Mar
15
China Ping An announces results for first months of 2010
Filed Under China, China insurance, Health Insurance, Insurance Company, Life Insurance, Medical Insurance | Leave a Comment
Last Thursday, the Shenzhen-based Ping An Insurance Group of China announced its group insurance premiums for the first two months of 2010 are up from the same time period last year.
Ping An Insurance Group announced its results for its pension, property, life and health insurance businesses. Pension insurance for January and February 2010 was 715.54 million yuan, up about 73% from 412.73 million yuan in 2009. Property premiums grew to 10.11 billion yuan in 2010 from 5.75 billion yuan last year, an increase of about 75.8%.
China Ping An’s health insurance premiums for the first two months of 2010 were 38.01 million yuan, showing a 114.75% increase over 2009’s health insurance premiums of 17.7 billion yuan. Life insurance premiums were 36.94 billion yuan in 2010, a 35% year-on-year increase over 27.32 billion yuan worth of life insurance premiums in 2009.
The improvement in business across sectors is a good sign as China has been ramping up spending in a bid to reform its healthcare system. The Chinese government spent 127.7 billion yuan on healthcare in 2009, an increase of 49.5% over similar spending in the year before.
Chinese Premier Wen Jiaobao pointed out five targeted areas of improvement in a government report; reform of public hospitals, improving disease prevention, promotion and development of traditional Chinese medicine, expanding basic medical care and securing non-government financing for medical institutions. The increased spending and reforms could lead to improved business for insurers in China.
Companies Mentioned:
Ping An Insurance (Group) Company of China, Ltd.
Established in Shenzhen, Guangdong province in 1998, Ping An Insurance Group has grown into an integrated financial conglomerate, operating core insurance businesses alongside commercial banking, securities brokerage, and asset management among others. As of the end of June 2009, the Group holds 885.419 billion yuan worth in total assets and 101.793 billion yuan in total equity under International Financial Reporting Standards and services about 47 million customers throughout all its businesses.
Mar
12
Blue Cross and Blue Shield of Texas Insurance Coverage a Click away using System by Quotit(R) Corporation
Filed Under Insurance Company, Medical Insurance, USA Health Insurance | Leave a Comment
Individuals and families looking to apply online for insurance coverage provided by Blue Cross and Blue Shield of Texas (BCBSOT) may now do so through the Internet system developed by Quotit(R) Corporation, a division of The Word & Brown Companies.
The seamless integration between the Quotit quoting system and BCBSOT makes for an improved online shopping experience for applicants of insurance coverage. Users will save time by not having to repeat the input of information already stored in the secured database of BCBSOT.
People looking to apply for health insurance online face a complicated and often intimidating process that requires them to visit multiple websites in order to find the coverage best suited to their needs. The insurers accepting online applications for coverage require the users to input information that they may have already provided, thus opening the possibility of typing mistakes which translate into unnecessary delays when the information needs to be verified by the insurer and reconfirmed by the user. The system developed by Quotit targets the elimination of all these hassles.
The Quotit system has been designed in a way that it is easy to use, saves time and allows its users to apply for insurance coverage, all in a single website.
Companies mentioned:
Blue Cross and Blue Shield of Texas
Blue Cross and Blue Shield of Texas, a Division of Health Care Service Corporation — the only statewide, customer-owned health insurer in Texas — is the largest provider of health benefits in the state, working with nearly 40,000 physicians and 400 hospitals to serve 4.4 million members in all 254 counties.
Quotit® Corporation, a division of The Word & Brown Companies, is the leading Internet application service provider for the health insurance and employee benefits industry. Quotit has relationships with more than 150 insurance carriers representing more than 11,300 plans in the health, life, dental and vision insurance markets, including Aetna, United Healthcare, Health Net, WellPoint, Assurant Health, Humana, Celtic and independent licenses of the Blue Cross and Blue Shield Association. Quotit’s database of carriers and plans extends to 50 states, including the District of Columbia.
Mar
11
Reporting a 2009 net profit of US$1.62 billion (EUR 1.19 billion), chiefly due to the profitable performances of its remaining insurance operations, Fortis also announced its re-branding strategy which aims to reflect the transformation it went through during the past year that made it a focused insurance company.
The profit reported by the Dutch-Belgian financial group for 2009 is a positive contrast with the net loss of US$38.2 billion (EUR 28 billion) in 2008.
