All articles by LII editorial
LII editorial
Allianz takes a step back in Bahrain and Qatar
Allianz has done an about-turn on its go-it-alone strategy in the Qatar and Bahrain takaful sectors with its decision to transfer 75% of its unit serving the two Gulf states, Allianz Takaful, to Bahrain-based financial service company MedGulf BSC In an announcement, Allianz stated: “Allianz Takaful will continue to sell the whole range of takaful and insurance products in the market of Bahrain and life and health products in Qatar
UK retirement savings go out the window
UK consumers are under heavy pressure and it is showing in one of the worst ways possible: deferment, or even abandonment, of saving for retirement According to the UK life insurer, 35% of British adults who are yet to retire have stopped paying into their pension savings programmes
Facing an avalanche of regulation
In the domestic market it faces a mounting political threat to the viability of its biggest segment, occupational pensions, while in the international market the countrys new solvency regime is placing insurers at a distinct competitive disadvantage. Three years ago, Erich Walser, the chairman of the Swiss Insurance Association (SIA), hailed a 3.1% increase in the Swiss life industrys domestic premium income as a clear sign the domestic market was in “the midst of a growth turnaround”.
Premiums soar in the US
Costs of employer-sponsored health insurance in the US have soared this year according to a report published by the Kaiser Family Foundation (KFF). Based on a survey of employers conducted between January and May this year, the non-profit organisation found that compared with the same period in 2010 the average premium for single coverage had risen 8% for single coverage and 9% for family coverage.
2010 UK life and critical illness payouts just under £2bn mark
Payments by UK insurers against claims under life and critical illness (CI) policies in 2010 totalled £1.916bn ($3.1bn), an increase of 6.4% compared to with 2009, the Association of British Insurers (ABI) has reported
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An overcrowded growth market
Formed in 1981, the Cooperation Council for the Arab States of the Gulf or the Gulf Cooperation Council (GCC) as it is more commonly known represents a grouping of some of the worlds wealthiest countries
US FATCA regulation looms large for insurers
FACTA requires foreign financial institutions (FFI) to report information to the US Inland Revenue Service (IRS) about financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest
US annuity market remains in upwards mode
Demand for variable annuity (VA) products in the US remained strong in the second quarter of 2011 with sales rising by 20% compared with the same period in 2010 to $40.9bn, financial services organisation LIMRA has reported
Cambodia to get first life insurance company
The new company, to be named Cambodian Life Insurance, is an initiative of the Cambodian government which will retain 51% of the new insurers equity following its establishment.
Retail giant enters Australian insurance market
As an initial step, Woolworths, Australias largest supermarket group, will be offering life insurance and pet insurance as an addition to its financial services strategy launched in 2008 under the Everyday Money brand