All articles by LII editorial
LII editorial
NAIC proposal angers champions of US state insurance regulation
Hopes the National Association of Insurance Commissioners (NAIC) may have had that its proposal to create a National Insurance Supervisory Commission (NISC) would be well received were dashed by a number of US insurance industry bodies which have condemned it as an unacceptable compromise between state and federal regulation.
Signs of North American revival
Pointing to a recovery in the North American life insurance market, application activity for individually underwritten life insurance in November 2009 lifted 3.9 percent year-on-year, reports life industry data specialist MIB Solutions.
Unipol and BNP Paribas to part company in Italy
In a major shake-up of Italys insurance market, Italian bancassurer Unipol Gruppo Finanziario (UGF) and French bancassurer BNP Paribas have agreed terms to end their joint venture (JV), BNL Vita, the life insurance distribution arm of BNP Paribas Italian banking unit, BNL Group.
Northwestern’s conservatism pays off
Justifying its image of financial conservatism and stability, Northwestern Mutual has come through the financial crisis with its capital base still rock-solid and its AAA rating untarnished. Adding to the mutual insurers credibility is a string of high-profile accolades awarded to it during the course of 2009
Sompo and Nipponkoa fuel Japanese merger activity
Japans contracting life insurance market has brought about merger discussions between Japan-based insurers Sompo Japan Himawari Life Insurance (Sompo Life) and Nipponkoa Life Insurance to enter into merger discussions. The development follows shareholder approval received in December 2009 for Sompo and Nipponkoa to merge their general insurance operations, a move creating Japans third-largest general insurer.
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US insurers face mounting commercial property losses
Deteriorating conditions in the US commercial property market spell more losses in the medium-term for the countrys life insurers, warns Jeffrey Berg, a senior vice-president with rating agency Moodys.
Canadian court rejects accident claim
A legal battle that had its origin in 2003 ended in 18 December 2009 in victory for Canadian insurer Co-operators Life Insurance with the countrys highest court, the Supreme Court of Canada (SCC), ruling in its favour.
UK enhanced annuity market attracting growing interest
British consumers are displaying considerable interest in enhanced annuities also known as impaired life annuities and are likely to continue doing so, believes consultancy Watson Wyatt. This optimistic view from Watson Wyatt came despite weaker enhanced annuity sales in the third quarter of 2009, which at £447.7 million ($725 million) were down 7 percent compared with the previous quarter.
Lining up insurance superstars
What makes a great insurance industry leader? This is a question the International Insurance Society has been asking since 1957 and attempts to answer each year with its Insurance Hall of Fame awards. In 2010, the awards will go to two of five candidates, each of whom has left his mark on the insurance industry
Prudential Financial exits broking joint venture
Unwinding a partnership not of its making, US bank Wells Fargo has paid life insurer Prudential Financial $4.5 billion in cash to purchase the life insurers 23 percent stake in Wells Fargo Advisors (WFA), their retail securities brokerage joint venture (JV).