As yet another casualty of the global financial crisis, the governments of Belgium, Luxembourg and the Netherlands bailed out Fortis during the last week of September 2008 due to wild fluctuations in its share price. The company went through a painful restructuring exercise under which the Dutch government removed all its Dutch operations, and BNP Paribas acquired its Belgian operations plus Fortis Bank, causing the ire of its then shareholders. All that remained of the original Fortis after completing the restructuring exercise were its insurance segments.
Fortis will change its name to ageas (in lowercase). As per explanation from the company, the first two letters – ag – are a reference to AG Leven, the root of the group back in 1824. The subsequent two letters – ea – are a reference to Europe and Asia, the key markets of the group. Finally, the last two letters of the new name ageas – as – refer to the first two letters of the word assurance, the focus of Fortis’ core insurance business.
The new branding identity of Fortis will take place once the new name ageas is formally approved by the shareholders next month.
Insurance Company mentioned:
Fortis is an international insurance company consisting of: 75% ownership of AG Insurance, Fortis Insurance International, a 45% stake in Royal Park Investments – a structured credit portfolio entity – and the financial assets and liabilities of various financing vehicles. AG Insurance is the undisputed leader of the Belgian market for Individual Life and Employee Benefits and is also one of the top players in Non-Life. The international insurance activities (Fortis Insurance International) are located in the UK, where Fortis is the third largest player in the market for private car insurance, France, Hong Kong, Germany, Turkey and Ukraine. In addition, Fortis operates in partnership through joint ventures in Luxembourg (Life), Italy, Portugal, where Millenniumbcp Fortis is among the market leaders, China, Malaysia, India and Thailand.
Mar
11
Medicare International offering health insurance with ‘passive war cover’
Filed Under Expat Insurance, Health Insurance, International Healthcare, Medical Insurance, Middle East | 1 Comment
London-based international medical insurer Medicare International has now added ‘passive war cover’ as an option on its health polices to provide coverage for contractors and workers in war torn nations.
Medicare has recognized there is a growing number of people working in and around zones of conflict in the world and has tried to cater to contractors and NGO staff by offering passive war cover options on top of their regular benefits for both individual and group international health insurance policies.
Senior Executive Director of Medicare International, David Pryor, said “In an age where localised conflicts seem to be ever present, whether in the form of a full scale encounter such as that in Afghanistan or on a more localised basis in other world hotspots, the reconstruction and rebuilding of economies is of vital importance. As a contractor or voluntary worker attached to an NGO, preparing yourself for the reality of entering such areas is a must, as the type of medical care which will be needed is quite different from standard healthcare practice. For those companies involved in reconstruction and aid, attracting the necessary highly-skilled specialists can be helped if they know they can at least have full medical cover.”
While most insurance policies have a complete war exclusion, Medicare International’s policies with passive war cover come with the full range of benefit options such as medical and evacuation, as well as rehabilitation coverage of up to £100,000 (US$149,330) which would go towards reconstructive plastic surgery and prosthetics. The plans with passive war cover also provide cover in the event of a terrorist attack. Medicare International also generally offers premium discounts on groups of 3 or more lives insured.
Companies Mentioned:
With 25 years of providing expatriates top quality international health insurance, Medicare International has grown by ensuring quick and easy access to their services 24 hours a day. The company currently covers clients from 86 nationalities in 114 countries around the world.
Mar
10
British Government tired of picking up bill for medical tourists, mulls changes
Filed Under Expat Insurance, Health Insurance, Healthcare, International Healthcare, Medical Insurance, United Kingdom | 2 Comments
The British Government is looking at a number of proposals that would attempt to curtail the number of medical tourists who leave without paying the bill, such as forcing visitors to show proof of medical insurance before entering the country.
The British Home Office has put forward ideas on ways to curtail the abuse of the National Health Service (NHS) system by visitors as the Department of Health is seeking to recover £22 million (US$32.9 million) in debt from foreign nationals that have received NHS services in the last 2 years without paying for them.
Numerous individual NHS Trusts are said to be seeking repayment of over £1 million in outstanding medical costs, including: London’s Imperial College Healthcare which is seeking £1.4 million including two £50,000 unpaid bills, one for a patient from the United Arab Emirates and one from Egypt; Pennine Acute Trust in Manchester has £1.2 million in outstanding bills, of which £34,000 is owed by a Malawian national with HIV; and Barts and the London NHS Trust is seeking repayment of £1.3 million, including a £52,000 surgery bill for a Chinese citizen.
On average, unsettled bills are £1,000, while numbers from the British Department of Health show that 50% of outstanding bills are not settled within one year of receiving treatment and 5% of overseas patients have three or more invoices that haven’t been paid. In total the NHS has to swallow £5 million in medical costs owed by foreigners every year.
