All articles by LII editorial
LII editorial
Solvency II for pension funds gains momentum
Release by the European Commission (EC) of a White Paper An Agenda for Adequate, Safe and Sustainable Pensions in February has been hailed by European insurance federation, Comit Europen des Assurances (CEA) as a major step in the right direction. In the White Paper the EC commits itself to a review the Institutions for Occupational Retirement Provision (IORP) Directive with a view applying the Solvency II regime for insurers to pension funds.
Banks muscle in on insurers
In a new study by KPMG, Chinas insurance sector and the evolution of bancassurance,the professional services organisation hasa mixed message for foreign life insurers inChina, most of which are making painfullyslow progress On a positive note, KPMG predicts that life insurers can, in particular, expect a boostfrom rising demand for health care-related insurance and long-term savings products. Striking a not so positive note for insurers, KPMG highlights the significant changes taking place in Chinas bancassurance sector and the pressure this is already placing on the sales of many life insurers.
Insurers look to policy admin system upgrades to help cut costs
With insurers finding profitable top-line growth hard to come by, slashing costs is now a key focus, ccording to the 2012 World Insurance Report produced byconsultancy Capgemini and theEuropean Financial Managementand Marketing Association (EFMA).
IFC backs Moroccan Insurer in Sub-Saharan expansion drive
In an effort to improve the availability of insurance in many parts of Sub-Saharan Africa, the International Finance Corporation (IFC) and the IFC African, Latin American and Caribbean Fund are to make an equity investment of $90m in Morocco-based Saham Finances.
Grim sovereign debt outlook from Standard Life
A sovereign debt trap is looming that very few over-indebted countries will be capable of escaping This grim warning has been sounded by Standard Life Investments (SLI), a unit of UK insurer Standard Life. SLI observes that governments of many developed economies are suffering from the highest levels of national debt in a generation
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Zurich Financial goes for name change
Subject to approval by shareholders at Zurichs annual general meeting to be held on 29 March, the Swiss company will re-emerge as Zurich Insurance Group. In a statement, Zurich said that over the past several years Zurich has streamlined its business portfolio to concentrate on insurance
UK closed life book giant under the takeover spotlight
Phoenix Group, the largest player in the UKs closed life insurance book sector, has ended speculation in the media by confirming that it has received a number of approaches from potential bidders for the company.
Singapore life market surged ahead in 2011
Singapores life insurance industry put in a strong performance in 2011, with the Singapore Life Insurance Association (LIA) reporting that on a weighted basis, total new premium income came in at S$2.007bn ($1.6bn), up 21.6% on the S$1.651bn recorded in 2010.
Union of Canada Life breathes its last breath
Bringing the existence of one of Canadas oldest life insurers to an end, the Ontario Superior court of Justice ordered the winding-up of Union of Canada Life (UCL). Founded in 1863, UCL operated as a fraternal society and at the time of its demise had 22,000 policyholders, primarily in the province of Quebec.
Allianz helps to turn India green
Under the 10-year joint initiative, Allianz and C-Quest will co-finance replacement of some 8.5m incandescent light bulbs with energy-efficient lighting in households in three Indian states.