Bangladesh: 400 applications received to set up new insurance companies
Bangladesh's Finance Ministry has been swamped with hundreds of applications to launch new private insurance companies in the country, reports the Financial Express. Among the applications, 90% are for life insurance companies and the rest for non-life.
South Korea: Unclaimed insurance sums approaching US$360 mln
The amount of insurance sums left unclaimed by customers in South Korea is reaching 400 billion won (US$358.5 million), reports Arirang News citing the General Insurance Association of Korea.
India: Temples turn to insurance
Cash-rich and gold-laden temples across India are seeking somewhat less divine intervention to protect their riches: From priests, pilgrims, ornaments, buildings, elephants and even cattle inside temple premises, the insured list is quite extensive, reports the Business Standard.
Japan: Pet insurance gaining popularity
More pet owners in Japan are taking out pet insurance to mitigate the expenses of caring for their pets which are living longer these days thanks to advances in medical technology, reports Kyodo News International.
Asia Insurance Review 21st January 2011
Friday, January 21, 2011
Thursday, January 20, 2011
To the Members/Followers of my blog
Dear Valued Members
Thank you for registering as members/followers of my blog.
To the newest members ie Glory, Sonny Voon, Liew Wai Hoong, Felix and Benny Ong, welcome on board. You people really practice what I called "Action speaks louder than words"
Feel free to post your comments in my blog or if you have any topics of interest that you may want to post and share it with members/ readers of my blog, you are most welcome to do so.
Warmest regards from
Steven Cheah
Thank you for registering as members/followers of my blog.
To the newest members ie Glory, Sonny Voon, Liew Wai Hoong, Felix and Benny Ong, welcome on board. You people really practice what I called "Action speaks louder than words"
Feel free to post your comments in my blog or if you have any topics of interest that you may want to post and share it with members/ readers of my blog, you are most welcome to do so.
Warmest regards from
Steven Cheah
Friday, January 14, 2011
Insurance Fraud costing Insurers hundreds of Millions
Information sourced from The Star, 14 Jan 2011 and summarized below for your reading pleasure.
Fingers have been chopped off, medical ailments exaggerated and even death faked - all for the purpose of fraudulent insurance claims.
The problem is widespread and insurance companies have lost hundreds of millions of ringgit, forcing them to push up the premium rates and pass on the costs to other consumers.
Records from the Federal Police show that fraudulent claims have been increasing in the past few years with Selangor, Kuala Lumpur and Johore having the highest number of cases.
In 2007, a total of 38 cases involving RM4.1 million in losses were reported. However 2008, saw a slight drop in the number of cases with Selangor topping the states with RM1.3 million. The number of fraud cases was at its highest in 2009, with 65 cases involving RM5.9 million in losses. 2010 figures until August stood at RM 1.1 million with 50 cases reported.
Although the police put the amount involved at about RM 12million in the past 4 years, the industry estimates that bogus claims cost Insurers about RM500 million a year.
The claims come in all shapes and sizes:
Third party claims frauds are committed by reporting non existent accident where police report, hospital records, specialist reports and other documents - all contained false information.
Life/PA insurance fraud involves the use of false medical cards, forged / faked death and burial certificates, marriage certificates, police reports and other relevant documents.
Fire claims involve mostly industrial companies. Store owners whose businesses are on the decline or those with outdated goods have been found to have set their premises ablaze.Claim is said to be higher than the actual amount lost.
The last and most common claim involves car theft. There were known cases of people who were heavily in debt, resorted to working with syndicates by reporting that their vehicles had been stolen.
A word of caution from the author:
Making a fraudulent claim is a serious offence and is punishable under the Penal Code.
Fingers have been chopped off, medical ailments exaggerated and even death faked - all for the purpose of fraudulent insurance claims.
The problem is widespread and insurance companies have lost hundreds of millions of ringgit, forcing them to push up the premium rates and pass on the costs to other consumers.
Records from the Federal Police show that fraudulent claims have been increasing in the past few years with Selangor, Kuala Lumpur and Johore having the highest number of cases.
In 2007, a total of 38 cases involving RM4.1 million in losses were reported. However 2008, saw a slight drop in the number of cases with Selangor topping the states with RM1.3 million. The number of fraud cases was at its highest in 2009, with 65 cases involving RM5.9 million in losses. 2010 figures until August stood at RM 1.1 million with 50 cases reported.
