Global Insurance News

Insurance may not be the best way to protect against identity theft

admin — Sun, 11 Jul 2010 15:36:26 +0000

As the new ITV drama series Identity unfolds, you’d be forgiven for thinking that the criminal underworld of ID fraud is sinister and complicated.

In reality, stealing someone’s identity to apply for goods and services and run up huge bills is a fairly straightforward gig for criminals. With just a few key details they can fraudulently take over your existing accounts, or apply for loans and credit cards in your name, destroying your credit record in the meantime. Source

Insurance industry leadership boosts transformation

admin — Sun, 11 Jul 2010 15:35:41 +0000

The Nigerian Insurers Association (NIA) may be seeing better days with the level of co-operation of leaders at the helms of affairs at the association’s secretariat.

The two leaders Mr Olusola Ladipo-Ajayi as the 19th Chairman of the association and Mr Sunday Thomas, a thorough bred insurer as the 5th Director-General of the NIA will join forces with Mr Fola Daniel, Commissioner for Insurance to take the sector to greater height. Source

Insurance industry on edge

admin — Sun, 11 Jul 2010 15:24:44 +0000

An appeals panel decision to overturn the Patrick administration’s cap on Harvard Pilgrim Health Care premiums for small businesses and individuals has created more uncertainty for regulators, health insurers, and their customers as state officials prepare to rule next week on another round of proposed premium hikes.

The three-month dispute has pitted insurers who insist the cap is forcing them to lose tens of millions of dollars against state government leaders who contend soaring rates are crippling small companies and working families. It is also intensifying pressure on both insurers and state officials to rein in the rising costs of doctors visits and hospital procedures charged by Massachusetts health care providers. Source

Obama Asks Insurance Companies To Justify High Rates

admin — Sun, 11 Jul 2010 15:12:08 +0000

President Obama on Tuesday warned the health insurance industry not to use the recent health care reform legislation as an excuse to raise premiums. He said this after meeting with the CEOs of major medical insurance companies at the White House.

Recognizing that the industry has genuine cost drivers, he told the CEOs that any substantial raise in the premium would have to be sufficiently justified. Source

Top 5 Companies in the Multi-line Insurance Industry With the Best Relative Performance

admin — Sun, 11 Jul 2010 15:00:38 +0000

Below are the top five companies in the Multi-line Insurance industry as measured by relative performance. This analysis was compiled based on yesterday’s trading activity as we search for stocks that have the potential to outperform.

Loews ranks first with a gain of 1.37%; Hartford Financial Services ranks second with a gain of 1.16%; and HCC Insurance Holdings ranks third with a gain of 1.12%. Source

Richer India moves up in insurance ranking

admin — Sun, 11 Jul 2010 14:36:49 +0000

As Indians grow richer and save more for retirement, the share of the Indian life insurance industry has increased in world markets. India’s ranking among life insurance markets has risen from number 10 last year to the number 9 position, displacing Taiwan.

When life insurance industry was opened for competition in 2000, India ranked number 20 among life insurance markets and accounted for a mere 0.5% of the world premium. Ten years on, the share has improved to 2.45%, overtaking developed markets in the West such as Spain, the Netherlands, Switzerland, Sweden Belgium, Ireland and Finland, South Africa Australia and Canada. Source

ULIPs get makeover leaves insurance industry divided

admin — Sun, 11 Jul 2010 14:30:00 +0000

The new guidelines for unit linked insurance plans (ULIPs) have evoked a mixed reaction dividing the life insurance industry, with insurance giant Life Insurance Company of India (LIC) on one side and the private companies on the other. CNBC-TV18 learns that the industry is also likely to voice its concerns on some of the guidelines to the insurance regulator on two accounts. CNBC-TV18’s Avni Raja reports.

The insurance industry is a divided lot. The 4.5% minimum guarantee on pension products seems to be a sticky issue. While the largest players, LIC says that offering a 4.5% guarantee on pension products is not difficult. Source

Swiss Re sees insurance industry sales rising

admin — Sun, 11 Jul 2010 14:15:12 +0000

Overall insurance industry sales should rise this year as the improving world economy boosts spending on life insurance after it flagged during the crisis, according to a study from Swiss Re on Tuesday.

The industry’s profitability and capital have recovered significantly but have yet to reach pre-crisis levels, the world’s second-largest reinsurer said in the study, based on results and estimates from 159 insurance markets. Source

Title Insurance Industry’s Risk Adjusted Capital Improves but Still Weak

admin — Sun, 11 Jul 2010 14:07:03 +0000

Fitch Ratings has completed its study on the U.S. title insurance industry’s risk-adjusted capital (RAC) position at year-end 2009. ‘The results show a significant improvement over the prior year; however, from a historical perspective the industry’s RAC position remains weak,’ said Gerry Glombicki, Director at Fitch Ratings and Title Insurance Sector Head. ‘While Fitch believes that the industry remains adequately capitalized as a whole, capital strength is clearly a concern for specific companies,’ added Dafina Dunmore Direct at Fitch Ratings and Title Insurance analyst. Source

Resolution plans deal for Axa’s UK life insurance business

admin — Sun, 20 Jun 2010 12:41:58 +0000

Resolution, the investment firm led by Clive Cowdery, is closing in on a deal to buy the UK life insurance business of Axa, the French insurance firm, for £2.75bn.

The purchase will be financed through a £2bn rights issue, another £500m of notes provided by Axa, as well as bank debt, Resolution said. The company, formed 18 months ago to consolidate the UK life insurance market, already acquired Friends Provident for £1.9bn last year. Source