All articles by LII editorial
LII editorial
Australians reluctant to pay up for advice
Australians are a tight-fisted bunch when it comes to paying for investment advice, indicates a study conducted by Australian research firm Investment Trends According to Investment Trends, its research revealed that the average Australian investors believe financial advice should cost A$300 ($304) for each consultation.
Genworth exits US variable annuity market
In an unusual move for a major US life insurer, Genworth Financial has announced that it is to cease writing retail and group variable annuities (VA)
Irish Life takes a grading hit
Reflecting Irelands economic woes, the countrys largest life insurer Irish Life Assurances insurer financial strength rating has been downgraded by rating agency Fitch Ratings from A- to BBB and its long-term issuer default rating from BBB to BBB
Grip on US health insurers tightens
Things keep getting tougher for US health insurers in the wake of the enactment of the Patient Protection and Affordable Care Act in March 2010 In what the Department of Health and Human Services (HHS) terms a phasing in of regulations under the act, it has released a proposal that will compel the 417 health insurers selling individual or small group policies to make public and justify any rate increases of 10% or higher in 2011. Implementation of the regulation will be in the hands of state insurance regulators of which, according to the HHS, 43 currently have some rate review process in either the individual or small group markets, or both
Aviva TV ad falls foul of UK’s Advertising Standards Authority
According to the ASA, in its ad Aviva claimed that its annuity products offered up to 20% more income than those of its competitors
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Australia embarks on reforms to superannuation market
Sweeping reforms to Australias A$1.3trn ($1.3trn) superannuation (super) market are on the way, following the governments acceptance in large measure of recommendations made by a committee chaired by a former deputy chairman of the Australian Securities and Investments Commission (ASIC) Jeremy Cooper
LIMRA study delves into the US immediate annuities market
This is the question LIMRA, the worldwide association of insurance and financial services companies, set out to answer in a study of more than 55,000 immediate annuity contracts issued in 2008 and 2009.
Foreign insurers’ market share woes
Significantly, PwC found that all 21 foreign life insurers and 10 foreign general insurers that participated in its survey have “dramatically lowered” their expectations of any increase in market share for 2010 and for the next three years
US life settlements market in recovery
According to Amrita, the index is based on a monthly survey of industry participants across the US and, similar to consumer confidence index, is designed to measure life settlement demand and attitudes
Best Re opts for Malaysia
In a move aimed at positioning itself closer to its main source of business, takaful reinsurer Best Re has moved its headquarters from Tunis in Tunisia, where it was established in 1985, to Labuan in Malaysia A unit of Dubai-based takaful insurer Salama Islamic Arab Insurance Company, Best Re provides general takaful and family (life) takaful reinsurance and in 2009 reported gross premium income of $304.7m, up 17.7% compared with 2008