ASIA Insurance News Today – AUG 18, 2010

INDIA’S life insurance CO. SEEKS NEW BIZ INCOME VIA BANK TIE-UPS

NEW DELHI – India’s life insurance Corporation (LIC) on Tuesday said it is aiming at an over four-fold jump in new business income to Rs 5,000 crore (US$1.1 billion) in the current fiscal year through bank tie-ups, among other initiatives.

“The corporation collected a first-year premium of Rs 1,140 crore last year from bancassurance and alternate channels. This year, we are targeting to garner Rs 5,000 crore,” LIC executive director A K Sahoo said after the life insurer entered into a strategic distribution tie-up with Net Ambit here.

INDIA’S HDFC LIFE POSTS 63% JUMP IN Q1 NEW PREMIUM BUSINESS

MUMBAI – Leading Indian private life insurer HDFC Standard Life on Tuesday reported 63 per cent growth in first-year premium collection at Rs 692.7 crore (US$149 million) for the quarter ended June this fiscal year.

HDFC Standard Life MD & CEO Amitabh Chaudhry said the robust growth came on the back of lower operating expenses and commission ratios, besides ensuring a steady rise in the conservation ratio.

GRANDSON OF SAMSUNG GROUP FOUNDER FOUND DEAD

SEOUL – A grandson of Samsung Group founder Lee Byung-chul was found dead in Seoul early Wednesday, police said.

The body of Lee Jae-chan, 47, was discovered in his apartment parking lot at around 7 a.m., police said. Investigators said they suspect suicide.

S. KOREA’S FARMERS’ CO-OP TO SPIN OFF CREDIT CARD DIVISION

SEOUL – The National Agricultural Cooperative Federation (NACF), South Korea’s agricultural cooperative lender, plans to spin off its credit card division and launch an insurance business after finishing its ongoing business reorganization, the head of the lender said Tuesday.

The farmers’ guild, also known as Nonghyup, is pushing to change the law governing the national agency for some 1,170 regional agricultural cooperatives across the country to split into two entities for consumer credit and agricultural product retailing within the next two years.

CHINA REGULATOR ISSUES NEW RULES FOR INSURANCE CO.S INTERNAL OPS

BEIJING – The China Insurance Regulatory Commission (CIRC) on Tuesday issued basic guidelines for the internal control of insurance companies, which introduces comprehensive monitoring of insurance capital operations.

The CIRC is urging insurance companies to organize and implement internal control measures on insurance capital operations, including assets allocation, assets and liabilities matching, investment decision making, investment transaction management, and assets custody.

CHINA’S PROPERTY INSURANCE INDUSTRY ENTERS GOLDEN AGE

BEIJING – China’s property insurance sector realized premiums of 201.8 billion yuan (US$29.6 billion) in the first half of this year, an increase of 33.5 per cent year on year, according to data from the China Insurance Regulatory Commission.

The sector realized underwriting profits of 3.964 billion yuan in H1. Furthermore, 24 companies achieved underwriting profits, up 13 over the same period last year.

PAKISTAN AIRLINER PIA OFFERS COMPLETE life insurance

KARACHI – Pakistan International Airlines (PIA) is offering an optional complete life insurance cover to its passengers travelling from overseas to Pakistan, and passengers travelling on domestic routes, a PIA Spokesman said here.

Under the scheme, passengers of PIA travelling from overseas can avail insurance cover for their entire stay in Pakistan for Rs. 10 million (US$116,690) on payment of US$10 or equivalent amount in their local currency. The scheme is also available for passengers travelling on domestic route – from their hometown to another domestic destination.

SEOUL TO HOST GLOBAL INSURERS’ GATHERING IN 2013 : ORGANIZERS

SEOUL – South Korea has won the bid to host an international insurers’ conference in 2013 that will likely help bolster the domestic insurance sector, organizers said Tuesday.

The Korea Life Insurance Association and the General Insurance Association of Korea, the two umbrella groups for life insurers and non-life insurers, said they will host the 49th plenary International Insurance Society (IIS) meeting in Seoul.