The IRDAI has issued an advisory to all insurers to check their IT systems for vulnerabilities and take necessary steps to protect the policyholders' data.
Chinese P&C insurers are increasing government bond allocations and reducing capital requirements for credit risks, says Mr Frank Yuen, VP senior credit officer at Moody's Ratings.
The recent floods in the GCC region were an eye-opener for all stakeholders to act to deal with weather-related perils and their impact on the societies and economies of the region, said speakers at the 19th Gulf Insurance Forum in Dubai earlier this week.
Hong Kong's Insurance Authority (IA) will carry out a review next year to strengthen Hong Kong's position as a global risk management centre, revealed Mr John Lee, the territory's Chief Executive.
Fitch Ratings has assigned UAE-based Union Insurance Company a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a 'Positive' outlook.
Professionals in the insurance sector do not receive sufficient training in risk management, in the view of Mr Ceyhan Hancioglu, general manager of Magdeburger Insurance.
Bancassurance sales personnel say that they encountered teething problems in the early stages of the implementation in August 2023 of rules on commission fees payable in bancassurance.
Trust Mutual Life Insurance, China's only mutual life insurer, has announced that it plans to increase its operating fund (akin to registered capital for a company) by CNY325m ($45.9m) by inducting a new member.
The Financial Services Authority (OJK) is transforming its supervisory work in the insurance, guarantee and pension fund sector, by implementing an early intervention system and other changes.
The insurance industry stabilised in 2023 following muted natural catastrophe events and the positive effects of strategic initiatives implemented by insurers over the last few years to moderate risk exposures, such as premium rate increases and underwriting limitations, according to KPMG South Africa.