At the moment, immigration laws only allow for barring people that already have an outstanding balance with the NHS from coming into Britain specifically for medical treatment. However, the proposals would seek to prevent abuse of the NHS system by making changes to immigration laws including making non-resident foreign nationals show proof that they have health insurance when they go through immigration, and extending the amount of time British expatriates can spend overseas before losing access to NHS services.
Any foreign visitor who already owes money to the NHS would be barred from entry into Britain, while any already in the country would be refused an extension of their visa until the debt has been settled. Also, any migrant seeking British citizenship will have their application delayed until any money they owe the NHS has been repaid. However, the proposals do allow free health care for failed asylum seekers who cannot be returned to their home nations at that time.
The proposals would not cover people who are from countries in the European Economic Area or those nations where Britain has reciprocal healthcare agreements. There are however, some concerns due to the fact that the proposals would mean sharing information on non-paying individuals with the Border Agency, which may be in conflict with patient confidentiality rules.
Mar
10
Costa Rica welcomes First US Insurance Company to join Local Competition
Filed Under Insurance Company, Life Insurance | 3 Comments
The regulatory agency responsible for overseeing the insurance superintendency in Costa Rica has approved “Pan American Life Insurance de Costa Rica, S.A.” as provider of insurance coverage in the country. This makes of Pan-American Life Insurance Group, an international insurance provider and financial planning service based in New Orleans, Louisiana, the first US insurance company to be officially welcomed into the Costa Rican market.
The Costa Rican insurance market remained closed up till 2009 when competition was opened, after the passing of the Central American Free-Trade Agreement with the United States (CAFTA). For slightly over 84 years, the National Insurance Insitute (INS) had been the sole provider of insurance to Costa Ricans, together with Seguros del Magisterio, a company providing life insurance to teachers.
Over the years of presence in Latin America, Pan-American Life is the main provider of both individual and group life and health insurance policies in the region comprised by Guatemala, Honduras and El Salvador.
“Pan American Life Insurance de Costa Rica, S.A.” is the name of the local corporation through which the Pan-American Life Insurance Group will compete in the Costa Rican insurance market, together with the other five approved providers of insurance coverage in the country: Seguros del Magisterio, Mundial-MAFRE, Alico Costa Rica, Assa Compania de Seguros and INS.
As per statement released by the regulatory agency overseeing the Costa Rican insurance superintendency (SUGESE), these companies will begin selling their products within the next few months.
Insurance Company mentioned:
Pan-American Life Insurance Group
The Pan-American Life Insurance Group was established in New Orleans in 1911 and now has operations in 47 U.S. states, as well Puerto Rico, Colombia, Guatemala, Panama, Ecuador, El Salvador, Honduras and the Cayman Islands. In Costa Rica, the company will offer term life insurance, universal life insurance, health and medical expense insurance and accident insurance.
Mar
9
Bharti AXA General offers discount in honor of International Women’s Day
Filed Under AXA PPP, Health Insurance, Medical Insurance | 1 Comment
Indian company, Bharti AXA General Insurance Co. Ltd. announced on the eve of International Women’s Day (March 8th) that they will be offering a 10% discount for all health insurance products for women all over the country.
“The purpose of our Women’s Day special promotion is to express our support to women across the country and to educate them and their families on the growing significance and benefit of a health insurance.” Said Dr. Amarnath Ananthanarayan, CEO of Bharti AXA General Insurance Co. Ltd.
Bharti AXA’s discount will be available until March 31st, 2010 and covers health insurance products such as Smart Health Insurance, Critical Illness policies, Hospital Cash Cover policies and the Smart Health High Deductibles Insurance Policy.
Incorporated on the 13th July 2007, Bharti AXA General Insurance Co. Ltd. is a joint venture company, 74% owned by Bharti Group and 26% owned by AXA.
Companies Mentioned:
AXA Group is a worldwide leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
Bharti AXA General Insurance
Bharti AXA General Insurance is a joint venture between Bharti Group and AXA Group. Founded in July 2007 in Bangalore, India it now has over 40 branches across India offering a variety of insurance products for retail, commercial and rural customers.
Mar
9
Cuba to require visitors to carry medical insurance
Filed Under Health Insurance, Medical Insurance | 2 Comments
Starting May 1st, a new Cuban government measure will require all foreigners, and Cubans living abroad, to possess travel insurance with medical cover in order to enter the country.
