Day: April 5, 2021

Hong Kong adjusts premium levy rate to 0.1%

spike 2 weeks ago

The Hong Kong Insurance Authority (IA) has increased the premium levy rate on insurance policies to 0.1% per year, effective April 01, 2021.

This is in accordance with the schedule set out in the Insurance (Levy) Order under the Insurance Ordinance (Cap. 41), the regulator said in its announcement.

The levy, which will be worth 0.1% of the insurance premium per policy year, will be capped at HK$100 for life insurance policies and HK$5,000 for general insurance policies. The ordinance, which took effect in the beginning of 2018, began with a levy rate of 0.04% and was adjusted gradually until

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Why does ACORD’s CEO loathe price competition?

spike 2 weeks ago

He described four fundamental strategies that insurers typically follow. The first is operational excellence, which Pieroni said is “a nice way of saying, competing on price” and being highly efficient. The second is customer intimacy, which revolves around the delivery of a superior customer experience. The third is product leadership, which is competing based on positive differentiation in solutions and services. And the fourth is innovation, which is based on speed, discontinuous change, and the 10x advantage.

Read next: ACORD reveals the digital maturity of the world’s top carriers

The carriers that take a composite approach, executing at least two

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Credit Suisse in line for fallout from Greensill debacle

spike 2 weeks ago

Credit Suisse’s shares have fallen by almost 25% in the past month as it has dealt with the fallout of the Greensill debacle, as well as losses at its prime brokerage division caused by the recent collapse of Archegos Capital Management, Reuters reported.

The debt Credit Suisse bought from Greensill was backed by loans the supply-chain finance firm made to other companies, according to Reuters. To mitigate the risk of the debt, Greensill bought credit insurance from a subsidiary of Insurance Australia Group (IAG). Tokio Marine took on the policies when it bought the subsidiary in 2019.

Supply-chain finance is

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Munich Re looks to address toxic online behaviour

spike 2 weeks ago

Munich Re has partnered with Spectrum Labs, a company that provides technology to consumer internet brands to help identify toxic behaviour online. The partnership will help protect Spectrum Labs’ customers and manage their risk.

The partnership underlines Spectrum Labs’ credibility by adding a financial component to guarantee the performance of its behaviour identification and detection technology, Spectrum Labs said.

“We are glad to support Spectrum Labs in their fight against toxic online content by backing the performance of their AI solution,” said Greg Barats, senior executive at Munich Re and president and CEO of HSB, a Munich Re Group company.

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