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Prudential Singapore to pay $100 to customers hit by GIRO deduction
Customers can expect it to be credited to their accounts by 3 June.
Prudential Singapore to pay $100 to customers hit by GIRO deduction
Customers can expect it to be credited to their accounts by 3 June.
AIA Singapore unveils enhanced retirement policy
It features increased monthly dividends and lowered premiums.
HSBC Insurance rolls out digital insurance platform
It currently offers two life insurance solutions.
Tokio Marine Singapore enhances chatbot with calculator feature
Users can now see for themselves the gap between their income and insurance coverage.
Great Eastern profits ballooned 68% to $115.02m in Q1
Thanks to the insurer’s booming business in Singapore.
AIA new business value up 26% in Q1
Sales to China buoyed the insurer's profitability and may soon become its biggest market.
FWD to offer insurance products on blockchain platform
The company’s customers can now manage their insurance needs on PolicyPal Network.
Ping An profits up 12.5% to $4.57b in Q1
Strong performance from the life and health segment boosted quarterly earnings.
Manulife Asset Management Services Berhad unveils Shariah fund
It aims to provide diversified Shariah-compliant equity opportunities for investors.
Aetna International launches health clinic in Thailand
The family clinic, located in Nichada district, aims to provide community healthcare services.
Taiwan's protection business is growing slowly
Taiwan life insurers expect continued demand for their savings-type products over the next 12-18 months, thanks to a high a high national saving rate of 34% of GDP in 2016, according to Moody’s. However, whilst continuing savings-type product growth will sustain the industry’s topline and profit momentum, Moody’s noted that this growth is credit negative as it reflects the industry’s slow progress in expanding its protection-type products.
How is Hong Kong bridging protection gaps?
More than half of Hong Kong’s workforce have experienced income loss due to illness or disability. Yet a survey by Zurich Insurance (Hong Kong) revealed that half of the local workforce lack sufficient savings to last six months without income. The report also revealed that Hong Kongers feel they are most vulnerable to income loss. Only a quarter of respondents believe they have a less than 10% chance of lost earnings due to illness or disability, versus the more confident 38% average of the 11 markets surveyed.
Thai Insurance to grow 7.63% in 2017
With foreign shareholding now allowed at more than 49%, Thailand’s life and non-life companies stand to gain even more. KrungThai-AXA Life’s (KTAXA) annual growth of 23%, 13% above market growth, may increase further, as foreign investors and insurers look to Thailand as a springboard for regional expansion. Other firms such as AIA, Muang Thai Life, and Thai Life Insurance have grown nearly as fast and are expected to reach new highs in 2017 due to the further strengthening of Thailand’s economy.
Policy holders of risk and life insurance unsatisfied
In the year 2016, satisfaction amongst risk and life insurance policy holders was 67.4%, down from 68.8% in 2015, and still lower than that of all other major insurance types. Less than one in four (23.9%) risk and life policyholders were “very satisfied” with their insurance companies. These are the latest findings from Roy Morgan’s Single Source survey of over 50,000 consumers, which includes detailed coverage of over 9,000 risk and life insurance policy holders.
High protection gap in emerging Asia
The world was devastated by 327 disasters in 2016, 191 of which were natural catastrophes and 136 man-made ones. According to a recent report by Swiss Re, economic losses from these disasters totalled US$175b, almost double the level in 2015. Asia’s economic losses of US$83b in 2016 was the highest in the world.
Going Digital
Talks of digitalisation has dominated the financial services industry, and the insurance sector is no exception. A survey by Willis Towers Watson reveals that an increasing number of insurers now regard investment in digitalisation a priority, especially after the sector has lagged behind its financial services peers in adopting digital technologies due to regulations, reluctance, and cost.
Hey insurers: No robo-advisors here
Seven in 10 HWNIs prefer personal service amidst digitalisation.
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Insurers need cultural overhaul in digital push
![Insurers need cultural overhaul in digital push]()
Digitalisation seeks to simplify processes, not complicate things.
Digitalisation seeks to simplify processes, not complicate things.
