Grab Financial Group (GFG), Southeast Asia's fintech platform, has announced the launch of Hospital Cash Cover (inpatient protection), the first inpatient protection product for users, in collaboration with PT Asuransi Simas Jiwa in Indonesia.
Great Eastern has announced a strategic investment of US$70 million in Axiata Digital's financial services (DFS) business, via a newly created holding company wholly owned by Axiata Digital, the digital services arm of Axiata Group Berhad.
Malaysia's public health protection scheme, mySalam, has been expanded to cover the middle 40 (M40) income group.
Axiata Digital Capital, a fintech service provider operating under the brand name Aspirasi, and Great Eastern, have signed a strategic partnership to provide affordable and customised insurance and takaful products across Malaysia and Indonesia for consumers, micro-entrepreneurs and SMEs. Fully digital, this will be offered on Aspirasi and its partner platforms.
The Philippine microinsurance sector is estimated to expand to 16.3 million households (73.3 million Filipinos) by 2020, according to a study on mutual and cooperative microinsurance in the country published by the International Cooperative and Mutual Insurance Federation (ICMIF) and Microinsurance MBA Association of the Philippines, Inc (also known as RIMANSI).
Total premiums in the Philippine insurance industry reached PHP259.6 billion (US$5 billion) in 2017, representing growth of 11.9%, from PHP231.8 billion in 2016, according to the Insurance Commission citing unaudited quarterly statistics submitted by life, nonlife and mutual benefit associations (MBAs).
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