 with plans to be fully operational by the fourth quarter, Financial Standard reported. Insurers planning to take up membership include AIA Australia Ltd., ClearView Wealth Ltd., Hannover Re, Integrity Life Australia Ltd., MetLife Australia, Munich Re, NobleOak Life Ltd., Pacific Life Re (Australia) Pty. Ltd., RGA Reinsurance Co. of Australia Ltd., Resolution Life Australasia Ltd. and Swiss Re AG.
Getin Noble Bank SA agreed to sell its 9.08% stake in Towarzystwo Ubezpieczeń Europa SA to shareholder Meiji Yasuda Life Insurance Co. in a transaction valued at 85.7 million Polish zlotys. In a separate filing, Meiji Yasuda Life said it acquired an additional 16.54% stake in Europa Group from Getin Holding SA and Getin Noble Bank, raising its total shareholding to 50% minus 1 share.
The Dai-ichi Frontier Life Insurance Co. Ltd. will invest ￥6.8 billion in privately placed bonds issued by the International Fund for Agricultural Development to support agricultural business in rural areas, Tokyo's The Nikkei reported.
The Financial Supervisory Commission of Taiwan said compensation for COVID-19 insurance policyholders could surpass NT$15 billion by the end of June, the Taipei Times reported. Taiwanese insurers had already paid NT$11.2 billion in compensation to 314,900 policyholders, with claims growing by up to 80,000 each week as local COVID-19 cases rise.
Multiline
Allianz Malaysia Bhd. appointed Zakri Khir chairman, effective June 23. Zakri was CEO of Allianz General Insurance Co. (Malaysia) Bhd.
Property and casualty
Insurance Australia Ltd., which trades as NRMA Insurance, said it received 30,000 claims for damage to homes, property and vehicles due to catastrophic flooding in New South Wales and South East Queensland between Feb. 21 and March 9, Insurance News reported.
Dhipaya Group Holdings PCL's shares would be included in the calculation of the SET100 index in the second half of 2022, according to The Stock Exchange of Thailand, Daily News reported. Dhipaya CEO Somporn Suebthawilkul said the move reflects investor confidence in the company's operations.
Reinsurance
General Insurance Corp. of India will help establish an insurance pool covering India's imports from Russia, contributing about 40% of the so-called fertilizer pool, Insurance Business Asia reported. The state-owned company previously said it would not reinsure cargo originating from Russia to maintain compliance with sanction regimes.
Everest Re Group Ltd.'s Everest Insurance division obtained regulatory approval to operate in Singapore from the Monetary Authority of Singapore, marking its entry into the Asian market. Everest Insurance Singapore will provide customized risk solutions in key sectors, including commercial property, energy/power and construction, casualty, financial lines, and accident and health.
Resolution Re Ltd. entered into a reinsurance agreement with The Dai-ichi Life Insurance Co. Ltd. for the transfer of a closed book of legacy whole-of-life policies with ￥150 billion in total liabilities. The agreement relates to coverage for market risks and insurance risks.