Although the police put the amount involved at about RM 12million in the past 4 years, the industry estimates that bogus claims cost Insurers about RM500 million a year.
The claims come in all shapes and sizes:
Third party claims frauds are committed by reporting non existent accident where police report, hospital records, specialist reports and other documents - all contained false information.
Life/PA insurance fraud involves the use of false medical cards, forged / faked death and burial certificates, marriage certificates, police reports and other relevant documents.
Fire claims involve mostly industrial companies. Store owners whose businesses are on the decline or those with outdated goods have been found to have set their premises ablaze.Claim is said to be higher than the actual amount lost.
The last and most common claim involves car theft. There were known cases of people who were heavily in debt, resorted to working with syndicates by reporting that their vehicles had been stolen.
A word of caution from the author:
Making a fraudulent claim is a serious offence and is punishable under the Penal Code.
Thursday, December 23, 2010
Fallacy of Insurance
An insurance related article written by YS Chan, Sunday Star. Texts are reproduced here for your reading pleasure.
INSURANCE has been misunderstood for a long time and even today, many people still have the wrong notion. A lot of pain and frustration can be avoided if more people have a clearer understanding of it.
To begin with, insurance does not offer any protection although the word is popularly used to sell insurance. It can only pay compensation to the unfortunate insured party. It works by getting a larger number of people to participate in a huge fund managed by an insurance company (the contribution of the many to pay for the losses of a few).
For most of the contributors, there is no monetary return as they fortunate not to suffer any harm to themselves or their properties.
For the minority, who are not so lucky, the compensation paid out to them is much more than the premiums they paid. It is an "odd" case of the winners losing their money and the losers gaining it.
However compensation can never replace what was lost and very often the claimants would receive less than they hoped for.
The Insured must always bear in mind that it is not practical for Insurers to provide full and total coverage to keep the premiums at an affordable level.
Life insurance policies with just the basic cover popularly known as term assurance have proven to be unpopular other than for mortgage cover. As such, the majority of life insurance policies are those with loaded premium, which allows insurance companies to invest and eventually return to the Insured, more than what they have paid.
It is important to note that insurance companies must remain profitable otherwise their operation is not sustainable. The public should not be lured by low premiums or high returns as everything would be lost should an insurance company collapse.
From time to time, we come across complaints by senior citizens that they are not eligible to buy insurance and have their life savings wiped out by expensive medical care.
We must realise that life and medical insurance can only be bought with our health and paid by our wealth.
For those who continue to scorn at the quality of our public hospitals or find queuing unbearable, get your insurance cover now before it gets too expensive or beyond reach.
However, having an insurance company to underwrite your risks does not necessarily mean there are no further monetary risks to worry about.
It would be wise to read and adhere to the fine prints as the Insured may not be fully covered for all types of contingencies.
The best form of protection is to be careful, lead a healthy lifestyle and contribute to make this world a safer place.
INSURANCE has been misunderstood for a long time and even today, many people still have the wrong notion. A lot of pain and frustration can be avoided if more people have a clearer understanding of it.
To begin with, insurance does not offer any protection although the word is popularly used to sell insurance. It can only pay compensation to the unfortunate insured party. It works by getting a larger number of people to participate in a huge fund managed by an insurance company (the contribution of the many to pay for the losses of a few).
For most of the contributors, there is no monetary return as they fortunate not to suffer any harm to themselves or their properties.
For the minority, who are not so lucky, the compensation paid out to them is much more than the premiums they paid. It is an "odd" case of the winners losing their money and the losers gaining it.
However compensation can never replace what was lost and very often the claimants would receive less than they hoped for.
The Insured must always bear in mind that it is not practical for Insurers to provide full and total coverage to keep the premiums at an affordable level.
Life insurance policies with just the basic cover popularly known as term assurance have proven to be unpopular other than for mortgage cover. As such, the majority of life insurance policies are those with loaded premium, which allows insurance companies to invest and eventually return to the Insured, more than what they have paid.
It is important to note that insurance companies must remain profitable otherwise their operation is not sustainable. The public should not be lured by low premiums or high returns as everything would be lost should an insurance company collapse.
From time to time, we come across complaints by senior citizens that they are not eligible to buy insurance and have their life savings wiped out by expensive medical care.
We must realise that life and medical insurance can only be bought with our health and paid by our wealth.
For those who continue to scorn at the quality of our public hospitals or find queuing unbearable, get your insurance cover now before it gets too expensive or beyond reach.
