All articles by LII editorial
LII editorial
Risk management set for monumental test
For insurers and other business at the coalface of consumer markets and globalisation this is a resounding message that comes through in the World Economic Forums (WEF) Global Risks Report 2012. Now in its seventh edition, the report draws on comment from 469 industry leaders and experts in specific fields and is published in cooperation with Marsh & McLennan Companies, Swiss Re, the Wharton Center for Risk Management and Zurich Financial Services.
End to MetLife’s bank holding company status is in sight
Hastening its exit from the US retail banking market, MetLife is to sell the bulk of the depository business of MetLife Bank to GE Capital
Aon migrates to the UK
In a major endorsement of Londons standing as a global financial centre, Aon has announced that it is to move its corporate headquarters from Chicago to London
L&G muscles in on UK property market
The total was made up of 19 purchases totalling £970m, the largest being the Rolls Building in London for £305m, and 18 sales totalling £710m
Norwegian life insurers face tax crunch
A favourable tax situation enjoyed by Norwegian life insurers appears set to come to an end following a proposal by the countrys ministry of finance. Moodys Investor Services analyst David Masters explains that under the current tax legislation, life insurers are exempt from paying tax when they realise gains in their equity portfolios However, when a life insurer subsequently transfers these gains to policyholder accounts, a tax deduction becomes available, a situation that leads to very low overall effective tax rates for the Norwegian life insurance sector.
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Fairfax Financial seizes opportunity in Thailand
Boosting its presence in Thailand, Canadian reinsurer and insurer Fairfax Financial Holdings has acquired a 25% stake in Thai Re, Thailands largest domestic reinsurer
SEC lays fraud charges against Life Partners
Dropping a bombshell on the US life settlements industry, the Securities and Exchange Commission (SEC) has charged Life Partners Holdings and three of its senior executives with involvement in a fraudulent disclosure and accounting scheme involving life settlements. Since its founding in 1991 it has completed more than 137,000 transactions for a client base of more than 28,000 individuals and institutions involving the purchase of 6,400 policies with a total face value of $3bn
Indian government to provide a helping hand to migrant workers
Indias prime minister Manmohan Singh has unveiled measures which are to be undertaken by the government this year to improve the lot of the millions of Indian working in foreign countries Speaking at the Pravasi Bharatiya Divas (non-resident India day) 2012, Singh announced that the government is to sponsor a new voluntary pension and life insurance fund which will provide social security benefits and low-cost life insurance cover against natural death to Indian workers abroad
China’s life insurance market ends 2011 on stronger note
Data from the China Insurance Regulatory Commission (CIRC), published by the countrys official news agency Xinhua, reflects an increase of 6.8% in premium income compared with 2010 to CNY969.98bn ($154bn)
US health insurers looking healthier
Things are looking up for US health insurers, believes Moodys Investor Services, prompting the rating agency to change its outlook for the industry from negative to stable Key financial metrics for the US health care insurance sector have stabilised, with solid earnings and stable to slightly positive membership growth in the past two years,” said Stephen Zaharuk, a Moodys senior vice-president