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  • HSBC’s $2B Singapore Insurance Unit Sale to Allianz: A Strategic Boost for Both Giants

    HSBC’s $2B Singapore Insurance Unit Sale to Allianz: A Strategic Boost for Both Giants

    HSBC has announced that it will sell its life and health insurance division in Singapore to Germany’s Allianz. The deal, which values the unit at SGD2.7 billion (US$2.09 billion), is expected to produce a pre-tax gain of US$1.8 billion for HSBC and potentially enhance the HSBC Group’s common equity tier 1 ratio by up to 15 basis points.

    Simplifying Operations and Boosting Capital Returns

    This sale signifies another move in HSBC CEO Georges Elhedery’s strategy to streamline operations at Europe’s largest bank and reinvest capital into sectors and markets that promise better yields. Simultaneously, he aims to maintain Singapore’s position as a vital hub for wealth and wholesale banking.

    The deal presents Allianz with a unique chance to expand in Singapore, a wealthy, strictly regulated market where distribution networks and bank-insurance partnerships carry high value. Anusha Thavarajah, Allianz’s Asia Pacific Regional CEO, states that the transaction underscores her company’s confidence in Singapore and recognizes HSBC Life Singapore’s fast-growing business, local expertise, and solid reputation among customers and partners.

    The planned divestment, set to occur in early 2027, will lead HSBC to enter a 15-year bank-insurance distribution agreement with Allianz. This agreement involves selling insurance products in Singapore, supported by an upfront payment of SGD200 million.

    Expanding Insurance Business

    The deal arrives in the wake of HSBC’s broader expansion in the insurance sector. Despite the bank’s ongoing effort to reshape its global footprint and focus on core Asian wealth and corporate banking markets, insurance income has seen a 16% year-on-year rise in the first quarter. This trend has contributed to an 18% boost in quarterly wealth revenue.

    Past investment interests include HSBC Holdings’ acquisition of French insurer Axa’s Singapore assets for US$529 million in 2022. However, the bank is also known for trimming smaller or less scalable retail and insurance operations in parts of Asia, while fiercely vying for affluent clients in the region.

    This sale follows Singapore’s Overseas-Chinese Banking Corp’s announcement in May of its Indonesian unit’s acquisition of certain HSBC wealth and premier banking portfolio assets and liabilities. HSBC is currently also reviewing its retail operations in Turkey, Australia, and Egypt.

    Questions & Answers

    What is the value of the deal between HSBC and Allianz?
    The deal values HSBC’s Singapore life and health insurance unit at SGD2.7 billion (US$2.09 billion).

    What will be HSBC’s strategy after the planned divestment in 2027?
    HSBC plans to enter into a 15-year bancassurance distribution agreement with Allianz to sell insurance products in Singapore.

    What has been the trend in HSBC’s insurance income?
    HSBC’s insurance income has seen a 16% year-on-year rise in the first quarter.

  • Citigroup Bolsters Global Insurance and Specialty Finance Teams with High-Profile Appointments

    Citigroup Bolsters Global Insurance and Specialty Finance Teams with High-Profile Appointments

    Citigroup has announced the appointment of two seasoned bankers to senior roles within its Financial Institutions Investment Banking division. This move forms part of the bank’s strategic initiative to bolster its global insurance and specialty finance advisory services.

    Jonathan Alpert has been designated as the new Global Head of Insurance, effective from September. Alpert boasts an impressive career spanning over 28 years in both the insurance industry and investment banking. His most recent role was as Co-Head of Global Insurance at Bank of America. Alpert will leverage his rich experience and extensive network within the global insurance sector to drive Citi’s growth in this arena.

    Operating from New York, Alpert will team up with Brian Malbacho, Citi’s North America Head of Insurance. Together, they will focus on expanding the bank’s global insurance franchise. Citi expressed confidence in Alpert’s capabilities, noting his record of advising on significant international insurance transactions and his enduring relationships with eminent global insurance groups.

    In a simultaneous appointment, Ryan Willingham will assume the role of Managing Director covering Specialty Finance, come August. He, too, is transitioning from Bank of America where he previously headed the specialty finance sector within the bank’s Financial Institutions group.

    Willingham’s nearly 20-year career has been dedicated to advising a variety of specialty finance firms, including mortgage originators and servicers, mortgage REITs, and government-sponsored enterprises.