However, having an insurance company to underwrite your risks does not necessarily mean there are no further monetary risks to worry about.
It would be wise to read and adhere to the fine prints as the Insured may not be fully covered for all types of contingencies.
The best form of protection is to be careful, lead a healthy lifestyle and contribute to make this world a safer place.
Wednesday, December 22, 2010
Tips No. 3 on General Insurance Claims Handling
Tips No.3: Loss Notification
It is a condition precedent to liability that any claim for loss or damage should be notified by the Insured to the Insurer, in writing, immediately.
However, there are many cases of such claims being rejected outright by the Insurer as the loss or damage does not come within the scope of the cover or there are breaches of Policy Conditions. The Insurer will want to double check the followings are in order before registering the claim.
THAT:
1) the loss or damage is an insured peril under the policy
2) the subject matter damaged is the one specified under the Policy
3) the claimant is the one insured and named in the policy
4) the policy is still in force
5) the loss or damaged happened within the territorial limit
6) the Premium has been paid
7) All other Policy Conditions are fully complied with
Upon satisfying themselves with these conditions, the Insurer will sent out the claim form to the Insured for completion. Insured is required to return the Claim form to the Insurer together with all claims supporting documents, within 30 days from the loss notification date.
Whether or not a Loss Adjuster is appointed to investigte the loss or damage depends on the quantum of loss, fraud or complexicity of the claim etc. If the Loss Adjuster is involved, the Insured is required under the policy condition aka Rights of Insurers to fully co-operate with the Loss Adjuster to expedite the claim.
However, in many known situations, the Insured could not produce the supporting documents or proof of purchases to justify the loss or damage within the 30 days period. In the event a delay is anticipated, the Insured can write to the Insurer officially, with valid reasons, to seek an extension of time to procure the required documents.
Notwithstanding the condition, it is the normal market practice for the Insurer to write to and to remind the Insured of the outstanding documents in the 12 months that followed. But if the Insured still failed to respond to the Insurer inspite of repeated reminders to do so, then the Insurer can exercise their rights under the "Time Limitation Condition" to close the file without further notice to the Insured. This time limitation condition is not applicable to claims involving litigation procedures.
TIPS NO 4 WHY THE NEED FOR CLAIMS SUPPORTING DOCUMENTS
It is a condition precedent to liability that any claim for loss or damage should be notified by the Insured to the Insurer, in writing, immediately.
However, there are many cases of such claims being rejected outright by the Insurer as the loss or damage does not come within the scope of the cover or there are breaches of Policy Conditions. The Insurer will want to double check the followings are in order before registering the claim.
THAT:
1) the loss or damage is an insured peril under the policy
2) the subject matter damaged is the one specified under the Policy
3) the claimant is the one insured and named in the policy
4) the policy is still in force
5) the loss or damaged happened within the territorial limit
6) the Premium has been paid
7) All other Policy Conditions are fully complied with
Upon satisfying themselves with these conditions, the Insurer will sent out the claim form to the Insured for completion. Insured is required to return the Claim form to the Insurer together with all claims supporting documents, within 30 days from the loss notification date.
Whether or not a Loss Adjuster is appointed to investigte the loss or damage depends on the quantum of loss, fraud or complexicity of the claim etc. If the Loss Adjuster is involved, the Insured is required under the policy condition aka Rights of Insurers to fully co-operate with the Loss Adjuster to expedite the claim.
However, in many known situations, the Insured could not produce the supporting documents or proof of purchases to justify the loss or damage within the 30 days period. In the event a delay is anticipated, the Insured can write to the Insurer officially, with valid reasons, to seek an extension of time to procure the required documents.
Notwithstanding the condition, it is the normal market practice for the Insurer to write to and to remind the Insured of the outstanding documents in the 12 months that followed. But if the Insured still failed to respond to the Insurer inspite of repeated reminders to do so, then the Insurer can exercise their rights under the "Time Limitation Condition" to close the file without further notice to the Insured. This time limitation condition is not applicable to claims involving litigation procedures.
TIPS NO 4 WHY THE NEED FOR CLAIMS SUPPORTING DOCUMENTS
Sunday, December 19, 2010
Tips No. 2 on General Insurance Claims Handling
REFERRING YOUR CASE TO FINANCIAL MEDIATION BUREAU (FMB)
INTRODUCTION
The FMB is an independent body that prvides you with a fast, convenient and efficient avenue to refer your compalints, disputes or claims for resolution as an alternative to the courts and the services of the FMB is offered free of charge.
