Nine insurance organisations have written to the International Accounting Standards Board (IASB) calling for a two-year delay to the introduction of IFRS 17.
By Chris Seekings | The Actuary
In a letter addressed to the IASB’s chairman Hans Hoogervorst, the group warned of “serious operational constraints” on insurers’ ability to meet the 1 January 2021 implementation date.
By InsuranceAsia News Staff, InsuranceAsia News | October 18, 2018
Nine national and regional insurance bodies have called for a two-year delay from the original date of 1 January 2021 before the imposition of costly accounting rules, known as IFRS 17.
By InsuranceAsia News Staff, InsuranceAsia News | October 15, 2018
In the wake of a number of profitable bancassurance distribution deals recently made in South-East Asia, Singapore’s United Overseas Bank has decided to review its insurance business arrangements, along with its present partnership deal with Prudential.
By InsuranceAsia News Staff, InsuranceAsia News | October 15, 2018
Insurance players in Asia, both the new generation and traditional firms, should focus on collaboration not disruption to tap into the opportunities presented by insurance technology (insurtech), according to Balaji Prabhakaran, head of propositions and digital products in Asia-Pacific for global giant Allianz.
By InsuranceAsia News Staff, InsuranceAsia News | October 11, 2018
Life insurance companies in Korea are in the process of downsizing their workforce. Mirae Asset Life has announced it is introducing a voluntary retirement programme for its employees and a host of rivals have been cutting costs.
IFRS 17 Insurance Contracts (IFRS 17 or the standard) represents a fundamental change to accounting practice for most entities issuing insurance contracts and is expected to require significant implementation effort.
Read More »Third technical discussion of the IASB’s IFRS 17 Transition Resources Group (TRG)
By InsuranceAsia News Staff, InsuranceAsia News | October 5, 2018
Taiwan’s Financial Supervisory Commission chairman Wellington Koo has said the regulator is investigating the advantages and disadvantages of online insurance companies.
By InsuranceAsia News Staff, InsuranceAsia News | September 18, 2018
Korean life insurer Hyundai Life Insurance has changed its brand name to Fubon Hyundai Life Insurance, following a change in the hierarchy of its large shareholders.
By Andrew Tjaardstra, InsuranceAsia News | September 5, 2018
Tokyo-headquartered Dai-ichi’s A$640 million purchase of Suncorp’s life insurance unit is part of a wider push to expand its overseas empire as it struggles to achieve returns back in its home market.
Read More »Dai-ichi Life confirms purchase of Suncorp’s life arm
By Joyce Koh, Andrea Tan and Manuel Baigorri, Insurance Journal | July 31, 2018
Hong Kong billionaire Richard Li’s FWD Group is considering listing in Singapore with a dual-class structure, as the insurer moves ahead with its initial public offering preparations, people with knowledge of the matter said.
Read More »Hong Kong Insurer FWD Group Eyes Singapore Listing