All articles by LII editorial
LII editorial
Canadian player files patent for ‘owner-directed’ life product
Canadas Olympia Financial Group has filed a patent application in Canada and the US for an owner-directed universal life insurance product that is targeted at sophisticated investors The products owner-directed feature would mean the owner of the insurance plan is permitted to fully manage the assets in their account. An individuals account could also have safeguards against a policy lapse for the non-payment of premiums andor loss of tax-advantaged status of the account by pre-configured authorisation settings and the inclusion of another account, according to Olympia.
Generali names Greco as group CEO
Generali Group has appointed Mario Greco as its new group CEO and general manager of the company. The appointment follows the formal resignation of Giovanni Perissinotto, former managing director and group CEO of the company, from Generalis board of directors on 23 July 2012
New player enters UK life market
The BGL Group has launched a new entrant into the UK life insurance market called Beagle Street Beagle Street Life insurance provides customers with instant cover, as soon as they buy, with no need for medicals, according to the BGL Group It said the majority of customers are expected to purchase entirely online, although a team of telephone advisors are on hand if customers prefer.
Positive diagnosis for Thai health insurance sector
United Overseas Bank (UOB) reportedly expects rising healthcare expenditure in Thailand and the countrys aging population to boost the Thai health insurance market over the next decade According to Thailands The Nation newspaper, Yuttachai Teyarachakul, UOB (Thai)’s personal financial services executive director, said over 60-year-olds currently represent 12% of Thailand’s 70-million population, but the bank foresees this proportion rising to 25 per cent in the near future. Teyarachakul was quoted as saying: “We expect expenditure for health care will increase by four times in the next 10 years from the rising numbers of elderly people
American General updates online application tool
American General Life Companies (American General) has made enhancements to AG Quick Ticket, its web-based life insurance application tool that allows applications to be completed and submitted electronically It is also now possible to enter AG Quick Ticket through popular illustration and quoting tools, such as WinFlex and Vital Term, as well as through agency websites.
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Quotes of the month and most read online articles for May 2012
People sacrifice to buy life insurance to help their loved ones after their death, so its reasonable to make sure their families receive the benefi ts when they are eligible – New York state governor Andrew Cuomo Of the other major insurance markets, the UK and German life insurers are largely sheltered from the sovereign debt crisis, at least in the event of a relatively orderly Greek exit; while the French companies have a more material, albeit manageable, exposure
Malaysia: life in the fast lane
The Malaysian life insurance segment is expected to register growth at a compound annual growth rate (CAGR) of 7.5% between 2012 and 2016, rising from MYR21.1bn ($6.6bn) in 2011 to MYR30.3bn in 2016, making it one of the most promising markets in Southeast Asia. This is the clear message from the Insurance Intelligence Centers latest report on the Malaysian life insurance market, Life Insurance in Malaysia, Key Trends and Opportunities to 2016.
Swiss Life and Sanitas launch joint health products
Insurers Swiss Life and Sanitas have developed a joint distribution and market development concept that can be tailored to changing customer circumstances and can help them to introduce product and service innovations quickly.
May 2012 quotes and online favourites
So far, insurers are trying to differentiate their offerings away from savings and more towards non-life and protection products, which do not compete directly with banks Over the past fi ve years the missed opportunity in the middle market for life insurers has grown signifi cantly, and our latest estimate is that it has reached $10.2trn
Demand for stability drives VA growth
Consumers in the US are increasingly turning to variable annuities as part of a shift towards more predictable income streams, according to an analysis of the market undertaken by Life Insurance International (LII) At a time when Americans are less confident than ever before in their ability to meet retirement goals, figures from professional development organisation LIMRA reveal that total 2011 variable annuity (VA) sales in the US grew to $159.3bn, a 13% increase from 2010. This increase comes as writers continue to manage the risks on the living benefit riders they offer on variable annuities, according to LIMRA.