WHEN TO REFER YOUR CASE TO THE FMB
Before the FMB can take your case, you should first lodge a complaint with your Insurer and try to resolve your complaint, dispute or claim with them.
If your compliant, dispute or claim cannot be resolved or you are not satisfaied with the final response given to you by your Insurer, you can refer your case to FMB.
You need to submit your case to FMB within 6 months of receiving a final decision from your Insurer.
HOW TO REFER YOUR CASE TO THE FMB
You can go personally to the FMB or write to the FMB by stating briefly the nature of your complaint, dispute or claim together with a copy of the relevant correspondence from your Insurer, including a copy of the letter conveying the final decision.
You also need to complete a standard form prepared by the FMB that will authorise your Insurer to disclose any confidential financial information related to the case to FMB.
SCOPE OF SERVICES
All complaints, disputes and claims other than those listed in the exclusions of the policy. This will include:
You can choose to accept or reject the decision of the FMB. If you do not accept, the decision is deemed cancelled and you are free to take any other steps in respect of the compliant, dispute or claim, including legal proceeding. However if you do accept the FMB's decision, you mat lose your right to proceed with the legal action against the Insurer concerned.
The mediation process are deemed to be a "without prejudice proceeding". The decision of the FMB or any part thereof relating to the findings or facts and expressions of views or opinion shall not be discussed in any subsequent court proceedings or arbitration
FURTHER INFORMATION
If you need more information, please contact the FMB at the followings address:
The Financial Mediation Bureau
Level 25,
No.4, Jalan Sultan Sulaiman,
5000, Kuala Lumpur
Telephone: 03-2272 2811
Fax: 03-2274 5752
Website: http://www.fmb.org.my/
INTRODUCTION
The FMB is an independent body that prvides you with a fast, convenient and efficient avenue to refer your compalints, disputes or claims for resolution as an alternative to the courts and the services of the FMB is offered free of charge.
WHEN TO REFER YOUR CASE TO THE FMB
Before the FMB can take your case, you should first lodge a complaint with your Insurer and try to resolve your complaint, dispute or claim with them.
If your compliant, dispute or claim cannot be resolved or you are not satisfaied with the final response given to you by your Insurer, you can refer your case to FMB.
You need to submit your case to FMB within 6 months of receiving a final decision from your Insurer.
HOW TO REFER YOUR CASE TO THE FMB
You can go personally to the FMB or write to the FMB by stating briefly the nature of your complaint, dispute or claim together with a copy of the relevant correspondence from your Insurer, including a copy of the letter conveying the final decision.
You also need to complete a standard form prepared by the FMB that will authorise your Insurer to disclose any confidential financial information related to the case to FMB.
SCOPE OF SERVICES
All complaints, disputes and claims other than those listed in the exclusions of the policy. This will include:
- All Life Insurance/ Family Takaful Claims
- All General Insurance/ General Takaful Claims
- Other Banking and Financial Related
- Motor and Fire Insurance/takaful up to RM200,000.00
- Third Party Property Damage Claims up to RM5,000.00
- Others up to RM100,000.00
You can choose to accept or reject the decision of the FMB. If you do not accept, the decision is deemed cancelled and you are free to take any other steps in respect of the compliant, dispute or claim, including legal proceeding. However if you do accept the FMB's decision, you mat lose your right to proceed with the legal action against the Insurer concerned.
The mediation process are deemed to be a "without prejudice proceeding". The decision of the FMB or any part thereof relating to the findings or facts and expressions of views or opinion shall not be discussed in any subsequent court proceedings or arbitration
FURTHER INFORMATION
If you need more information, please contact the FMB at the followings address:
The Financial Mediation Bureau
Level 25,
No.4, Jalan Sultan Sulaiman,
5000, Kuala Lumpur
Telephone: 03-2272 2811
Fax: 03-2274 5752
Website: http://www.fmb.org.my/
Wednesday, December 15, 2010
Tips No 1: General Insurance Claims Handling
Problems making an insurance claim due to the lack of understanding of the subject.
Find out some useful tips on how to handle a claim effectively from a layman's point of view.