    These strategic appointments come at a time when deal activity within the insurance sector is on the rise, particularly in the Asia-Pacific region. Insurers in the area are actively pursuing capital-raising and merger-and-acquisition opportunities. As Global Head of Insurance, Alpert will be instrumental in supporting Citi’s growth ambitions with leading insurers in this dynamic region.

    Questions & Answers

    Who has Citigroup appointed to its Financial Institutions Investment Banking division?
    Citigroup has announced the appointment of Jonathan Alpert as Global Head of Insurance and Ryan Willingham as Managing Director covering Specialty Finance.

    What experience does Jonathan Alpert bring to his new role at Citigroup?
    Jonathan Alpert brings over 28 years of experience in the insurance industry and investment banking. His most recent role was Co-Head of Global Insurance at Bank of America.

    What is the significance of these appointments for Citigroup?
    These appointments come at a time of increased deal activity in the insurance sector, particularly in the Asia-Pacific region. Alpert, as Global Head of Insurance, will play a pivotal role in supporting Citigroup’s growth with leading insurers in this region.

  • Great Eastern Unveils Exclusive High Net Worth Services: Tailored Insurance and Elite Lifestyle Perks

    Great Eastern Unveils Exclusive High Net Worth Services: Tailored Insurance and Elite Lifestyle Perks

    Great Eastern, the insurance division of OCBC, has introduced a new service tailored specifically for high net worth (HNW) individuals and families across Asia.

    Great Eastern Private: A Tailored Experience

    The newly unveiled proposition is named Great Eastern Private. This service aims to bring together custom-designed HNW insurance solutions with a curated panel of expert advice and services spanning seven spheres. These domains encompass next-generation leadership, family advisory and trust services, health and longevity, international tax advisory, legal advisory, philanthropy, and global lifestyle concierge.

    In collaboration with Singapore Management University Executive Development, Great Eastern will conduct a cross-generational family program. This initiative will provide a platform for founders and family members to delve into topics like values, enterprise continuity, leadership transition, and long-term legacy.

    The Hewton Fair Suite: An Exclusive Offering

    Great Eastern is also offering HNW clients access to an exclusive area dubbed the Hewton Fair Suite, a nod to the company’s founder Alfred Hewton Fair. This premium space will feature on-site medical services in collaboration with Raffles Medical Group.

    CEO of Great Eastern, Greg Hingston, commented on the new proposition. He noted that as clients successfully amass wealth, the focus is now shifting to the careful and effective preservation and transfer of wealth. Great Eastern Private, he said, is a strategic move to invest in capabilities and services that meet this evolving customer need. He also affirmed the company’s commitment to remain the trusted insurance partner of customers throughout all life stages and generations.

    Questions & Answers

    What is the Great Eastern Private proposition?
    Great Eastern Private is a new service introduced by Great Eastern, the insurance arm of OCBC, designed specifically for high net worth individuals and families. It offers tailored insurance solutions and curated expert services across various domains.

    What are some of the services offered as part of Great Eastern Private?
    Services offered under Great Eastern Private encompass next-generation leadership, family advisory and trust services, health and longevity, international tax advisory, legal advisory, philanthropy, and global lifestyle concierge.

    What is the Hewton Fair Suite?
    The Hewton Fair Suite is an exclusive area offered to high net worth clients utilizing the Great Eastern Private service. It includes on-site medical services provided in partnership with Raffles Medical Group.

  • Manulife Ignites Responsible AI Revolution: Launches Cutting-edge Center in Singapore to Boost Insurance Efficienc

    Manulife Ignites Responsible AI Revolution: Launches Cutting-edge Center in Singapore to Boost Insurance Efficienc

    Manulife, the multinational insurance corporation, recently launched its Artificial Intelligence (AI) Center of Excellence in Singapore. This move is part of the company’s strategic plan to leverage cutting-edge technologies to streamline its operations and enhance customer experience.

    The insurance giant plans to utilize AI to expedite insurance processes while improving personalized advice and customer engagement, according to an announcement made last Friday.

    According to CEO Benoit Meslet, AI plays an instrumental role in delivering better, faster, and more personalized services to customers. He highlighted the importance of technology in strengthening trustworthy human relationships in the business.

