Old Mutual expects severe loss for 2020

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The South African insurer Old Mutual has today advised it is in the process of finalising its annual results for full-year 2020 and provided an interim trading statement. The insurer has warned of a full-year loss and expects its headline earnings to halve due to the recessionary environment and the impact of COVID on claims and reserves.

In its trading statement, Old Mutual predicted an after-tax loss of up to 6.2 billion rand (approx. SG$537.73 million) and said its headline earnings per share for full year 2020 are expected to drop from 236.1 cents in 2019 to between 60% and

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Monetary Authority of Singapore reshuffles leadership

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The central bank re-designated two assistant managing directors.

Lim Tuang Lee, currently assistant managing director (organisation & people development), will take on the role of assistant managing director (capital markets). He will replace Lee Boon Ngiap, who is also leaving MAS.

Bernard Wee, currently assistant managing director (finance, risk & currency), will become assistant managing director (markets & investment).  He will take over from Leong Sing Chiong, deputy managing director (markets & development), who held the responsibilities on an interim basis since February 01.

The regulator also promoted three of its executive directors to assistant managing directors.

Marcus Lim, currently

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India eyeing creation of P&I insurance club

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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

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Singapore life insurers elect new set of officers

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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

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