Maurice Iwunze, CEO of SympliFi told the media, “Access to credit and health care remains out of reach for most Nigerians, so families in the diaspora end up serving as the bank and insurance company for their loved ones back home. It’s a financial drain on those in the diaspora, while their loved ones back home continue to be excluded from the financial system.

“We wanted to develop an innovative solution to seamlessly address the problem, in a way that’s a win-win for both sides. The AXA partnership allows us to do so and is a first step in working together to reimagine the way Nigerians in diaspora support their loved ones back home, beyond remittances.”

Recently, AXA UK revealed that it has hired David Ovenden as the new chief underwriting officer for its commercial business. He will replace David Williams, who will vacate the post by the end of this year.

His responsibilities include delivering AXA UK’s pricing and underwriting programmes, focusing on the continued development of the insurer’s underwriting capabilities.

AXA Commercial’s chief executive officer Jon Walker said that David Ovenden’s experience, knowledge, and leadership skills are invaluable as AXA drive forward its vision and focus to further strengthen our underwriting capabilities.

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Definity will serve as a parent company to Economical Insurance, Family Insurance Solutions, Petline Insurance Company and Sonnet Insurance Company. According to the prospectus, Definity shares would be listed on the Toronto Stock Exchange.

Recently, it was also reported that Swiss Re is set to create a central cyber underwriting team that will primarily focus on product development and underwriting activities in the space. The team will be led by AXA XL’s John Coletti. He is expected to join Swiss Re in October.

Gregory Schiffer, Head of Global Specialty told the media, “With John Coletti, we have been able to attract another experienced leader in the cyber insurance market. At the same time, I would like to thank Maya Bundt for her leadership, and the innovation and successes that have already been achieved in our cyber business.”

In July, it was reported that Swiss Re along with some of the world’s leading and top insurance giants have formed an alliance to fast track the transition to a net-zero emissions economy. The alliance consists of European Insurance giants such as Allianz, AXA and Generali among others. It also includes Aviva, Munich Re, SCOR and Zurich Insurance Group.

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Nigeria also recorded the biggest drop in premiums in 2020 year-on-year. It also ranks last in terms of insurance premiums for 2020.

Swiss Re in its report forecasted that global insurance premiums will be reach the $7 trillion mark by the end of 2022.

Irina Fan, head insurance market analysis, Swiss Re Institute said that whether it is private medical insurance or supply chain interruption for businesses, the pandemic experience has made people much more aware of the need for insurance protection.

Last month, it was reported that AXA Mansard has partnered with telco Airtel Nigeria to improve access to health insurance for Nigerians.

Head of Emerging Customer and Digital Partnership Group, AXA Mansard, Mr Alphred Egbai told the media, “Our research has shown the value and importance of having a health insurance plan to the public especially for the emerging customers in the country, but for many reasons, the uptake of insurance products has been low.

“In order to mitigate these challenges and satisfy the health needs of the retail consumer whilst also encouraging the uptake of health insurance in the country, we have partnered with Airtel Nigeria to provide a solution that gives users a convenient way to purchase and manage their AXA Mansard micro-insurance plans.”

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The alliance consists of European Insurance giants such as Allianz, AXA and Generali among others. It also includes Aviva, Munich Re, SCOR, Swiss Re and Zurich Insurance Group.

The United Nations (UN) climate envoy Mark Carney said, “By committing to join the gold standard alliance for net-zero, the (NZIA) will ultimately make underwriting contingent on underlying companies having credible net-zero transition strategies.”

Last month, France-based insurance giant AXA sold its unit in Malaysia to Italian insurance giant Generali in a deal worth €262 million. The deal will see Generali become the second-biggest player in Malaysia’s property and casualty insurance market. It will also pave the way for the Italian insurer to enter the life insurance sector in Malaysia.

According to the deal, AXA will sell its stake of 49.99 percent in AXA Affin General Insurance and its 49 percent stake in AXA Affin Life Insurance. AXA earlier revealed that the deal will be closed in the second quarter of 2022.

Generali also completed the acquisition of AXA’s property and casualty insurance and life and savings businesses in Greece for €167 million.

Rob Leonardi, regional officer, Generali Asia told the media, “We have ambitions to further transform and strengthen our business in this important market and look forward to working with our customers, employees, agents, partners and distributors on this journey.”

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According to the deal, AXA will sell its stake of 49.99 percent in AXA Affin General Insurance and its 49 percent stake in AXA Affin Life Insurance. AXA earlier revealed that the deal will be closed in the second quarter of 2022.

Rob Leonardi, regional officer, Generali Asia told the media, “This is an exciting time for Generali in Malaysia and for our growth strategy in Asia. Over the last five years, we have enjoyed working together with our business partner to reshape MPI Generali and now we can further optimise our strategic position, secure economies of scale for more efficient operations and deliver even greater value for our customers.

“We have ambitions to further transform and strengthen our business in this important market and look forward to working with our customers, employees, agents, partners and distributors on this journey.”