    AI Integration in Various Insurance Processes

    Manulife’s development strategy places a focus on underwriting, distribution, operations, and customer engagement. The development is guided by principles of transparency and security. This approach signifies the company’s commitment to build unique customer service delivery and cost efficiency while preparing its workforce for the future.

    Singapore’s vibrant innovation ecosystem, robust digital infrastructure, and regulated AI governance framework provide the perfect base for experimentation and talent development. Manulife plans to increase its AI-specific workforce over the next three years, with new hires focusing on data science, AI governance, and engineering.

    Expanding Best Practices in the Regional Insurance Market

    Manulife is participating in the Monetary Authority of Singapore’s Pathfinder Programme, among other research partnerships. The company is committed to helping establish industry-wide standards for responsible AI use.

    Chief AI Officer for Manulife Asia, Mark Czajkowski, emphasized that “responsible innovation, governance, and impact” are at the core of the company’s strategy.

    Emphasizing the Role of Technology in Value Creation

    By incorporating advanced analytics and automation into its core operations, Manulife aims to increase productivity and offer more intuitive financial protection solutions. This step highlights a broader industry shift where investing in AI has become a crucial factor for competitive growth.

    Questions & Answers

    What is the primary aim of Manulife’s AI Center of Excellence in Singapore?
    The primary aim is to leverage AI technology to streamline operations and enhance personalized customer service.

    What are the focus areas of Manulife’s AI development strategy?
    The focus areas are underwriting, distribution, operations, and customer engagement.

    What is Manulife’s stance on AI governance?
    Manulife emphasizes the importance of responsible innovation, governance, and positive impact in its AI strategy.

  • Cyber Insurance Market Surges 7% to Reach $15 Billion by 2024: What’s Driving This Growth?

    Cyber Insurance Market Surges 7% to Reach $15 Billion by 2024: What’s Driving This Growth?

    The global cyber insurance market is displaying a mixed bag of results in 2024, achieving a 7% growth to nearly $15 billion in premiums. However, this upward trajectory comes with a caveat: the momentum has decelerated for a second consecutive year, according to a recent analysis by Moody’s Ratings.

    Regional Disparities in Growth

    Interestingly, while growth thrives in regions outside the United States, the American sector is seeing a decline, with premiums dropping 1.5% to $7.1 billion, following a slight dip of 0.7% in 2023. Despite these challenges, the sector has maintained its profitability, demonstrating combined ratios of 79% for primary cyber coverage and 84% for excess coverage.

    Ransomware: The Persistent Threat

    Ransomware attacks continue to dominate the claims landscape, although the total ransom payments slipped by 35% last year to a still-staggering $814 million. Such a significant drop raises eyebrows: are cybercriminals still plotting, or is the market growing more resilient?

    Competitive Landscape Pushes Rates Down

    The rising competition within the sector has led to a reduction in prices. Marsh’s data reveals that U.S. cyber insurance rates fell by 7% during the first half of 2025, while the UK experienced a sharp decline of nearly 19%. In response to this dynamic environment, some insurers are pivoting their strategies, transitioning from quota share to excess-of-loss reinsurance, and exploring innovative options such as catastrophe bonds and industry loss warranties to mitigate systemic risks.

    The Future: Potential Beckons

    Moody’s highlights that while penetration among large corporations remains strong, only about 10% of small and medium-sized enterprises (SMEs) are investing in cyber coverage. This suggests a vast pool of untapped potential that could contribute to future growth. Indeed, Allianz’s 2025 Risk Barometer ranks cyber incidents as the top global risk for the fourth year running, signaling that the appetite for cyber insurance could increase as awareness grows.

    Questions & Answers

    Which regions are driving growth in the cyber insurance market?
    Growth is particularly strong in non-US regions, while the US is experiencing a downturn in premium volumes.

    What is contributing to the decrease in ransom payments?
    The total ransom payments fell by 35% last year to $814 million, indicating a possible shift in the strategies employed by cybercriminals or improvements in defenses.

    What does the future hold for the cyber insurance sector?
    Long-term growth prospects remain robust, especially with only 10% of SMEs currently covered, suggesting significant room for expansion as cyber threats continue to evolve.

