Here are some key developments and news of the industry that you may be interested in:
Australia:AIA to buy Commonwealth Bank's insurance business for US$3 bln
Hong Kong-headquartered AIA has reached agreement with Commonwealth Bank of Australia (CBA) for the former to buy CommInsure Life and Sovereign, CBA's life insurance business in Australia and life and health insurance businesses in New Zealand for A$3.8 billion (US$3 billion).
Asia to be home to 60% of world's over 65s by 2030
By 2042, there will be more people aged over 65 in Asia than the populations of the Eurozone and North America combined. Those in Asia aged over 65 will grow from 365 million in 2017 to more than 520 million in 2027.
Malaysia: Great Eastern could raise US$1 bln from sale of local unit
Singapore's Great Eastern Holdings is said to be exploring selling its stake in its Malaysian operations for as much as US$1 billion. Great Eastern is among several foreign insurers which are preparing to sell large stakes in their Malaysian operations to comply with a central bank requirement for the country's insurance companies be at least partially owned by local players.
Pensions: "YOLO", not solo, to get population financially protected
Stakeholders including life insurers, pension providers and investors need to work together cohesively to educate the population on financial protection, said Mr Ramzi Toubassy, Vice President and Chairman of the Industry Promotion Committee, Life Insurance Association of Malaysia (LIAM) at the 13th Asia Conference on Pensions & Retirement Planning yesterday. And they should start educating Generation Y.
Asia: Government's help critical to building retirement security
The pace of ageing is quickening in Asia and this has urgent implications for the region's markets and societies. Regulators and policymakers must play their parts as enablers to the insurance industry, working together to build the bridge to retirement security for the region's population, said speakers at the 13th International Longevity Risk and Capital Markets Solutions Conference.