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Liability tag returned 85 results

  • Indonesia: Govt to establish agency to provide guarantees to protect policyholders

    The government is preparing to establish an agency that can act as a guarantor of insurance companies, to protect the interests of policyholders, according to deputy finance minister Suahasil Nazara.

    Asia | 16 Jan 2020
  • Increased competition in litigation-related liability cover drives premium rates lower

    Insurance companies are competing in providing litigation-related liability cover to facilitate litigation and arbitration proceedings, notes the Chinese legal services firm, AnJie Law Firm.

    China | 10 Jan 2020
  • India: Council proposes liability limit for third-party motor insurance

    When it comes to third-party (TP) motor insurance claims in India, the General Insurance (GI) Council has suggested placing a cap of INR1m ($14,400) to the liability of general insurers while any remaining amount would be paid out from the 'Motor Vehicle Accident Fund'.

    Asia | 24 Dec 2019
  • Australia: Govt to meet insurers in Feb 2020 to address PI insurance premiums

    The Building Ministers' Forum (BMF) which met in Canberra last Friday, agreed to convene a meeting in February 2020 with the Insurance Council of Australia to discuss a suite of measures to reduce the cost and improve the availability of professional indemnity insurance premiums for building industry practitioners. The BMF oversees policy and regulatory issues affecting Australia's building and construction industries.

    Asia | 17 Dec 2019
  • Taiwan: Mandatory insurance for Uber Eats, Foodpanda drivers

    Taiwan's Ministry of Labour (MOL) has reacted to the death of two delivery drivers from Uber Eats and Foodpanda in traffic accidents by telling food delivery companies they must compulsorily insure their delivery drivers during working hours, reported the Central News Agency. This will require these companies to purchase both personal insurance and non-life insurance for their drivers.

    Asia | 05 Dec 2019
  • Japan compels cyclists and bike rental companies to buy liability insurance

    Japan is seeing increased use of bicycles amidst a national fitness boom, although it has led to more accidents, serious injuries and even deaths. A series of court rulings have ordered substantial pay-outs when pedestrians get killed or are seriously injured in accidents and insurance plays a significant role in helping bicycle users shoulder such financial costs.

    Asia | 02 Dec 2019
  • Saudi Arabia: Implementation of standard IDI policy imminent

    The Saudi Ministry of Municipality & Rural Affairs and Saudi Arabian Monetary Authority (SAMA) have jointly been developing a new standard inherent defects insurance (IDI) policy, which is anticipated to be made available at some point from this month or early 2020, says the international law firm HFW.

    Middle East | 01 Dec 2019
  • Moody's highlights 2020 non-motor growth areas

    Non-motor premiums in China will continue their strong growth of recent years from a broad range of business lines in the next 12-18 months, predicts Moody's Investors Service in a report on the P&C insurance sector.

    China | 29 Nov 2019
  • Can reputation be effectively measured and insured?

    Reputation is a complex risk for insurers to quantify and insure given that it is intangible and often a by-product of another risk. In order for it to be underwritten, both (re)insurers and corporates would need a good understanding of the company's network of customers, partners, suppliers, peers and investors. That is according to a research paper produced by analytics company Russell, which deliberated on how reputation could be computed and insured.

    AIRPlus | 07 Nov 2019
  • Australia: Non-life insurers work to improve PI insurance in building sector

    The Insurance Council of Australia (ICA) is working with governments to improve conditions in the professional indemnity insurance (PII) market in the construction industry and restore insurers' confidence in the building sector, but expects that a cladding exclusion may be required beyond the currently prescribed date.

    Asia | 07 Nov 2019