Following an on-site inspection carried out by Hong Kong's Insurance Authority (IA) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO)1,2, FWD Life Insurance Company (Bermuda) has been ordered to pay a pecuniary penalty of HK$19.5m ($2.5m).
In an online meeting with the Thai General Insurance Association and other insurance companies, Thailand's regulator, the Office of Insurance Commission (OIC), stated its aim to monitor insured losses and prepare measures to assist policyholders affected by the floods.
Businesses across Asia and the Middle East respond quickly when crises strike, while far fewer remain involved in the long-term recovery and resilience-building that follows.
The Korea Life Insurance Association (KLIA) is increasingly adopting AI into its operational areas, including consumer complaint handling and advertising reviews for member insurers.
Traditionally, the trade-off in underwriting is often between speed and quality. But through AI, technology is allowing (re)insurers to improve both, according to Swiss Re Head of Underwriting, Life & Health, Hong Kong & Taiwan and Global High Net Worth, Hazel Etherington-Squires.
Risks are becoming increasingly interconnected, creating new pathways through which relatively contained shocks can ripple faster and further through the economy, revealed a new joint analysis by Swiss Re Institute and London School of Economics (LSE).
Aon has promoted Ms Jane Drummond to the role of Global Chief Commercial Officer (CCO), effective 1 January 2027. She will report to Mr Andy Marcell, Deputy CEO and SEVP, Risk Capital and Human Capital for Aon, and will serve as a member of the Aon Executive Committee.
The insurance sector could potentially tap into a range of emerging sectors as new technologies and industries create risks that have yet to be fully priced, according to new research from McKinsey.
In Australia's highly regulated market, AI decisions need to be controllable, transparent and accountable and support good customer outcomes, according to Duck Creek Technologies Managing Director, APAC, Christian Erickson. Effective AI needs volumes of reliable and accessible data.
The Australian Securities and Investments Commission (ASIC) has commenced proceedings in the Federal Court against Clark Family, alleging it misled consumers on its websites by claiming it compared rates and options from multiple providers and tailored recommendations to consumers' needs, when in fact enquiries were sold to the highest bidding broker.