  • Asia-Pacific Aviation Insurance Set to Soar with Projected 8.7% Growth by 2032

    Asia-Pacific Aviation Insurance Set to Soar with Projected 8.7% Growth by 2032

    In the rapidly evolving landscape of the aviation insurance market, the Asia-Pacific region is set to take flight with remarkable momentum. The market is projected to expand at an impressive compound annual growth rate (CAGR) of 8.7% from 2022 to 2032, spurred by robust industrial growth and increasing aviation activities in powerhouse nations such as China and India. Such figures are a clear signal of the sector’s dynamic potential as it approaches a valuation of $7.1 billion globally by 2032, up from $4.1 billion in 2022.

    Passenger Liability Insurance: A Market Leader

    In 2022, passenger liability insurance took the lead, generating over one-third of the total revenue in the aviation insurance landscape. This surge is largely driven by regulatory mandates that necessitate coverage for damages related to passengers. When you think about it, it’s as if aviation laws are playing a critical role in ensuring that safety always comes first — because no one wants to be left high and dry!

    Rising In-flight Insurance Demand

    The in-flight insurance segment is emerging as a significant player, expected to witness the highest CAGR of 8.6% through 2032. This growth is influenced by a rising tide of accident risks linked to factors like unpredictable weather and mechanical failures, compelling airlines to fortify their insurance frameworks.

    Airlines Segment Dominates But Aerospace Is Soaring

    Breaking down the market by product type, the airlines segment held a commanding share in 2022, as demand grows for insurance solutions that are custom-made to address airline-specific risks. However, the aerospace segment is poised for the most rapid advancement, enjoying a projected CAGR of 9.0%. Insurers are increasingly adopting advanced technologies to evaluate and price the more intricate risks associated with aerospace, setting the stage for a transformation in how these complexities are managed.

    Commercial Aviation: Still the Heavyweight Champion

    On the application front, commercial aviation insurance remains the heavyweight champion, accounting for over half of the market in 2022 due to the substantial values and liability limits involved. Yet, the general and business aviation segment is not to be overlooked; it is anticipated to experience the fastest growth at 8.0%, spurred by heightened travel demand and increased activities such as skydiving.

    Questions & Answers

    What factors are driving the growth of the aviation insurance market in the Asia-Pacific region?
    The growth is primarily driven by industrial expansion and an uptick in aviation activities, particularly in China and India.

    Which segment of aviation insurance generated the most revenue in 2022?
    Passenger liability insurance led the market, accounting for over one-third of the total revenue, largely due to regulatory requirements for coverage.

    What technologies are influencing the aerospace insurance segment?
    Insurers are leveraging advanced technologies to better assess and price the complex risks associated with aerospace, leading to accelerated growth in this segment.

  • Asia’s Construction Insurance Market Set for Robust Growth in 2024!

    Asia’s Construction Insurance Market Set for Robust Growth in 2024!

    Insurers in the construction sector across Asia are gearing up for a robust year in 2024, as highlighted in Aon’s 2025 Global Construction Insurance and Surety Market Report. The report underscores a growth-oriented atmosphere buoyed by enhanced reinsurance treaty performance, a strong underwriting appetite, and ample capacity.

    Long-Term Stability and Profitability

    While the momentum is palpable, insurers are also focused on achieving long-term profitability and stability, which is fostering greater underwriting discipline, even as some markets soften. A delicate balance of risk and reward is becoming the sweet spot for companies navigating these waters.

    Favorable Conditions in Key Markets

    China, Hong Kong, and India stand out as the beacons of favorable insurance market conditions. These regions have witnessed impressive growth, particularly India, where local and foreign insurers have rallied behind infrastructure expansion efforts. In China, insurers are offering modest premium reductions for low-risk profiles, with reinsurers showing an increased appetite for catastrophe exposures—a vital trend given the region’s vulnerability to natural disasters.

    Challenges in Japan

    Conversely, Japan is undergoing a modest hardening cycle, where regulatory scrutiny has prompted insurers to adopt more conservative strategies, impacting the management of large and complex risks.

    Mixed Signals in Southeast Asia

    In Southeast Asia, markets in Singapore, Thailand, and Malaysia are witnessing moderate conditions, while Australia boasts a surge in construction activity across real estate and infrastructure sectors. The post-pandemic boom in residential development has shifted insurer priorities, sparking a rising demand for latent defects insurance and internal water damage protections. Detailed water management plans and strong contractor risk mitigation strategies are proving essential to securing favorable terms.