TIP No.1
ONUS OF PROOF OF LOSS
On the part of the Insured:
In order to claim, Insured must proved that the loss or damage was caused by an insured peril stated in the Operative Clause of the Policy
On the part of the Insurer:
To reject the claim, the Insurer need to prove any one or combination of the followings:
Loss or damage was caused by an excluded peril
Loss or damage was caused by an uninsured peril
Breached of one of the many Policy Conditions
Breached of Warranty attaching to the Policy
Non disclosure or concealment of Material Facts
Insurer will state the reason for the rejection in a formal reply to the Insured. As required by BNM, Insurer is compelled to disclose, in the letter, the name, address, email and telephone of the Financial Mediation Bureau (FMB) or BNM Complain Bureau for the Insured to lodge his/her complaint if he/she is not satisfied with the decision of the Insurer to reject the said claim.
Before the Insured seeks redress from FMB/BNM, it is advisable that he/she should file an appeal with the Insurer. If the Insurer still maintained their stand and turned down the appeal, the Insured can then direct the case to FMB for a decision to be made. Any appeal should be initiated, within 3 months from the date of rejection as allowed under the terms and conditions of the Policy. If the decision of the FMB does not favor the Insured, he/she can take the case to court. Insurer will defend their "no liability" stand with all the evidence they possessed. The Final verdict lies in the Court of Law.
There was a case involving a fire claim submitted by Asean Paper Mill in Butterworth many years ago, where Insurer initially rejected the claim on the ground of arson. Insured appealed against the decision but was shot down by the Insurer. No other alternative, the Insured took the case to court and after slightly more than 10 years of court battles, the Insurer was found to be liable and had to pay the claim in the region of RM20 million with cost and interests.
FMB was not involved in this case as they can only mediate for claims not exceeding RM200,000 (for motor and fire losses)
Tips No 2: Referring your case to FMB
Find out some useful tips on how to handle a claim effectively from a layman's point of view.
TIP No.1
ONUS OF PROOF OF LOSS
On the part of the Insured:
In order to claim, Insured must proved that the loss or damage was caused by an insured peril stated in the Operative Clause of the Policy
On the part of the Insurer:
To reject the claim, the Insurer need to prove any one or combination of the followings:
Loss or damage was caused by an excluded peril
Loss or damage was caused by an uninsured peril
Breached of one of the many Policy Conditions
Breached of Warranty attaching to the Policy
Non disclosure or concealment of Material Facts
Insurer will state the reason for the rejection in a formal reply to the Insured. As required by BNM, Insurer is compelled to disclose, in the letter, the name, address, email and telephone of the Financial Mediation Bureau (FMB) or BNM Complain Bureau for the Insured to lodge his/her complaint if he/she is not satisfied with the decision of the Insurer to reject the said claim.
Before the Insured seeks redress from FMB/BNM, it is advisable that he/she should file an appeal with the Insurer. If the Insurer still maintained their stand and turned down the appeal, the Insured can then direct the case to FMB for a decision to be made. Any appeal should be initiated, within 3 months from the date of rejection as allowed under the terms and conditions of the Policy. If the decision of the FMB does not favor the Insured, he/she can take the case to court. Insurer will defend their "no liability" stand with all the evidence they possessed. The Final verdict lies in the Court of Law.
There was a case involving a fire claim submitted by Asean Paper Mill in Butterworth many years ago, where Insurer initially rejected the claim on the ground of arson. Insured appealed against the decision but was shot down by the Insurer. No other alternative, the Insured took the case to court and after slightly more than 10 years of court battles, the Insurer was found to be liable and had to pay the claim in the region of RM20 million with cost and interests.
FMB was not involved in this case as they can only mediate for claims not exceeding RM200,000 (for motor and fire losses)
Tips No 2: Referring your case to FMB
Wednesday, December 1, 2010
Fire Insurance Design for SME
Just concluded a training session on Fire Insurance Design, Program Writing and Presentation skills.
Topics presented and discussed include :
1) An overview of the SMEs in Malaysia and the potential businesses that one can target for growth in terms of insurance premium
2) Analysis of the Risk using the various risk identification tools and loss control measures that can be undertaken by customers to minimize a loss from happening
3) Insurance Needs Analsyis and the appropriate protection and extensions required by the customers
4) Sourcing for competitive rate from the Insurer without compromising on the benefits
5) Writing out a comprehensive insurance program that entails the details of insured and the contract
6) Formal Presentation of the Insurance Program to Customers and Closing Techniques
This module can be customised to the Insurers and the Agents training needs. Please post your enquiries and I will response immediately.
