BRIEFING – ASIA INSURANCE – SEPT 6, 2010

INDIA’S KOTAK LIFE LAUNCHES 2 NEW ULIPS

MUMBAI – Kotak life insurance on Thursday launched two new unit-linked insurance plans (ULIPs) — Kotak Secure Invest Insurance and Kotak Wealth Insurance-meeting the new Irda guidelines.

Kotak Secure Invest Insurance is an equity exposure plan and is backed by capital guarantees with in-built investment advice of the guarantee fund. It also helps the customer gain from market participation through the guarantee fund that aims at stable capital appreciation while limiting the downside risk in falling market conditions, the company said in a statement on Thursday .

ENTRY OF NEW PLAYERS TO BOOST MALAYSIA’S TAKAFUL INDUSTRY: AIA

KUALA LUMPUR – The entry of more new players into the financial system will enhance the breadth and depth of takaful solutions in Malaysia, according to American International Assurance Bhd (AIA).

AIA and its joint venture partner Alliance Bank Malaysia Bhd have received approval from central bank Bank Negara Malaysia to operate a family takaful licence business.

AUST-BASED INSURER AIG SAYS NZ EARTHQUAKE CLAIMS TO BE COVERED

SYDNEY – Insurance Australia Group Ltd (ASX:AIG) expects claims from the New Zealand earthquake to be “entirely covered” by reinsurance arrangements and reaffirmed earnings guidance for the current year.

The insurer added in a statement on Monday that it was too early to tell how much damage had been caused by the magnitude 7.1 earthquake which struck Christchurch over the weekend.

MARSH INDIA EYES LAUNCHING INSURANCE COVER FOR WATER UTILITIES

MUMBAI – American insurance brokerage firm Marsh Inc on Friday launched a specialist contamination insurance product for water utilities in the global markets and is in talks with insurance companies to roll out the product in the Indian market.

A water contamination insurance cover helps strengthen the resilience of market players to risks in the wake of the tightening regulatory regimes and the increased terror risks globally.