China – Insurance intermediaries account for an amazing 87% of total premiums in 2018
Insurance intermediaries generated premium income of CNY3.37trn ($504bn) in 2018, accounting for 87.4 percent of the country’s total premium income, according to the Insurance Intermediary Supervision Department of the CBIRC.
China – Chinese regulator approves new insurers
The authorities have approved the proposed registration names of at least 25 insurance companies (excluding insurance intermediaries) as of mid-March, according to data released by the State Administration of Market Regulation. IRL: There’s no word on whether these are purely indigenous ones or foreign insurers
Japan – Sompo Japan Nipponkoa offers insurance gift service
Japanese messaging app company Line Corporation and Sompo Japan Nipponkoa Insurance have started a service enabling people to gift insurance products to acquaintances and others with the Line free messaging app on their smartphones.
United Arab Emirates – Leonardo Da Vinci’s $450M painting of Jesus Christ missing
It’s the most expensive painting ever sold – and no one seems to know where it is. It was supposed to be exhibited at the Louvre Abu Dhabi, which licenses its name from the famed Paris museum. IRL: Perhaps the art market in London knows something?
United States – Flood insurance needs a new life preserver
Recent Midwestern flooding is expected to worsen, with the National Oceanic and Atmospheric Administration predicting that major or moderate flooding could occur in 25 states this spring. The widespread flooding will financially pressure communities and state governments as well as the federal government’s cash-strapped National Flood Insurance Program (NFIP). The NFIP has more than 60,000 policies in effect in the states where the current flooding is the most severe: Nebraska, South Dakota, Missouri, Iowa and Wisconsin. The NFIP provides as much as $11.6 billion in coverage to policyholders in these states. (I.I.I.)