Abolishment of foreign ownership caps will benefit Chinese insurers

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As China opens up its insurance market to foreign investment, homegrown insurers are likely to benefit from the incoming competition, according to an industry report by GlobalData.

The report showed that the GWP of the Chinese insurance industry, which was at US$195.65 billion (SG$260 billion) in 2020, is expected to reach US$259.97 billion in 2024. China is also poised to become the largest insurance market in the world soon, overtaking the United States.

Among the foreign insurers looking to make a splash in the Chinese market is Allianz, which now fully owns Allianz (China) Insurance Holding Co. The company aggressively

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AXIS Insurance brings in new underwriter

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AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has announced the appointment of Paul Fillbrook as a senior underwriter for international accident and health.

In his new role, Fillbrook will be responsible for accident and health underwriting in the personal accident, illness and travel markets, with a focus on the aviation and marine industries. He will be based in London and will report to Guy Bonwick, head of international accident and health for AXIS Insurance.

“Paul is a highly respected A&H underwriter whose knowledge and technical underwriting expertise will help support the strategic growth of our international

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What’s on the cards for 2021 in the future

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From acquiring to fraud, the role of big tech, mobile wallets and faster payments – PCM’s James Wood asks industry leaders to play Gypsy Rosie Lee and read what’s on the cards for the year ahead…

It’s been quite a year – and one we’ll all be glad to see come to an end, whatever we do in life – unless that’s manufacturing hand sanitizer. While the initial impacts of the current pandemic are widely understood, in terms of the rapid growth of contactless transactions, mobile payments and a steep drop in the use of cash, the longer-term effects of

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Will 2021 be the year of faster payments around the world?

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One thing’s for sure: faster payments are going to make their presence felt around the world. Currently, some 41 markets world-wide offer some form of domestic faster payment system, with another 30 set to follow suit over the next 18 months. Internationally, faster payments corridors are emerging, with an experimental Hong Kong-Australia corridor promising transaction and settlement in less than 13 seconds. 

FIS’s “Flavour of Fast” report for 2020 sets out a vision for the future of Real-Time Payments, or RTPs. Aman Cheema, FIS’s SVP of strategic initiatives, argues that COVID-19 will see digital account for 50 percent

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