Topics presented and discussed include :
1) An overview of the SMEs in Malaysia and the potential businesses that one can target for growth in terms of insurance premium
2) Analysis of the Risk using the various risk identification tools and loss control measures that can be undertaken by customers to minimize a loss from happening
3) Insurance Needs Analsyis and the appropriate protection and extensions required by the customers
4) Sourcing for competitive rate from the Insurer without compromising on the benefits
5) Writing out a comprehensive insurance program that entails the details of insured and the contract
6) Formal Presentation of the Insurance Program to Customers and Closing Techniques
This module can be customised to the Insurers and the Agents training needs. Please post your enquiries and I will response immediately.
Sunday, November 28, 2010
Medical Insurance Coverage for Foreign Workers
Agents...take note. More business coming your way with the compulsory medical coverage to cover foreign workers.
According to the announcement by the Health Minister, Datuk Seri Liow Tiong Lai, all foreign workers employed in Malaysia must be covered by medical insurance from January 1, 2011. Each worker must have medical insurance coverage with an annual premium of RM120.00.
Liow said the move was to ensure foreign workers' medical bills were taken care of and would not burden the Government.
Sundat Star 28 November 2010
According to the announcement by the Health Minister, Datuk Seri Liow Tiong Lai, all foreign workers employed in Malaysia must be covered by medical insurance from January 1, 2011. Each worker must have medical insurance coverage with an annual premium of RM120.00.
Liow said the move was to ensure foreign workers' medical bills were taken care of and would not burden the Government.
Sundat Star 28 November 2010
Tuesday, November 16, 2010
Asia: Bancassurance to grow in importance as distribution channel
Asia:
Bancassurance is growing in many Asian markets, boosted by deregulation of the banking sector and
insurance companies intending to optimise distribution via banks, according to a report by the US-headquartered research and advisory firm, Celent, titled "Bancassurance in the Asia-Pacific Region: Replacing the Agency Distribution Model".
Is this situation holds true in Malaysia ?? I believe so with so many local/foreign banks offering bancassurance products to its high customers base in Malaysia.
Can you find any disadvantages with bancassurance?
Australia: AMP makes renewed offer for AXA Asia Pacific
AMP, Australia's second biggest asset manager, has launched a new offer for AXA Asia Pacific, valuing the
latter at more than A$13 billion (US$12.8 billion), which is about 20% more than an initial offer that was rejected a year ago. If the new offer is accepted, AMP will hold the number one market position for risk insurance, retail superannuation and retirement income in Australia. In New Zealand, AMP will be No. 1 in the growing corporate superannuation market.
Taiwan: Regulator eases infrastructure investment rules for insurers
Taiwan's Financial Supervisory Commission has amended insurance regulations to allow insurers to increase their investment in companies involved in public infrastructure projects, reports Taiwan Today.
China: Shipping-related insurance business booms in Shanghai
Shanghai's shipping and cargo insurance business has grown far ahead of the national average as the city
taps its potential as a shipping hub, according to the Shanghai-based Eastday information portal citing the city's insurance regulator.
Asia Insurance Review 16/11/2010
Bancassurance is growing in many Asian markets, boosted by deregulation of the banking sector and
insurance companies intending to optimise distribution via banks, according to a report by the US-headquartered research and advisory firm, Celent, titled "Bancassurance in the Asia-Pacific Region: Replacing the Agency Distribution Model".
Is this situation holds true in Malaysia ?? I believe so with so many local/foreign banks offering bancassurance products to its high customers base in Malaysia.
Can you find any disadvantages with bancassurance?
Australia: AMP makes renewed offer for AXA Asia Pacific
AMP, Australia's second biggest asset manager, has launched a new offer for AXA Asia Pacific, valuing the
latter at more than A$13 billion (US$12.8 billion), which is about 20% more than an initial offer that was rejected a year ago. If the new offer is accepted, AMP will hold the number one market position for risk insurance, retail superannuation and retirement income in Australia. In New Zealand, AMP will be No. 1 in the growing corporate superannuation market.
Taiwan: Regulator eases infrastructure investment rules for insurers
Taiwan's Financial Supervisory Commission has amended insurance regulations to allow insurers to increase their investment in companies involved in public infrastructure projects, reports Taiwan Today.
China: Shipping-related insurance business booms in Shanghai
Shanghai's shipping and cargo insurance business has grown far ahead of the national average as the city
taps its potential as a shipping hub, according to the Shanghai-based Eastday information portal citing the city's insurance regulator.
Asia Insurance Review 16/11/2010
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