New usage-based insurance launched for GrabCar drivers in Singapore

A motor insurance policy, whereby private car for hire drivers will be able to pay for their insurance according to milage clocked in on paid trips, was announced for GrabCar drivers on 11 May with the aim for savings on premiums to encourage more drivers to join the industry.

The new insurance policy called AXA Pay-As-You-Grab was launched by transport app Grab in collaboration with AXA Insurance Singapore. It is a usage-based policy and is applicable to private car for hire drivers who drive under the GrabCar chauffeur service.

Read more: Citizen Online

Insurers are divesting their business in US to release capital to fuel Asian growth

Last week, MONY Life Ins. Co. (MONY Life) announced its planned sale to Protective Life Corp. (PLC). In its announcement of the agreement, AXA (parent to MONY Life) highlighted its desire to release resources it had tied up in closed, noncore portfolios and reinvest those resources in higher growth markets and businesses.

Canadian and European insurers are expected to further rationalize their participation in the U.S. life insurance market in part due to ongoing underperformance and concerns over pending capital regime changes in their local markets (e.g. Solvency II), which could lead to an increase in required capital associated with having U.S. life insurance operations.

Read full text: http://online.wsj.com/article/PR-CO-20130417-909827.html?mod=googlenews_wsj

HSBC sells Group Insurance business to AXA in Singapore

British bank HSBC on Wednesday said its unit, HSBC Insurance, has entered into an agreement to sell its group term life insurance and group medical insurance business in Singapore to AXA Life Insurance.

According to reports, the deal is valued at around S$23.9 million and it comes as part of HSBC's plan to cut costs by offloading non-core assets.

Under the agreement, HSBC will also distribute AXA's employee benefits solutions under a 10-year bancassurance arrangement.

Source: Channel News Asia 

AXA launches new early stage CI plan

AXA Early Stage CritiCare is the first plan in Singapore that offers a four stage payout for critical illnesses. It is designed to give customer the financial muscle early enough to help them rise above critical illness.

AXA Early Stage CritiCare covers an extensive list of 77 medical conditions across 30 critical illnesses. Payout is assured from Early to Intermediate, Advanced and Terminal stages of illness.

http://www.axalife.com.sg/protection/critical-illness/early-stage-criticare

Other critical illness plans in the market:

AIA Complete Critical Cover (AIA is planning on launching an updated version in the next 2-3 months)

Zurich ZCare   (introduced March 1 2012)
NTUC VivoCare
HSBC Early Critical Care

AXA launches a four stage Early Stage Critical illness insurance

AXA launches an early stage critical illness insurance plan. Early Stage CritiCare plan is the first plan in Singapore to offer a four stage payout for critical illnesses, helping to ensure that customers needs are covered more closely from Early to Intermediate, Advanced and Terminal stages of illness.

Covers 77 medical conditions across 30 critical illnesses.

Full details: http://www.axalife.com.sg/protection/critical-illness/early-stage-criticare

AXA and AIA sponsor Motherhood exhibition 2012 at Expo

The biggest parenting extravaganza at Expo this past weekend was also an insurance extravaganza with a heavy presence from insurers AIA and Prudential. Although AXA was one of the key sponsors we didn't see much AXA presence. Both insurers present had big booths with at least 20-30 agents in each. The agents were approaching the unsuspecting passers by who were shopping for the baby and maternity goodies and actively promoting the financial planning and insurance for kids: 

AIA offered general plans: AIA plans
AXA pregnancy insurance: Mums Advantage
Pru pregnancy insurance: Pru Smart Lady