Sri Lanka Life & Non-Life Insurance News

Related Insurance Industry News

• September 2022: Liberty Mutual partnered with the digital insurance distribution company REIN to provide a new embedded insurance offering to Sony Electronics and its customers. With this, the two companies teamed up to launch an insurance product for Sony's Airpeak S1 drone purchasers.
• February 2023: Moonrock Insurance launched its new drone insurance product that is designed to provide coverage for all non-standard drone operations, including BVLOS, heavy lift drones, swarm displays, and crop spraying. For this, Moonrock has partnered with Apollo Insurance.

• July 2022: AXA Germany agreed to transfer a portfolio of around 900,000 conventional life and annuity insurance contracts worth Euro 19 Billion (20.5 USD billion) in assets under administration to Athora Germany for a purchase price of Euro 610 million (658.71 USD million).
• May 2022: Munich Re enhanced the acceptance of artificial intelligence (AI) with its new "CertAI" validation service. This helped the company to better cater to the clients and gain more market share.

• March 2023: Hinduja Global Solutions Ltd (HGS), a leading provider of solutions in digital consumer experience (CX), business process management (BPM), and digital media services, announced it had completed the acquisition of a 100% stake in TekLink International Inc. for USD 58.8 million.
• February 2023: Tata Consultancy Services (TCS) announced expanding its long-standing partnership with Phoenix Group, the UK's largest long-term savings and retirement provider. It is to digitally transform the latter's ReAssure business using the TCS BaNCS platform.

• October 2022: GrabInsure, the insurtech arm of ride-hailing company Grab, announced a partnership with Prudential to offer digital insurance products to Grab's customers in Southeast Asia. The partnership will allow GrabInsure to expand its offerings and reach a larger customer base.
• August 2022: Singapore-based insurtech firm PolicyPal announced that it had become the first insurtech company in Singapore to obtain a full insurance license. This license allows PolicyPal to offer consumers a wider range of insurance products and services.

• In 2022, the General Insurance Association of Malaysia(PIAM) and Malaysian Takaful Association(MTA) launched the year-long PIAM-MTA 2022 nationwide Road Safety Campaign in Kuala Lumpur.
• In 2022, Etiqa General Insurance Bhd and Syarikat Takaful Malaysia Am Bhd (Takaful Malaysia) emerged as the winner at Motor Insurance and Takaful Award 2021/22, an annual honor for top Motor Insurance and Takaful companies in the country.

• September 2022: MSIG Insurance ("MSIG") and Klook will only offer TravelCare insurance as an add-on when Singaporean clients book travel-related activities and services via Klook's mobile app or website. This collaboration is made possible through a distribution relationship.
• March 2022: AXA Singapore ceased to offer Motor and General Insurance Businesses. AXA Singapore operations are to be merged with the existing HDFC Life Singapore Business.

• In September 2022, An online insurance company called Roojai has seen significant growth, collecting THB 1.1 billion ( $0.031 billion) in premiums while also seeing a 40% rise in the number of customers compared to 2021. The secrets to Roojai's ongoing success have been product diversity, satisfying customer service, and powerful branding.
• In October 2022, Seychelles Financial Services Authority (FSA) suspended the license of Falcon Insurance on the basis of an audit related to irregularities in its operations.

• December 2022: Westland Insurance acquired Gateway Insurance Group, Hutcheson, Reynolds, and Caswell Insurance. With this acquisition, Westland has expanded its already robust Property and Casualty (P&C) practice and grown its presence in the strategically important Ontario and Atlantic Canada region.
• November 2022: StoneRidge Insurance Brokers acquired Safeway Insurance. StoneRidge Insurance Brokers is a leading provider of insurance and consulting services whose platforms include an insurance brokerage, group benefits, and Safeway, which provides the consumer with a large selection of property and casualty insurance products along with a variety of financial products such as life insurance and investment options.

• In January 2022, one of the best athletes I-Great Heritage Assurance Service was introduced by Great Eastern Life Indonesia in collaboration with the Sharia Business Unit of Bank OCBC NISP. With the use of this service, Indonesians can organize their finances, particularly in terms of preparing their families for an inheritance
• In October 2021, A partnership agreement was inked by PT Asuransi Reliance Indonesia (ARI) and PT Bank Pembangunan Daerah Banten Tbk. This partnership was established with the understanding that insurance products are crucial for everyone's safety and comfort. The general people have recently begun to comprehend the significance of insurance more and more. The businesses anticipate that this collaboration will be advantageous for all stakeholders, including ARI, Bank Banten, and the clients.

• March 2022: Marsh & McLennan, the world's largest insurance broker, was planning to exit all of its businesses in Russia, while its rival Aon suspended operations in the country.
• March 2022: Aon PLC, a leading global professional services firm, acquired the actuarial software platform Tyche from technology and software firm RPC Tyche. The transaction significantly expands Aon's capabilities to help re/insurer clients rethink access to capital and make better business decisions.