    Competition in Real Estate

    The real estate sector remains fiercely competitive with robust local insurer capacity. However, ambitious civil engineering projects, especially those involving underground works or exposure to natural catastrophes, are still testing insurer capacity and pricing structures. These complex and high-risk projects often necessitate international market support or unique risk transfer solutions.

    Emerging Trends in Technology-Driven Construction

    The rise of technology-driven construction—think data centers, battery plants, and semiconductor factories—is emerging as a vibrant growth area. Australia, in particular, is seeing insurers respond enthusiastically to defense-related infrastructure projects, propelled by increasing government investment projected through 2029. While the market remains rich in capacity and competitive for preferred risk types, insurers are proceeding with caution concerning catastrophe risks. Therefore, larger, more intricate projects might require tailored insurance structures like excess-of-loss (XOL) or alternative risk transfer (ART) solutions to adequately address coverage needs. If all else fails, you may need to put on a superhero cape to navigate these complexities!

    Questions & Answers

    What is driving growth in the construction insurance market across Asia in 2024? The growth is fueled by improved reinsurance treaty performance, strong underwriting appetite, and ample capacity within the market.

    Which countries are experiencing the most favorable insurance market conditions? China, Hong Kong, and India have reported sustainable growth, with India showing significant support for infrastructure expansion from both local and foreign insurers.

    How are insurers responding to large-scale civil engineering projects? Insurers are increasingly cautious about these projects, which often necessitate bespoke insurance structures to meet coverage requirements, especially due to the heightened risks associated with natural disasters.

  • India’s Life Insurers Showcase Solid Growth in May Amidst Declining Policy Volumes

    India’s Life Insurers Showcase Solid Growth in May Amidst Declining Policy Volumes

    India’s life insurance industry is experiencing quite the twist, as it reported a year-on-year premium growth of 12.7% in May, bringing the total premiums to a substantial Rs30,463.2 crore. This surge is a welcome improvement from April’s 8.4% growth, although it falls below the impressive 15.1% growth seen in May 2024, largely influenced by the revised surrender value regulations introduced in October 2024.

    Policy Sales Take a Dip

    However, in an unexpected turn of events, the number of life insurance policies sold plummeted by 10.4% during the month. The segment of individual non-single policies suffered a particularly steep decline of 10.5%, totaling at 16.7 lakh. While these figures may sound ominous, private insurers managed to thrive in the individual non-single premiums category. In contrast, the Life Insurance Corporation of India (LIC) faced a 7.8% decrease in this sector. Evidently, private players are enjoying a sweet spot, propelled by a growing preference for higher-value policies.

    Annual Premium Equivalent Sees Impressive Growth

    Amidst this backdrop, the Annual Premium Equivalent (APE) showcased a remarkable uptick of 14.4% in May, compared to a 12.0% rise in May 2024. Over the period from May 2023 to May 2025, the industry’s APE has grown at a steady 13.2% compound annual growth rate (CAGR), with private insurers outpacing LIC at 13.8% versus LIC’s 12.4%. On the other hand, the growth of Unit Linked Insurance Plans (ULIPs) remains subdued, primarily due to market volatility, while group business has become the standout performer this May.

    A Bright Future Ahead

    Looking ahead, industry analysts predict that insurers will intensify their focus on agency channels, especially as banks increasingly prioritize deposit mobilization. Upcoming regulatory changes, such as the proposed Insurance Amendment Act and the Bima Trinity initiatives, are seen as catalysts for market expansion. CareEdge Ratings optimistically forecasts the industry could achieve an annual growth rate of 10% to 12% over the next three to five years, buoyed by innovations in product offerings and enhanced distribution strategies. And who knows? With such promising growth, life insurers might soon find themselves in a healthy competition for policyholder affection!

    Questions & Answers

    What was the growth percentage of life insurance premiums in May? The life insurance industry experienced a growth of 12.7% in May, reaching a total of Rs30,463.2 crore.

    How did private insurers perform compared to LIC? Private insurers saw growth in individual non-single premiums, while LIC recorded a 7.8% decline in this segment.

