It is a small market but growing fast, thanks to less than five million of its 150 million strong having access to insurance. And the only thing that is hindering growth is the lack of sufficient finance people.
Bangladesh has gone from 11 to 29 life insurance companies recently, reports Asia Insurance Review, and this is putting a strain on available human resources to support this growth. The Insurance Development and Regulatory Authority this month approved 11 new licenses for insurers, to take advantage of the opportunity posed by the mere 3% of penetration by insurance in the market.
Bangladesh’s life insurance market has premiums of only BDT60 billion (USD$77 million) but there is significant potential for growth. And local insurance bosses are concerned, complaining that they don’t have the staff to support it.
MD Karim from Progressive Life says, “I’m don’t have the manpower to run my own company. I’ve been looking for a CEO or MD for three years.”
Former RBS head of emerging market rates Lee Tze Kiang, who was fired by the bank in Singapore last year, has launched a legal suit against his former employer over his bonus.
Bloomberg reports that Lee claims that his bonus was wrongly forfeited when he went to work for a hedge fund firm after he was fired.
Lee was dismissed after an investigation into two traders he supervised but he maintains in filings in Singapore’s High Court that he had alerted RBS to their irregular activities. He’s seeking at least S$3.2 million (USD$2.5 million).
The Wall Street Journal reports that foreign capital flowed out of China in June – the first since November – as economic growth slowed and a rise in the Chinese currency stalled, contributing to a credit crunch that briefly strained the nation’s banking system.
The Asia Insurance Review reports that low and middle income groups in Indonesia are expected to contribute to insurance growth in the country as several insurers are expanding by targeting these segments with more affordable products and lower premiums.
Only 11% of the country’s population of 240 million has a life insurance policy. The Indonesian Life Insurance Association says it expects to report 20-30% revenue growth for 2013 from IDR 107.73 trillion in total premiums in 2012. Revenue from new business contributed almost 70% to the total.
Lim Boon Heng has been appointed chairman of Singapore’s sovereign wealth fund Temasek, replacing S Dhanabalan, who has retired after 17 years, according to Finance Asia.
French bank Societe Generale sees big potential for expansion in South Korea, after securing a license to deal in equities and derivatives last week. The bank has more than doubled its headcount in Korea, says Asian Investor.
One hedge fund manager is very happy with Yahoo. Buzzfeed.com reports that Dan Loeb’s hedge fund Third Point sold 40 million shares of Yahoo yesterday, raising more than USD$1 billion off the sale.