Aviva has decided to leave Indonesia by selling its entire shareholding in PT Astra Aviva Life.
PT Astra Aviva Life is a joint venture with Aviva and PT Astra International, which will gain Aviva’s shareholding.
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The transaction is anticipated to completed in Q4 2020 and subject to certain conditions. These include regulatory approval in Indonesia and also the completion of Bangkok Bank’s deal for PT Bank Permata. Permata is Aviva Indonesia’s bancassurance partner.
Last week, Banco Santander extended its partnership with Aviva to provide home and life insurance to its customers in the UK.
As per the agreement, the home insurance deal will last until June 2025, while the life insurance deal will last until December 2026.
The companies first signed the deal in 2011.
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By GlobalDataThe renewed deal covers home insurance, mortgage life protection, family and lifestyle protection and over-50s life insurance.
Santander will sell these offering through its UK branch, online, and telephone channels.
In addition, Aviva introduced its Simple Life Insurance to complement its Life Insurance+ policy.
Targeting clients who do not have the time or finances to buy a comprehensive cover, Simple Life offers essential life insurance for customers and their families.
The new product can be acquired by customers without requiring them to spend time on looking for additional options or features.
The new policy is claimed to be clear and easy for different groups of advisers and their clients.
It would feature clear pre-application eligibility questions, an underwriting guide, which help in instant decisions.
Medical evidence is not required to gain the policy. It provides simple banded cover based on the client’s age.
In November 2018, the insurance firm introduced an integrated package of insurance for large firms operating in the renewable energy sector such as solar power, onshore wind-farms, and battery storage.
Dubbed Aviva Renewable Energy, the insurance offers the company’s renewable energy brokers and their commercial clients a single package of coverage available via one underwriting team.
Aviva’s renewable energy insurance covers the whole life cycle of construction and operational, marine project cargo, third party liability, and terrorism cover.
Aviva said that the new offering is part of its initiative to support climate change as it is one of the signatory to the Finance Principles of the Powering Past Coal Alliance Finance Principles.