    What future growth is projected for the life insurance industry? CareEdge Ratings projects a yearly growth rate of 10% to 12% for the industry over the next three to five years, largely driven by private sector expansion and product innovation.

  • Asia’s Insurance Markets Surge in 2024 Driven by Life and Health Sector Growth

    Asia’s Insurance Markets Surge in 2024 Driven by Life and Health Sector Growth

    Asia’s insurance markets showed impressive growth in 2024, especially in the life and health sectors, yet they continue to trail behind North America and Western Europe in overall scale and performance—particularly within the property and casualty (P&C) arena. Globally, the insurance industry expanded by a robust 8.6%, reaching a staggering $7.87 trillion (EUR 7.0 trillion) in total premiums.

    China: The Star of Life Insurance Recovery

    China emerged as a powerhouse in Asia’s life insurance sectors, boasting a remarkable growth rate of 15.4%. This trend outshines the 7.1% increase seen in Western Europe and propelled the global life segment’s overall growth to 10.4%. Driving this surge were higher interest rates, which effectively bolstered premium incomes across markets.

    Health Insurance Booms Amidst Low Penetration

    The demand for health insurance in Asia also proved strong, with premiums soaring by 12.6% in 2024. Low penetration rates—below 1% in most nations except Taiwan—and limited public healthcare coverage contribute to this upward trajectory. Meanwhile, the US holds its ground by dominating the global health insurance market, accounting for approximately two-thirds of worldwide premiums.

    Challenges in Property and Casualty Insurance

    While Asia’s life and health sectors exhibit clear growth potential, the sluggish development of P&C insurance restricts the region’s overall impact on global premium expansion. The term “growth markets” is increasingly put to the test as North America surpasses Asia in key sectors, despite having a smaller population.

    Future Outlook: A Double-Edged Sword

    Looking ahead, economic challenges may pose risks to the regional outlook. Diverging inflation trends and capital market volatility are likely to affect insurer portfolios and strategic planning throughout Asia. As global insurance growth continues to rise, Asia must seize the opportunity to enhance penetration and strengthen its P&C performance to keep pace with its more developed counterparts. Who knows, perhaps the region will surprise us all and redefine what “growth market” truly means!

    Questions & Answers

    What contributed to China’s impressive life insurance growth?
    Higher interest rates bolstered premium income, leading to a remarkable growth rate of 15.4%.

    How does Asia’s health insurance market compare to that of the US?
    Asia’s health insurance premiums rose by 12.6%, but the US dominates globally, accounting for around two-thirds of total premiums.

    What challenges does Asia face in the property and casualty insurance sector?
    Slower development in P&C insurance constrains Asia’s overall contribution to global premium growth, despite significant advancements in life and health segments.

  • Insurance sales at banks boom

    Insurance sales at banks boom

    More than a dozen lenders achieved bancassurance revenues of over VND1 trillion ($42,633 million) from new customers last year, according to Vietcombank Securities.

    Bancassurance refers to insurance products sold through banks.

    Premium income from new customers increased by 45% during the year, and overall premiums at by 16%.

    Military Bank led with more than VND2.1 trillion from new customers. It was followed by VIB, Sacombank, Vietcombank, Techcombank, VPBank, HDBank, and VietinBank, who all achieved premiums of more than VND1 trillion.

    Banks have an advantage over conventional insurance agents thanks to their existing customer base and financial know-how.

    Bancassurance contributed 40% of the insurance industry’s revenues from new customers last year, and this is expected to increase to 50% in the next two years.

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  • Priceline Pharmacy launches health insurance

    Priceline Pharmacy launches health insurance

    Priceline Pharmacy has launched a unique health insurance brand and products in partnership with health fund nib.

    The launch of the health insurance products sees Priceline Pharmacy become the first pharmacy retailer to offer this to its customers.

    The cover includes all the stuff people would typically expect with private health insurance but the real benefits are the Priceline perks thrown in for good measure.

    “Priceline has operated as a health and beauty destination for over 40 years. We are constantly looking to provide products and services that our customers want and Priceline Health Insurance now provides an extension of our brand’s trusted pharmacy offer,” General Manager, Priceline Pharmacy, Andrew Vidler said.

    “There is no other health insurance product like this: from $5 vouchers, which accrue with every $50 purchase (and I can tell you they add up quickly!) to offering annual flu vaccinations through more than 370 Priceline Pharmacies around Australia.

