The State Council of China has announced plans to expand medical insurance coverage for workers and residents within the country's urban centers. The reform will see 90 percent of the costs associated with medical treatment covered by insurance for 440 million individuals throughout the People's Republic of China. The plans were outlined in a document released on the State Council's official website…

From July 1st 2011, health insurance policy holders in India will be able to change insurance providers, without the fear of losing their benefits from their previous policy. With the new initiative issued by the IRDA (Insurance Regulatory and Development Authority), industry leaders in India predict an increase in competition among health insurance providers, as policy-holders will be afforded greater…

The results of a comprehensive survey into opportunities for insurance companies in the Asia Pacific region highlighted China and India - the two powerhouse nations in the region - as the markets with the most potential. Opportunities in Indonesia, Vietnam and Malaysia were the next highest placed in the survey conducted by the Norton Rose Group - a leading international legal practice. The survey…

Despite a growth in business volumes, AXA Asia Pacific Holdings (AXA APH) announced a fall in profits for the year ending 31st December 2010. While the company generated a profit of AU$601.6 million (US$601.2 million), this was an 11 percent decline compared with results achieved in 2009 when a profit of AU$679.2 million (US$677.7 million) was delivered; results in 2010 being adversely influenced by…

The Toronto-based insurance company Manulife Financial Corporation has reported a positive turnaround in profitability in the fourth quarter of 2010. Earnings totaled close to US$1.8 billion, helped by sales in the burgeoning Asian region which showed a 56 percent increase in overall activity. While action taken to stem earlier losses in 2010 improved performance in its key markets in the USA and…

As the Asian region enjoys economic expansion, investment in life insurance products has enjoyed double digit growth. There are more signs that the Asian economy is gathering pace, with the latest figures from life insurance sectors in Singapore and India demonstrating substantial growth in 2011.

In Singapore…

The Agricultural Bank of China Ltd, China's third largest bank, has announced that it plans to acquire new shares to enable it to take a controlling 51 percent stake in the Jiahe Life Insurance Company Ltd. The subscription for new shares will amount to approximately 2.59 billion yuan (US$393.2 million). The Agricultural Bank of China's Board of Directors approved the bid for the Beijing based Jiahe…

In Saudi Arabia authorities are warning hosptials in Jeddah of a dengue fever outbreak, following floods which have provided a perfect breeding ground for mosquitoes. According to the Ministry of Health Saudia Arabia, since the January 26th floods in Jeddah, six cases of dengue fever and 4 cases of malaria…

American International Group's (AIG) general insurance arm Chartis has announced that it has made a cash tender offer to complete a full take-over of Fuji Fire & Marine Insurance of Japan. Currently Chartis holds a controlling stake of 54.66 percent in Fuji Fire & Marine, which it acquired in 2010. Chartis will spend approximately US$ 571 million (¥47 billion) to acquire 100 percent control of the…

The burden of heart disease, diabetes and other non-communicable illnesses are taking their toll on the vulnerable members of society in the South Asian region according to a recent report by the World Bank. The report highlights the worrying increase of illness impacting the populations of South Asian countries, with impoverished people being affected by consequential out-of-pocket payments for subsequent…