Insurance news from India International expands into Asia

International Insurance fund news

The insurer based in Singapore will be making its way into Malaysia and Vietnam. The latest insurance news announcement from the insurer based in Singapore called India International, has just been released and has revealed that it has intentions to broaden its operations in order to include Malaysia and Vietnam. The company is a joint venture of the five insurers owned by the state in India. The insurance news was announced by the director of India International Insurance (I.I.I.), N. S. R. Chandraprasad. The company was created in 1987 as…

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Latest international insurance news includes new draft for global coverage framework

International Insurance News

Supervisors provide new outline for encouraging cooperation among regulators on a local level. The most recent international insurance news in the spotlight includes multinational supervisors in the industry, which have updated their global framework draft in order to help to encourage local regulator cooperation, as they deal with the struggles of regulating insurers with a great deal of business outside of their country of origin. The ComFrame – the name of the global framework – has been under construction for two years. The group responsible for the development of this…

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Russian insurance marketplace showing signs of strength

Moscow Business District

A.M. Best releases special report regarding improvements in the Russian marketplace. According to a report released by A.M. Best, within the international insurance industry, the Russian sector is a young one, faced with significant overcrowding and competition and yet, regardless of these notable challenges, it is maintaining a trend of radical changes. The name of this special report was “Russia’s Insurance Revolution Begins to Gain Pace”. It focuses on the low penetration of coverage within the country, even when there is a small amount of risk factors, or none at…

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PICC Property & Casualty says auto insurance in China may boost profits

According to PICC Property & Casualty, the decision made by China to permit foreign insurance companies to sell mandatory auto insurance might help the local insurers to make base rate government changes for those policies. The board secretary in Beijing for this largest non-life insurance in the country, Zhang Xiaoli, said that the result of bringing in compulsory vehicle coverage with third-party liability will be “quite limited” for the countries based in the country. He explained that insurance companies from other countries probably won’t “launch any big offensive” because they…

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Insurance watchdog warns EU not to postpone insurance regulations any further

The EIOPA, an insurance watchdog that is part of the European Union, has issued a warning to the EU governing body regarding the pace at which it is introducing new insurance regulations. The group, which is part of the European System of Financial Supervision, claims that any delays in enacting these regulations could create problems for insurers trying to adapt to the troubling economic times that have come to Europe. Delays could be possible due to the EU legislative process, according to the European Commission, the agency responsible for drafting…

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