    “It’s important to us that our Franchisees who operate these local pharmacies in their communities will also see these new health insurance customers in their stores and create even more loyal Sister Club members for our brand,” he said. 

    Priceline says the pharmacy brand is leveraging the power of its Sister Club program. Specifically, Priceline health insurance members will receive Sister Club bonus points for every $1 spent on the premium and a $5 voucher for every $50 spent in Priceline and Priceline Pharmacy stores.

    Additionally, Priceline says that health insurance members will also be bumped up to automatic ‘Pink Diamond’ status, which is the highest status a Sister Club member can attain. This comes with numerous benefits including more $5 vouchers and gifts for birthdays and Christmas.

    Additionally, every health insurance customer will reportedly receive an annual flu vaccine at Priceline Pharmacy.

    nib’s Chief Executive Australian residents’ health insurance, Ed Close said the launch of Priceline health insurance presented a unique and exciting opportunity, particularly for the more than seven million Sister Club members.

    “As one of Australia’s largest loyalty programs, Sister Club members will benefit from a bespoke range of best-in-class health insurance products, but with the bonus of Sister Club points on joining and when they pay their premium, making sure they get ongoing value from simply being a Priceline health member,” Mr Close said.

    “In addition, we will be able to use Priceline’s national pharmacy network and digital assets to provide an enhanced service offering as well as ongoing customer benefits.”

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  • Insurance Policy For Electric Scooters In India

    Insurance Policy For Electric Scooters In India

    The government of our country recently created a goal of going “completely electric” to limit the spread of pollution. India is one of the first five countries globally which use conventional fuels. Due to this, the environment faces a grave threat, which is why electric scooters are being promoted more and more these days. Having proper insurance if you have an electric scooter is important as well because your scooter is an asset. When you claim the insurance in case of damage, you get reimbursed.

    Some of the main benefits of getting your electric scooter insured include:

    • Getting insurance for your electric scooter complies with the government’s law. The government requires every vehicle to be registered and insured.
    • It helps you financially in case of accidents and mishaps. The components of electric scooters are very expensive and therefore, having insurance to cover the costs is very important.
    • Even if your electric scooter malfunctions or breaks down, the money will get reimbursed. Thus, an insurance policy saves you from spending money out of your pocket in case of accidents.
    • Go for a policy that offers full coverage at a reasonable price.
    • Prioritize going for digital-based insurance companies since they can be quickly acquired and easily claimed.
    • Compare the pros and cons of numerous policies before locking in on one.
    • Ensure that you are legally ready and responsible.
    • Read the fine print stating the terms and conditions thoroughly before making the purchase.

    DOCUMENTS NEEDED:

    • Proof of Identification – Voter’s ID Card, Aadhaar
    • Proof of Address – Passport, Driver’s License, Aadhaar
    • Recently-Captured Passport-Sized Photographs

    TYPES OF INSURANCES:

    There are generally two variants of electric scooter insurance in India. They are:

    • Third-Party Liability Insurance – Considered to be the main type of insurance, the third-party liability insurance protects the insured vehicle from any sort of financial as well as legal liability caused as a result of accidental damages.
    • Comprehensive Two Wheelers Insurance – This kind of insurance offers an extra layer of security and safety. This policy provides protects the insured vehicle from numerous natural as well as man-made disasters.

    WHY PURCHASE AN INSURANCE POLICY?

    There are two main reasons why you should get your electric scooter insured as soon as possible. They are:

    • Electric Scooters sport a heavy price tag and therefore, they should be insured to save money in case an accident takes place.
    • Electric scooters have high maintenance charges. They are quite powerful and therefore, need as much protection as they can get. An insurance policy guarantees that.

    Getting your electric scooter insured is both a logical and a sensible thing to do if you wish to save money in the long run. There are many insurance companies out there that offer electric scooter insurance. Do proper research and compare the plans before locking on a particular one.

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  • Cebu Pacific provides added protection through CEB Travelsure

    Cebu Pacific provides added protection through CEB Travelsure

    The Philippines’ leading airline, Cebu Pacifi upgrades its CEB Travelsure “Basic Protect” insurance product to now include “COVID Protect”, to inspire travel confidence amidst the current situation. CEB is the first local carrier to offer this type of enhanced coverage in one product.

