All articles by LII editorial
LII editorial
Hungary – turning a corner
The government has implemented a number of economic reforms last year, which it hopes will improve the business environment and lead to sustained growth. While it is too early to assess their impact on the industry, Hungary might have turned the corneryet structural challenges remain, according to the Life Insurance in Hungary, Key Trends and Opportunities to 2018 report available on the Insurance Intelligence Center.
UK’s Retail Distribution Review: short-term pain, long-term gain
The Retail Distribution Review has drastically reduced the number of IFAswho account for much of the life segments distribution. However, due to better quality of advice, and a reduction in mis-selling, consumer confidence is expected to improve, according to the Life Insurance in the UK, Key Trends and Opportunities to 2018 report, available in the Insurance Intelligence Center.
Weak economics hamper the French life insurance industry
While the French insurance industry is the worlds fifth largest and Europes second largest, weak economics, high taxes and lack of reform placed pressure on the industry, according to the Life Insurance in France, Key Trends and Opportunities to 2018 report available on the Insurance Intelligence center.
Germany: Legal changes in Europes powerhouse
Growth was influenced by improvements in the overall economic framework, improved penetration rates, intense competition and mandatory insurance policies. A rise in the average healthcare cost per household also contributed, according to the Life Insurance in Germany, Key Trends and Opportunities to 2018 report, available on the Insurance Intelligence Center.
Czech pension reform opens up opportunities
The reform of the pension system became effective from 1 January 2013 and includes a second pillar, which allows employees to opt into a pension savings fund. This should offer significant opportunities to both established and new life insurers, according to the report Life Insurance in the Czech Republic, Key Trends and Opportunities to 2018, available on the Insurance Intelligence Centre.
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Turkey – between growth opportunity and consolidation
The Turkish life sector is buoyed by improved regulation, sustained economic growth and favourable demographics, but its also a competitive market expected to consolidate, according to Life Insurance in Turkey report, Key Trends and Opportunities to 2018, available on the Insurance Intelligence Center.
Can-do attitude’ to Obamacare
Industry players in the US have reacted pragmatically to the ACA, according to a poll undertaken by Life Insurance International President Obama has said that ACA means that from 2014, the 30 million Americans who do not yet have health insurance, will have access to affordable private health insurance plans The legislation was signed into law in 2010, but opponents of the reform had argued that the laws individual responsibility provision exceeds Congress power to regulate interstate commerce because it penalizes inactivity.
UK’s FSA cracks down on mis-selling caused by sales incentives
Martin Wheatley, managing director of the FSA and CEO designate of the Financial Conduct Authority (FCA), has highlighted a range of disturbing findings following a review of 22 firms financial incentive schemes that encompassed insurers, banks, building societies, and investment firms. Speaking to an audience of senior bankers, compliance officers, trade and consumer groups, Martin Wheatley, managing director of the FSA and CEO designate of the Financial Conduct Authority (FCA), said: Financial institutions have changed their view of consumers from someone to serve to someone to sell to.
AIA survey points to life insurance potential in Australia’s SMSF market
A total of 66% of respondents including advisers, brokers and accountants in Australia have cited the knowledge gap as the main barrier to members of self-managed superannuation (SMSFs) taking up life insurance, according to a findings from a survey released by AIA Australia.
Obamacare US agency appoints new director
Gary Cohen has been reportedly named as the director of the Center for Consumer Information and Insurance Oversight (CCIIO) the US agency charged with helping implement many provisions of the Affordable Care Act, (ACA) known as Obamacare