Policy and regulation
The Insurance Regulatory and Development Authority of India set a growth target for general and life insurers in a bid to at least double the insurance penetration rate by 2027, Asia Insurance Review reported.
The Philippine government is seeking reinsurance capital to support state-owned Philippine Crop Insurance Corp.'s scheme, which could also reduce the need for premium support from the government, Artemis reported. The Insurance Commission is also looking to create a parametric crop insurance product to expand coverage to smallholder and subsistence farming communities.
Insurance technology
Yu Life Ltd. secured US$120 million in a series C funding round led by Dai-ichi Life Holdings Inc., which brings its total funding to US$206 million since it was founded in 2016. Yu Life will use the capital to expand into new global markets and scale its product range.
Fermion Pte. Ltd. made an investment and took an undisclosed stake in Ancileo Pte. Ltd. The investment would enable Fermion to enter the travel market and expand its global footprint to 26 markets from 10.
Rey Assurance Pte. Ltd. raised US$4.2 million in seed funding from Trans-Pacific Technology Fund, Genesia Ventures Inc. and RDS. Indonesia's insurance regulator approved the insurance technology firm's suite of outpatient and inpatient products.
Life and health
Aviva India appointed Asit Rath CEO and managing director, effective July 11, Mint reported. Rath is currently the CEO of Prudential Myanmar Life Insurance Ltd.
PT Asuransi Allianz Life Indonesia PLC intends to spin off its Sharia insurance business unit in 2023, ahead of regulations that would require insurance companies offering Sharia-compliant products to have an independent Sharia insurer by 2024, Middle East Insurance Review reported.
The Thai General Insurance Association said total damages from fake COVID-19 insurance claims stood at over 500 million baht so far, Daily News reported. In some cases, policyholders used the hospital number of real COVID-19 patients with fake COVID-19 test result certificates.
The Korea Exchange notified Kyobo Life Insurance Co. Ltd. of the impending preliminary review of its listing on the Kospi market, which was delayed due to an international commercial dispute between controlling shareholders and involving chairman Shin Chang-jae, Yonhap News Agency reported.
Multiline
Honan Insurance Group Pty. Ltd. named Jacob Gunzburg to the newly created CFO role. COO Laurence Basell was previously responsible for the strategic financial management of the business.
Steadfast Group Ltd.'s specialized underwriting agencies, Underwriting Agencies of Australia Pty. Ltd. and Mecon Insurance, merged to form a mobile plant, equipment and construction insurance group, Insurance Business Australia reported. The two agencies will retain their brand names following the merger.
Singapore-headquartered Doo Financial acquired a Hong Kong Insurance Authority-licensed insurance broker that will be named Doo Wealth Management HK, marking its entry into the insurance industry, Insurance Business Asia reported. Doo Wealth will provide life and general insurance, including financial and wealth planning products.
Property and casualty
Cathay Century Insurance Co. Ltd., Chung Kuo Insurance Co. Ltd., Hotai Insurance Co. Ltd. and Tokio Marine Newa Insurance Co. Ltd. obtained regulatory approval to use NT$4.47 billion in special reserves to write off losses from COVID-19 insurance claims, the Taipei Times reported. The four insurers' risk-based capital ratios could have sunk below the 200% regulatory threshold at the end of June, according to the Insurance Bureau.
The Insurance Commission of the Philippines approved SeaInsure PG's acquisition of two licensed nonlife insurers, AA Guaranty Assurance Co. Inc. and Reliance Surety & Insurance Co. Inc., Asia Insurance Review reported, citing a report from Business Mirror. SeaInsure, an affiliate of Shopee Singapore Pvt. Ltd., entered the Philippine insurance market through the transaction.
Reinsurance
Insurance Australia Group Ltd. received 1,233 claims across its brands related to severe rain and floods in New South Wales as of July 5. The majority of the claims are with NRMA Insurance for storm damage to properties. Insurance Australia secured its aggregate reinsurance cover for the financial year ending June 30, 2023, which will provide A$350 million of protection in excess of A$500 million.
The Insurance Council of Australia declared a "significant event" for regions impacted by the storm and flooding in New South Wales, activating its preliminary catastrophe processes that would help assess the insurance impact of the flood event.
Suncorp Group Ltd. Group CEO Steve Johnston said the company dealt with 35 separate weather events and over 120,000 natural hazard claims in fiscal year 2022, at an expected cost of around A$1.1 billion, net of reinsurance recoveries. Suncorp also maintained its maximum event retention at A$250 million and increased the upper limit to A$6.8 billion from A$6.5 billion for fiscal year 2023.
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