All articles by LII editorial
LII editorial
Mixed results from China’s big three
After a slowdown in 2009, Chinas life insurance market is again on a strong growth track, reveals data for the first three quarters of 2010 released by the China Insurance Regulatory Commission (CIRC). According to the CIRC, life insurance premium income in the first nine months of the year increased by 33.2%, compared with the same period in 2009, toCNY762.5bn ($114bn)
Americans get retirement jitters
Younger boomers those Americans now in their mid- to late-forties are at least as worried about their retirement planning, according to one of the first comprehensive studies of that important demographic. They may still have the luxury of time, but worry more about control and stability in retirement than older boomers, according to the survey of Americans aged between 44 and 75 by Allianz Life Insurance Company of North America.
Aviva launches advice app for customers
Reaching consumers is increasingly demanding a multimedia approach, a reality UK insurer Aviva has grasped with its new app for Apples iPhone, iPod touch and iPad The app Aviva Time to Act is a free download of a simpler version of Avivas online Pensions Tracker service
Website targets US health insurers
In a move it believes will level the health insurance playing field, the US Department of Health and Human Services (HHS) has launched an online service that will enable analyses of health insurers product offerings In a statement the HHS said: “For the first time, price estimates for private insurance policies are available, allowing consumers to easily compare health insurance plans, putting them, not their insurance companies, in charge by providing one-stop shopping and taking the guesswork out of buying insurance.”
Aegon wields the big axe for UK restructuring
Dutch insurer Aegons objective of slashing costs in its UK operation by 25% by 2011 began to take more shape in September with initiation of a number of moves aimed at creating a far more focused business Announced on 22 June 2010 by Aegon CEO Alexander Wynaendts, developments in the UK are part of a wider strategy aimed at accelerating restructuring of the insurers global operations over the next five years.
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Virgin and TOWER join forces in Australia
British entrepreneur Richard Branson is to take on the challenge of breaking into Australias competitive life insurance market in early 2011 Using the existing Virgin Money base in Australia, the assault will be in partnership with Australian life insurer TOWER Australia Group (TAG). Virgin Money Australia MD Matt Baxby said: “Our new partnership with TOWER Australia is good news for the insurance sector and better news for Australian consumers
Prudential Financial faces US Senate probe
A probe launched in July by New York Attorney General Andrew M Cuomo into survivor death benefit accounts for life policies sold to US armed services members (see New York State Attorney General goes to war against US life insurers) has been elevated to Federal level Baucus probe will focus on the tax status of earnings by Prudential Financial on survivor death benefit accounts in its Service members Group Life Insurance (SGLI) programme
Dai-ichi completes ?300bn debt issue
Readying itself for pending changes in Japans solvency margin ratio (SMR) regulation, the countrys second-largest life insurer Dai-ichi Life has raised 300bn ($3.6bn) in the form of perpetual subordinated loans The insurer said the objective of the capital raising was to strengthen its capital base in keeping with new SMR regulation in Japan, which becomes effective at the end of March 2012, and global regulatory change such as Europes Solvency II
Principles-based reserving on the cards for US insurers
More regulatory change is on the horizon for US life insurers following the announcement by the National Association of Insurance Commissioners (NAIC) that it is to measure the financial impact of modernisation efforts proposed for solvency regulation Our modernisation efforts promise to improve the accuracy with which regulators and companies match reserves to risk,” said Thomas R Sullivan, chairman of the NAIC Life Insurance and Annuities Committee, and Connecticut insurance commissioner.
Gargantuan pensions shortfall
If the global economic crisis posed a massive financial challenge to the European Union it is surpassed by severity by the challenge posed by an ageing population and a burgeoning shortfall in pension savings