Policy and regulation
The Insurance Development and Regulatory Authority of Bangladesh ordered insurers to comply with regulations that require their sponsors to hold a stake of at least 60% in their respective companies, Asia Insurance Review reported.
The regulator also directed life insurers to raise their minimum paid-up capital to at least 300 million Bangladeshi taka within one month, while nonlife insurers must have at least 400 million taka.
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The Life Insurance Association of Malaysia, General Insurance Association of Malaysia and Malaysian Takaful Association said in a joint statement that the industry is fully supportive of the government's call for a public-private partnership to manage the increasing COVID-19 cases, Asia Insurance Review reported.
The Central Bank of Malaysia and the Ministry of Health is reportedly working with the industry to explore ways that insurers and takaful operators could help ease some of the expenses faced by COVID-19 patients whose conditions need treatment in private hospitals.
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Taiwan's national health insurance premium rate increased to 5.17% from 4.69%, effective Jan. 1, Asia Insurance Review reported.
The rates will be maintained at least through 2022 to make up for the losses incurred by the National Health Insurance Program, according to Health and Welfare Minister Chen Shih-chung. The supplementary national health insurance premium rate also increased to 2.11% from 1.91%.
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The Capital Market Supervisory Board of Thailand is now allowing insurers to issue baht-denominated subordinated insurance capital bonds and count proceeds from the issue as part of their total capital available, Asia Insurance Review reported.
Life and health
Star Health and Allied Insurance Co. Ltd. intends to raise about 30 billion Indian rupees through a potential IPO, the size of which has yet to finalize, Moneycontrol reported, citing people familiar with the matter.
The company may file the draft red herring prospectus with the Securities and Exchange Board of India by May.
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Medibank Pvt. Ltd. signed a heads of sale agreement to acquire Crescent Capital Partners Management Pty. Ltd.'s medical center business MyHealth in a deal valued at about A$240 million, The Australian Financial Review reported.
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The Competition Commission of India approved Axis Bank Ltd.'s plan to increase its stake in Max Life Insurance Co. Ltd. to about 9.9%.
Media reports previously said the bank would acquire a 17.9% stake in the insurer for 18 billion Indian rupees through a two-part transaction.
Multiline
AUB Group Ltd. agreed to sell its total shareholding in Altius Group Holdings Pty. Ltd. to The Riverside Co. for cash proceeds of about A$57 million.
The transaction is expected to complete before the end of April. AUB had acquired additional equity from a minority shareholder to facilitate the sale process, which increased its total shareholding in Altius to 75.4% from 56.9%.
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HSBC Holdings PLC, Malayan Banking Bhd.'s Etiqa insurance joint venture and an unnamed Chinese firm are among the shortlisted bidders for Axa SA's Singapore business, Bloomberg News reported.
Axa, which is reportedly selling the Singapore business as it seeks to raise funds, could fetch about $700 million through the potential sale, according to the report, citing people familiar with the matter.
Property and casualty
QBE Insurance Group Ltd. intends to include an additional US$185 million risk margin strengthening for potential Australian business interruption claims on its full-year 2020 results, which brings its total ultimate COVID-19 allowance to US$785 million with total risk margins of US$300 million.
The move follows the U.K. Supreme Court's decision to uphold the High Court's ruling related to QBE's notifiable disease policy wordings in favor of the insureds.
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Perils AG reported a final industry loss estimate of A$1.89 billion resulting from the Australian hailstorms in January 2020, compared with its previous loss estimate of A$1.81 billion.
The loss estimate covers the property and motor hull lines of business, with motor losses contributing 42% of the total industry loss and property lines losses comprising 58%.
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Icare appointed Richard Harding CEO and managing director, effective Jan. 18.
Harding was CEO of Tower Insurance Ltd.
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