1. The Federation of Automobile Workshop Owners Association Malaysia, (FAWOAM) is expected to implement a new grading system for 500 motor workshops nationwide by January, in collaboration with the new General Insurance Association of Malaysia (PIAM) authorised repairer scheme, according to the Daily Express newspaper of East Malaysia. For a start, the system will cover the top six selling marques in the
country - Proton, Perodua, Honda, Nissan, Kia and Toyota - which make up 85% of cars sold in Malaysia.
Other Asian News
2. China: Banking regulator issues new rules for banks selling insurance
China's banking regulator, the China Banking Regulatory Commission (CBRC), has unveiled new rules governing the sale of insurance by banks as lenders get set to diversify into the area under recently relaxed rules, reports Reuters.
3. The Philippines: General insurers lobby to update insurance law
The Philippines' insurance trade body is calling for the country's 36-year-old Insurance Code to be updated so as to help improve the performance of the industry, reports The Philippine Star. Two critical issues for immediate attention are the Insurance Commission (IC), which supervises the sector, and taxes.
4. Asia: Increasing claims ratios reinforce need for loss adjusters
Considering sound and suitable claims handling, insurers and reinsurers need to rely on independent, technical and transparent loss adjusters, as Asia is increasingly seeing higher claims ratios based on equipment age and internationalisation, according to speakers at The International Federation of Adjusting Associations (IFAA) 2nd Regional Claims Conference, themed: The Claim Life-Cycle, held yesterday in Singapore.
5. India: Regulator bars credit insurance business by insurers
India's non-life insurance industry has been barred from selling all forms of credit insurance, in the wake of massive claims faced by state-owned insurer, Oriental Insurance, on a cover granted to Paramount Airways, reports The Economic Times. The directive order applies to all insurance companies, except the state-owned export credit and guarantees corporation.
6. Asia: Countries in region learn from pension experience of others
Asian countries are "leapfrogging" stages of pension scheme development experienced by countries with more mature systems, such as Australia. The Australian system took 40 years to evolve, but the Asian ones will get to the same point within 15 to 20 years, reports the Financial Times citing Mr Peter Promnitz, Head of Asia Pacific for Mercer.
Asia Insurance Review 10/11/2010
No comments:
Post a Comment