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LII editorial
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The New York State Insurance Department has acted to enhance consumer protection with the introduction of a rule compelling brokers and agents to describe to consumers their role in the transaction and how they get paid
Americans crippled by premium hikes
American consumers in a number of states who buy their own health insurance from Anthem Blue Cross (ABC) are facing potentially crippling increases in the costs of cover at a time when many are already financially hard-pressed ABC, a unit of health insurance giant WellPoint, has requested increases in at least four states, which if granted will see policyholders face an increase of 15% and more in premiums this year
US individual life activity sustains recovery in January
US life insurers will be heartened by MIB Solutions release of individually underwritten life market data for January 2010, which reveals a continuation of the recovery in activity which first became evident in mid-2009. According to the industry data specialist, application activity in January increased by 1.2% compared with the same month in 2009, a development marking the sixth consecutive month where the year-on-year (YOY) change was positive
Battle lines drawn in the US
A call by the American Council of Life Insurers for a ban on life settlement securitisation has met with vigorous opposition from the life settlement industry and the Insurance Studies Institute What has long been a strained relationship between US life insurers and the life settlement industry has deteriorated significantly following a call by the American Council of Life Insurers (ACLI) for legislation or regulation to prohibit securitisation of life settlements
Californian insurers told to sell Iran-related shares or be shamed
Pursuing his objective of purging portfolios of insurers licensed in California of any Iran-related investments, the states insurance commissioner Steve Poizner has released the names of 50 companies doing business with Iranian nuclear, energy and defence sectors The release follows an instruction issued by Poizner in June 2009 to the 1,327 insurance companies licensed in the state to report all shares they hold in companies that have connections with Iran. Poizner announced that the shares involved in portfolios of the 341 insurers that had reported holding Iran-related shares had a total market value of some $6bn
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L&G seeks growth in longevity swaps
In an inevitable move, UK insurer Legal & General (L&G) has entered the rapidly-growing longevity insurance segment of the countrys flourishing defined benefit (DB) pension scheme risk transfer market. As one of the largest risk transfer market players, longevity insurance is a segment L&G cannot afford to ignore having in 2009 contributed £4.1bn ($6.6bn) out of total new business of £7.7bn, according to actuarial consultancy Hymans Robertson (HR). Often referred to as a do-it-yourself option for companies wanting to eliminate risk that scheme members live longer than expected, the first UK longevity insurance deal was executed in May 2009.
Insurers turning to technology for solutions
Business analytics and intelligence will have a big impact on insurance and financial services companies over the next five years, 80% of insurance information technology executives told LIMRA for its Tech Quake: Predicting the Global Impact of Technology report
Singapore recovery still on track
Singapores life insurance industry consolidated its recovery in the fourth quarter of 2009 with premium income more than doubling compared with the final quarter of 2008 to S$2.1bn ($1.5bn) reveals data from the Life Insurance Association (LIA).
Australian government proposes sweeping product rationalisation
Australias Treasury Department has issued a consultation paper calling for comments on the proposed rationalisation of life insurance products and managed investment products. This proposal, noted the Treasury, was developed through discussions with a range of stakeholders, including product providers, actuaries and legal experts.
Tesco throws its marketing weight behind Friends Provident
UK life insurer Friends Provident has boosted its distribution capabilities significantly with the launch of a bancassurance partnership with Tesco Bank, the retail banking arm of Tesco, the UKs largest supermarket chain