Earlier this month, Generali also completed the acquisition of AXA’s property and casualty insurance and life and savings businesses in Greece for €167 million.

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Malaysia-based insurtech startup PolicyStreet has secured around $1.8 million in a fresh funding round, the media reported.

The startup will use the funds to improve its product offering, ramp up sales and also launch its business in other emerging markets across Southeast Asia.

Reportedly, PolicyStreet is planning to expand in Indonesia as well as Indochina within the next six to 12 months.

The funding round for PolicyStreet was led by KK Fund.

Other investors that participated in the funding round for PolicyStreet include Singapore VC fund, Spiral Ventures.

PolicyStreet gained the support of both international and local angel investors through equity crowdfunding platform PitchIN.

Since the beginning of this year, Malaysians have become more cautious about their expenses due to unfavourable market conditions brought on by the coronavirus outbreak. This has resulted in an increase in demand for small-ticket or bite-sized insurance products that meet a specific need, according to Lee Yen Ming, co-founder, and chief executive at PolicyStreet.

He told the media, “These ‘sachet-type’ insurance policies typically have lower premiums and coverage compared with traditional policies. From our observation, we know that Malaysians want more of these types of products, but there is still a lack of such products in the market. A wider availability of sachet-type insurance policies would definitely help to raise the insurance penetration rate in the country, which is still low.”

Established in 2017, PolicyStreet claims to have reached roughly 225,000 customers, selling 36,000 policies worth roughly $832.8 million. Its partners include Great Eastern, Allianz, Zurich, AXA, and Manulife.

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FCA interim chief executive Christopher Woolard said in a statement, “We have been clear that we believe in the majority of cases business interruption insurance was not purchased to, and is unlikely to, cover the current emergency. However, there remain a number of policies where it is clear that the firm has an obligation to pay out.’

It is reported that the FCA had asked a small number of firms in the UK if they were declining business interruption claims. The UK watchdog has given them a timeline until May 15 to respond. Based on their responses, it will decide which firms should join the court process.

It appears that Hiscox, a Bermuda-incorporated insurance provider, is among the first firms to feel the strain from small businesses to clear business interruption. AXA, QBE and Zurich are other insurers facing similar situations. The FCA’s move is expected to provide more clarity for insurers.

According to Willis Towers Watson, the insured losses for business interruption compounded with event calculation in the UK could lead up to $14 billion. In this context, the Association of British Insurers (ABI), told the media that it would “support any process that will provide clarity and certainty for the minority of customers who are disputing whether they should be covered.”

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According to a report, the Axa Middle East sale could be worth $442 million, while another report said it could be worth $883 million. 

It appears that Axa is also looking for a buyer in central and eastern Europe. In 2018 the firm had raised approximately $$3.2 billion through the initial public offering (IPO) of its American life insurance unit Equitable Holdings. 

Equitable Holdings was established in 1859. Earlier this month, it was reported that Axa Equitable Holdings plans to drop Axa from its name as it is breaking free of the group. The rebranding came after its IPO last year, media reports said. 

Axa had purchased Equitable Holdings in 1992. In 2018, Axa acquired XL Group for $15 billion to boost its commercial and non-life insurance. XL Group acquisition was expected to complement and diversify Axa’s insurance portfolio. Also, it would enable the firm to provide alternate capital using its reinsurance capabilities.

The firm offers life insurance and property and casualty insurance across the Middle East, including Lebanon. Axa’s operational presence also extends to the Kingdom of Saudi Arabia, the UAE, Bahrain, Qatar and Oman. 

The operations come under Axa’s international division. However, the firm’s revenues from the Gulf region has reduced after a client slashed the size of its motor fleet, media reports said. 

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With the acquisition, AXA XL becomes the first commercial property and casualty insurer to provide title insurance on an international level.

Along with the acquisition of Secure Legal Title, AXA XL has also announced the acquisition of Armour Secure Insurance, a Mexican title insurer affiliated to Secure Legal Title.

Stephen Ashwell, Chief Underwriting Officer (CUO), Crisis Management & Special Risks, AXA XL, told the media, “We are delighted to officially welcome our Secure Legal Title colleagues to AXA XL. Secure Legal Title will continue to operate under its brand and will be managed by its co-founders, Sean Dalton, Joel Peck, and Jean-Bernard Wurm.

He added, “We expect that the combination of their market-leading expertise and experience with AXA XL’s additional capacity, global network presence and resources will enable Secure Legal Title to further strengthen its position in this specialised marketplace and present a more attractive proposition to clients of theirs and ours.”

Secure Legal Title was founded in 2012 and its products are designed to cover legal risk in real estate transactions and mortgage financing. The insurer operates in Europe, India and the American continents.

According to reports, AXA, which is Europe’s second-largest insurer, expects to gain around $3.1 billion by selling its shares in AXA Equitable. By selling its shares in AXA Equitable, AXA is planning to use the fund to acquire the XL Group.

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