India eyeing creation of P&I insurance club

spike

The Insurance Regulatory and Development Authority of India (IRDAI) is discussing the possible creation of a protection and indemnity (P&I) club in the Indian marine insurance market.

The regulator is in talks with the Indian National Shipowners Association (INSA) regarding the move, which will boost the country’s marine insurance market, as revealed during the 2021 Maritime India Summit on March 02, The Hindu Business Line reported.

Marine insurance makes up around 2% of gross domestic premiums in India, and the national regulator has been planning to create a homegrown P&I club for several years now.

Another potential move that

Read More

Singapore life insurers elect new set of officers

spike

The remaining management committee members are: Jean Drouffe (AXA), Raymond Ong (Etiqa) and Andrew Yeo (NTUC Income).

According to LIA Singapore, this year’s management committee will focus on boosting consumer protection, sustainability and digitalisation in the industry, as it seeks to assist Singapore’s recovery from the effects of the COVID-19 pandemic.

To ensure the utmost security of customer data, LIA Singapore said it will continue to work closely with the Monetary Authority of Singapore (MAS) and other regulators to develop and strengthen industry best practices. The association will also prioritise the upskilling and reskilling of workers as insurers meet increased

Read More

Crawford company Broadspire brings on new executive team

spike

Broadspire – the third-party claims administrator subsidiary of Crawford & Company – has made a series of appointments for its global operations executive team.

All new members of Broadspire’s executive team were selected from within the company. Joining Broadspire TPA North America president Mike Hoberman in their new positions are Jeff Sickles as chief claims officer; Erica Fichter as chief operating officer, medical management, accident & health claims; Michael Becker as chief client officer; Marc Cunningham as chief sales & marketing officer for TPA US; and Andrea Aiken as vice president of TPA Canada.

Hoberman has been working in the

Read More

Insurtech Symbo raises SG$12.55 million in funding round

spike

The insurtech, which is active in India and Southeast Asia, said it will use the investment to bolster its core technology platform and leadership team to bring its offerings to scale across its core markets. It will focus on recruitment across senior technology and product functions, in addition to senior business development hires in Singapore, Malaysia and Indonesia.

A large part of the funds will be invested into Symbo’s Indian affiliate, with the intention of acquiring complete ownership of the business, subject to applicable regulatory approvals.

The funding round comes after Symbo’s acquisition of Singapore-based digital health platform Vivant, expanding

Read More