    Starting January 13, 2022, CEB Travelsure “Basic Protect” becomes even more comprehensive as it now covers COVID-related hospitalization and treatments, on top of up to PHP 2,500,000 medical expenses benefit, in case of an injury or other illnesses, and up to PHP 2,500,000 personal accident coverage during the trip.

    CEB Travelsure “Basic Protect” may be availed by passengers with domestic and international itineraries, as long as their trip starts in the Philippines, for as low as PHP 492 round-trip.

    CEB Travelsure is underwritten by Insurance Company of North America (a Chubb Company). Chubb is the world’s largest publicly traded property and casualty insurance company.

    Passengers can conveniently avail themselves of CEB Travelsure when booking flights on the CEB website or select as an add-on up to two hours prior to their flight via the ‘Manage Booking’ portal on the Cebu Pacific website. Insured passengers will receive their group policy Confirmation of Cover with the details of the travel insurance benefits via email. Customers should contact Chubb directly if they have specific questions about their insurance coverage.

    Chubb also offers a 24/7 Emergency Medical and Travel Assistance Hotline.

    CEB TravelSure is the airline’s comprehensive travel insurance plan which provides extensive trip protection with coverage for costs related to having injuries, illnesses, loss of personal belongings, trip cancellations, emergency assistance, and other unforeseen travel circumstances (subject to the full terms & conditions of the Group Policy). For more information, passengers may visit: https://www.cebupacificair.com/pages/plan-trip/add-ons/travelsure

    CEB has attained 100% vaccination rate for its active flying crew through its very own employee vaccination program, JG Summit COVID Protect, and various partnerships with local government units in the country.

    The airline has been rated 7/7 stars by airlineratings.com for its COVID-19 compliance as it continues to implement a multi-layered approach to safety, in accordance with global aviation standards. These include daily extensive cleaning and disinfection protocols for all aircraft and facilities, on top of its contactless flight procedures. Its jet fleet are equipped with hospital-grade HEPA filters, known to eradicate viruses with 99.9% efficiency.

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  • Allianz Asia Pacific Appoints CEO

    Allianz Asia Pacific Appoints CEO

    The Asia Pacific unit of Allianz has named a new chief executive officer to succeed Solman Altin, who has decided to leave the firm after first joining 13 years ago.

    Anusha Thavarajah has been named regional CEO of Allianz Asia Pacific, according to a statement.

    In her new role, Thavarajah has been tasked with delivering long-term growth and driving ongoing transformation efforts.

    Thavarajah has over 30 years of financial services experience and is currently Allianz Asia Pacific’s regional CEO of life and health after joining the business in December 2019 from AIA Malaysia.

    «Having joined our Asia senior leadership team since 2019, [Thavarajah] is also no stranger to our management philosophy and will bring valuable experience and insights, built over a long and illustrious career in insurance,» said Sergio Balbinot, member of the management board of Allianz SE.

  • Allianz Global Investors to Grow Indonesia Presence

    Allianz Global Investors to Grow Indonesia Presence

    The firm has signed an agreement to acquire an Indonesia-based asset manager, where it aims to create an on-the-ground, market-leading setup to grow its footprint.

    Allianz Global Investors (Allianz GI) has announced plans to acquire Indonesia’s RHB Asset Management from shareholders RHB Banking Group and RHB Sekuritas Indonesia, according to a statement on Monday.

    RHBAM had $480 million in assets under management, as of 31 December 2020. With the deal, it will gain access to AllianzGI’s investment expertise and solutions, allowing it to being in new perspectives to the Indonesia asset management market, the statement said.

    The transaction is expected to be completed in 4Q 2021 and is subject to various conditions precedent, including the approval by the Indonesian Financial Services Authority.

    Allianz GI said that strengthening its franchise in Southeast Asia has long been a focus for the firm.

    We see Southeast Asia as the next growth engine besides China; backed by the solid presence of Allianz SE in Indonesia, the proposed acquisition is a confident stride to accelerate our entry into this fast-growing market, Tobias Pross, AllianzGI chief executive officer, said in the statement.

    The firm employs 690 investment professionals in 23 offices worldwide and manages €598 billion in assets for individuals, families and institutions, as of 31 March 2021.

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