This is our regular update of new insurance regulatory developments relevant to the Asia Pacific* and India, new insurance-related case law in Hong Kong, Australia and England and interesting insurance articles from across the world.
Insurance regulatory updates
Singapore
MAS Makes Senior Management Changes
Reply to Parliamentary Question on wholesale insurance for banks and credit card issuers to permit easier write-offs for smaller transaction amounts
India
Communications on basic health insurance policies to the policyholders
Australia
APRA releases finalised reporting standard for ARS 115.0 Capital Adequacy
APRA releases general insurance statistics for December 2020
APRA releases life insurance statistics for December 2020
Insurance cases
XL Insurance Co SE v IPORS Underwriting Ltd [2021] EWHC 474 (Comm)
Queen’s Bench Division (Commercial Court) – 4 March 2021
HMRC; Insurance premiums; Joinder; Misappropriation; Proprietary rights; Tracing; Unjust enrichment
Paccar Inc v Road Haulage Association Ltd [2021] EWCA Civ 299
Court of Appeal (Civil Division) – 5 March 2021
Claims management; Damages-based agreements; Enforcement; Third party funding
Insurance news
Insurtech Symbo raises SG$12.55 million in funding round
Zurich confirms new CEO for commercial insurance
Munich Re appoints Scott Hawkins to lead Australasia
Asia sees ‘biggest shift’ in cyber premiums
Aviva unveils full-year financial results and announces market exit
Prudential’s Asia sales take HK hit but profit climbs 12%
Australian insurers’ capacity shrinks: report
*Hong Kong, Singapore, China, Malaysia, Vietnam, Thailand and Australia.