Indian banks and insurers will launch the Central Know-Your-Customer 2.0 (CKYC) system in August, allowing customers to access financial products without repeated ID submissions. Asset managers will join later, aiming to deepen financial participation and combat fraud by simplifying data access with customer consent.
A simulated cyberattack on US water utilities, orchestrated by Chinese military hackers (Volt Typhoon), highlights critical infrastructure vulnerabilities and the challenges faced by insurance companies in resource allocation during a national crisis.
Five Hong Kong insurers have launched a marine war-risk pool to provide coverage for vessels in mainland China and Hong Kong, addressing uncertainties in unstable regions like the Middle East. Industry veteran Selina Lau highlighted this collaboration as beneficial for both Hong Kong and the nation.
States are enacting laws to regulate Pharmacy Benefit Managers (PBMs) due to concerns over high drug costs. These PBMs, like CVS, manage prescription coverage and negotiate drug prices. Regulations aim to limit PBM compensation, set minimum pharmacist payments, and increase transparency, facing opposition and legal challenges from companies like CVS.
States are enacting laws to regulate pharmacy benefit managers (PBMs) due to rising drug costs. These PBMs, which manage prescription coverage for insurers, are facing restrictions on their operations and compensation. CVS Health is actively fighting these regulations through lawsuits and advertising campaigns, while independent pharmacies argue they are being squeezed by PBMs' practices.
South Korea's non-life insurers saw their auto insurance loss rate climb to 84.7% in the first five months of the year, a 1.9 percentage-point increase from the previous year, attributed to a rise in traffic.
South Korea's insurance companies saw their capital adequacy ratio rise to 216.1% in Q1, up from 212.3% in Q4, driven by increased available capital and gains in stock holdings. Life insurers reached 207.7%, while non-life insurers hit 229.7%.
Despite a preliminary deal between the US and Iran to end a war and reopen the Strait of Hormuz, marine traffic has not resumed significantly. Shipping companies and insurers are adopting a wait-and-see approach due to lingering concerns over mines, potential tolls, and high insurance rates.
Clearing the Strait of Hormuz of mines could take 40-50 days, impacting oil supplies, according to Western maritime security sources cited by Reuters. An agreement between the US and Iran, set for signing June 19, includes a 60-day ceasefire and lifting of a maritime blockade.
Nanjing police have busted an insurance fraud ring where agents exploited high-commission life insurance policies, creating fake policies and pocketing over 4.8 million yuan. The scheme involved self-insurance, mutual insurance, and enlisting friends and family to create fictitious policies, leading to the arrest and conviction of the ringleader.
Taiwan's Financial Supervisory Commission (FSC) will amend regulations to require life insurers to invest in foreign government bonds with a credit rating of BBB- or higher. This move aims to enhance risk management and capital adequacy, affecting approximately NT$374.4 billion in existing holdings.
UK insurers are showing reluctance to cover Chinese hybrid and electric vehicles, leading to higher costs and limited options for drivers. Insurers cite a lack of repair data, parts supply chains, and claims history as reasons for caution.
The Indian government has launched a $1.5 billion Bharat Maritime Insurance Pool, backed by a $1.4 billion sovereign guarantee, to offer risk cover for Indian vessels on international routes, including war zones. This initiative aims to reduce shipping insurance premiums and guarantee coverage even when global insurers withdraw due to rising risks.
SEOUL, May 7 (Yonhap) -- South Korean insurers' overseas units posted a 24.8 per...
Medical claims paid by Hong Kong insurers could double within a decade, a study warns. Total claims rose 61% from HK$10.99 billion in 2019 to HK$17.73 billion in 2023, with inpatient claims surging 75% to over HK$14 billion. The study of over 10 million claims raises serious concerns about private health insurance affordability.
State lawmakers in Iowa, New York, Oklahoma and Pennsylvania are proposing legislation to ban insurers from using consumers' credit history to set homeowners or auto insurance premiums. Consumer advocates argue credit-based insurance scores are unfair as they penalize people for financial hardships beyond their control, while the insurance industry argues the practice helps keep premiums low for many consumers. Currently, only California, Hawaii and Massachusetts ban the practice for auto insurance, with California, Massachusetts and Maryland banning it for homeowners insurance.
Hong Kong police have arrested nine people over their alleged involvement in a travel insurance fraud syndicate that staged overseas accidents to claim more than HK$1.7 million (US$217,053). The force said on Thursday it had received a report from the Hong Kong Federation of Insurers in October concerning suspicious travel insurance claims, ranging from “a few thousand to tens of thousands of Hong Kong dollars”. “Police analysed more than 70 suspicious claim cases and discovered that these...
South Korea's four major non-life insurers reported an 85.9 percent loss rate for auto insurance in Q1 2026, up 3.4 percentage points from a year earlier. The increase was driven by rising vehicle traffic leading to more accidents and higher repair and auto part costs. The loss rate measures the proportion of premiums paid out as claims, with higher rates indicating greater risk of insurers operating at a loss.
Mainland Chinese insurers including Ping An, Taikang Life, New China Life, Dajia Life and China Post Life have invested over US$250 million across about 11 Hong Kong IPOs in 2026, reaching 75% of last year's US$333 million total. UBS attributes the surge to China's low rate environment and government push for insurers to become patient capital.
India has expanded the pool of Russian insurers authorized to provide marine cover for ships docking at its ports to 11 from 8, according to its Directorate General of Shipping. The expanded list includes Gazprom Insurance, Rosgosstrakh Insurance, Balance Insurance, Soglasie Insurance, Sberbank Insurance, Ugoria Insurance Group, ASTK Insurance, VSK Insurance, Sogaz Insurance, Alfastrakhovanie, and Ingosstrakh Insurance. This comes as India, the world's third-biggest oil importer, relies on Russian oil using a temporary waiver amid the US-Israeli war on Iran that has closed the Strait of Hormuz.