Cuba’s Executive Committee of the Council of Ministers published the new law in the nations Official Gazette, stating that tourists, and Cuban emigrants must have health insurance before being allowed in the country. Foreign citizens who have temporary residence in Cuba must have medical insurance that covers them for the duration of their stay.
The measure states that only foreign insurance companies that are recognized by Cuba will be allowed to issue the approved insurance plans. Also, there will be sales points at every point of entry into Cuba where travelers can buy insurance from local Cuban insurance entities.
In the published measure, diplomats and members of accredited international organizations will be exempt from this rule, although the measure does not reveal the cost of the mandatory insurance.
The Havana Times has an English translation of the published measure, available here.
Mar
9
HuaKang awarded First National Insurance Agency Licence by Chinese Insurance Regulator
Filed Under China, China insurance, Insurance Company, Life Insurance | 1 Comment
The China Insurance Regulatory Commission (CIRC) has recently granted HuaKang Financial Services Inc. authorisation to consolidate its existing 17 subsidiaries under their subsidiary in Shenzhen, which in turn will allow all these subsidiaries to be upgraded into branches.
HuaKang Financial Services Inc. is the first and largest Chinese life insurance agency. The company was founded in 2006 and is based in Guangzhou, China.
With permission of CIRC, new branches in China can now be setup under the name Shenzhen HuaKang Insurance Agency Co. Ltd. and carry on developing insurance agency businesses, which the company plans to augment to up to a 30% share of the national market, and aiming to float its shares by next year.
According to HuaKang, their market share in the Chinese life insurance agency sector during the first 3 quarters of last year was 25%, and more than 50% market share in the provincial markets of cities such as Shanghai, Guangdong, Jiangsu, Shandong, Zhejiang, Tianjin and Chongqing.
The business strategy for the year 2010 announced by HuaKuang is to remain focused and further develop the suburban markets of first-tier cities in China.
The current 17 subsidiaries of HuaKang are located in Zhejiang, Shandong, Hangzhou, Tianjin, Hebei, Henan, Guangzhou, Hunan, Hubei, Sichuan, Chongqing, Shanghai, Beijing, Anhui and Liaonin.
Insurance Company mentioned:
Huakang is the first nationwide independent insurance intermediary company in China which focus on individual life insurance business,in particular regular life insurance business. Huakang’s nation-wide branches and profesional sales and services teams provide customers personalised, unbiased insurance and financial planning services thanks to its dominating market share and tremendous influence in the insurance intermediary industry. Huakang has won the overall recognition from the Media, competitors and investors. IDG capital and Matrix Partners China have concluded investing RMB500 million into Huakang.
Mar
8
ING Asia Business attracts interest from European Insurers
Filed Under AXA PPP, Allianz, Insurance Company, United Kingdom | 1 Comment
The high-growth of Asian markets is proving to be a tempting proposition for some European Insurers currently making unsolicited bids for the business of ING in that region. As per comments made by industry analysts it is thought that Zurich Financial Services Group, Allianz and Axa may be among the potential suitors for ING’s Asia insurance unit.
As part of the restructuring deal mandated by the European Union, ING is splitting off of its global insurance operations and an IPO had been the initial preferred route, although they would keep their options open as communicated by a spokesman.
The bailout deal reached by ING with the authorities in the Netherlands was valued at more than GBP 7 billion back in 2008. Under the terms of the bailout package the European Commission regulators demanded ING to sell its insurance business within four years and focus on its banking operations.
There seems to be a growing number of trade buyers interested in targetting plans for IPOs. The announcement of Prudential Plc buying AIA from AIG is a good example of the type of interest some European companies are demonstrating, playing their role as industry consolidators, after emerging relatively unscathed of the financial crisis in insurance.
According to a recent comment by ING’s CEO, there have been several companies interested in acquiring their Asia business, although Zurich Financial, AXA and Allianz all have declined to comment whether they are prospective purchasers.
Insurance Companies mentioned:
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services serving more than 85 million private, corporate and institutional customers in Europe, North and Latin America, Asia and Australia. ING Group is active in banking, investment management, life insurance and retirement services across 14 major economies in the Asia Pacific region, employing over 23,000 staff.
With nearly 155,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence. In fiscal 2009 the Allianz Group achieved total revenues of over 97.4 billion euros. Allianz is also one of the world’s largest asset managers, with third-party assets of 926 billion euros under management at year end 2009.
AXA Group is a worldwide leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
Zurich Financial Services Group is an insurance-based financial services provider with a workforce of approximately 60,000 people. Founded in 1872, headquartered in Zurich, Switzerland, and serving their customers in more than 170 countries. Aims to become one of the top five global insurers.