Jun
30
Future Generali unveil new Indian Insurance Products
Filed Under Health Insurance, Insurance Company, Life Insurance, Medical Insurance | 2 Comments
Future Generali India Life Insurance has unveiled two new products which are ready to go on sale in India in the near future; a Net Asset Value (NAV) unit linked insurance plan, Future Generali NAV Assure, and health plus term life insurance plans.
Future Generali’s new Net Asset Value (NAV) unit linked plan, Generali NAV Assure, is set up to maximize the growth potential of the policy while providing some protection from volatile market forces by guaranteeing customers the choice between the highest daily NAV recorded in the first 7 years of the policy being in force or the NAV at the policy’s maturity date, whichever happens to be higher. The policy has a fixed term of 10 years and is available to any person between 8-60 years of age. Currently, about 70 percent of Future Generali’s business comes from unit-linked products.
Future Generali’s other product is planned for a future launch date. Since the Insurance Regulatory and Development Authority (IRDA) decided to allow combination products of health insurance coupled with life insurance earlier in 2010, Future Generali is planning on having its health plus life insurance ready within the next two months.
The Chief Executive Officer of Future Generali India Life Insurance, Deepak Sood said “We are looking to launch a health plus term life insurance product, possibly in the next two months. I see this kind of product to steadily build over the next three to five years. It can lead to several other combinations, and set the ball rolling for more complex products.”
Future Generali India Life Insurance is a joint venture between India-based Future Group and Italian insurance company Generali. Future Generali India Life Insurance earned Rs 4.86 billion (US$ 100 million) in business premiums during 2009 and is hoping to reach Rs 12 billion (US$ 257 million) in 2010.
Companies Mentioned:
Future Generali India Life Insurance
Future Generali India is a joint venture between the Indian Future Group and Italian Generali Group, it participates in both India’s life and non-life insurance markets as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd. The company has 91 branches in 83 locations around India, and works with over 44,000 licensed advisors.
The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is a leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group’s Parent and principal operating Company. Generali is one of the leading global players in the assistance sector thanks to the Europ Assistance Group, active in more than 200 countries with services in the motor, travel, healthcare, home and family sectors. In recent years, the Group has made a significant return to 14 central-eastern European markets and has set up offices in the principal markets of the Far East, including China and India.
Future Group
Future Group is a multi-faceted Indian company that was founded in 1997 by Kishore Biyani, who remains the group’s CEO. Starting with the retail company Pantaloons, the Future Group has grown to the point where it now operates a number of companies ranging from retail operations, logistics, and financial services among others.
Jun
30
Chinese and American Healthcare Comparison by CIGNA CEO
Filed Under CIGNA, China, China insurance, Health Insurance, Healthcare, USA Health Insurance | 2 Comments
As well as being the fourth largest commercial insurer in the US, American health insurance giant CIGNA conducts approximately 20 percent of their business abroad, with most of the rapid growth coming from Asia, and in particular China.
In the US domestic market, CIGNA mainly acts as a Health Management Organisation (HMO) providing larger-scale employers with insurance packages, whilst their main role in China is in selling supplemental packages to individuals wanting more coverage than what is available under basic government-provided plans.
In the words of David Cordani, CEO of CIGNA, “It’s a real critical part of our growth strategy. It’s not new for Cigna, it’s just an acceleration” commenting on the continued and significant growth experienced abroad.
Further sharing his insights about the non-US marketplace, Mr. Cordani believes that the healthcare systems of both the US and China could learn from each other, explaining that in broader terms, the non-US marketplace has a very vibrant individual supplemental segment, from which to learn by providing people in the US with transparency, choice, and ready access to more retail-oriented policies.
Conversely, the healthcare system in China could learn more about American population-based health programmes including health coaching, disease care and lifestyle programmes.
Given that both countries are undergoing healthcare reforms on their respective healthcare systems, the insight offered by Mr. Cordani may be the type of food for thought needed to drive quality and cost improvements that will ultimately help make the new legislations correspondingly sustainable.
Insurance Company mentioned:
A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioural health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.
Jun
29
Pan-American Life Insurance Approved to Operate in Costa Rica
Filed Under Health Insurance, Insurance Company, International Healthcare, Life Insurance, Medical Insurance, USA Health Insurance | 8 Comments
Pan-American Life Insurance Group has received final approval from the Costa Rican insurance regulator, Superintendencia General de Seguros (SUGESE), for its subsidiary Pan-American Life Insurance de Costa Rica, S.A. to operate in the country.
Pan-American Life Insurance Group is already the first US insurer allowed into Costa Rica, and all that remains for them to do before commencing operations is receive final portfolio and product approval from SUGESE. Pan-American is planning on rolling out a portfolio that includes group accident, life and health insurance as well as individual health insurance plans. Their offerings will also include an international health insurance plan, which offers access to local healthcare providers and local health benefits as well as access to healthcare providers around the world including those in the United States. Pan-American is working closely with SUGESE to receive approval.
Jose S. Suquet, Chairman of the Board, President and CEO of Pan-American Life Insurance Group said “We are pleased that SUGESE approved Pan-American Life to operate in Costa Rica. This much anticipated moment marks a continued expansion in the execution of our regional strategic plan. The new competitive landscape in Costa Rica favors Pan-American Life, considering the company’s 99-year history and the Group’s deep-rooted experience throughout Latin America.”
Eugenio Magdalena, Pan-American’s Executive Vice President of International Markets added that “Our leading position in the region’s insurance industry commands high expectations for Pan-American Life in Costa Rica. We are committed to the opportunity to support the fulfillment of the health and life insurance needs of Costa Ricans.”
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.
Jun
29
Chinatrust Walks Away from Nan Shan Deal with AIG
Filed Under AIG, China | 6 Comments
Chinatrust Financial Holding Co. Ltd. of Taiwan has effectively walked away from a deal with a Hong Kong-based consortium, formed by China Strategic Holdings Ltd. and Primus Financial Holdings, to purchase a 30 percent stake in Nan Shan Life Insurance Co. Ltd. a unit of American International Group Inc. (AIG), by letting the deadline of the deal lapse.
The deadline stipulated in the memorandum of understanding signed between Chinatrust and China Strategic expired last week.
Chinatrust has made the decision in spite of a pending decision by the Taiwanese regulators, the extension of the deadline to 12 October reached between China Strategic and AIG, and having previously agreed to set-up a escrow fund in trying to increase the approval likelihood of the deal.
Taiwan-based Chinatrust is a financial holding company with businesses in banking, securities, credit cards, insurance brokerage and asset management, and had previously lost a bid to acquire Nan Shan.
In an agreement made back in November 2009, China Strategic would sell to Chinatrust a 30 percent stake in Nan Shan for US$660 million (EUR 538 million). As part of this agreement, Chinatrust would allow China Strategic obtain 9.95 percent stake in the company through a subscription of 1.17 billion shares of their common stock at US$0.55 (EUR 0.45) a share.
The Taiwan Ministry of Economic Affairs has not approved the deal yet and has declined to comment on the progress of the regulatory review.
Insurance Companies mentioned:
The American International Group is a leading international insurance organization with operations in more than 130 countries and jurisdictions globally.
Nan Shan Life Insurance Company, Ltd. was established in July 1963. After its restructuring in January 1970, Mr. K.K. Tse, the then Chairman of American International Underwriters, became the first Chairman of the company. In forty years, Nan Shan has become a super insurance company with the most professional management, the best operational performance, and a solid financial foundation. Its agency force has been recognized as the best in Taiwan’s life insurance industry.
Jun
28
Allianz Takaful Signs Medical Insurance Agreement with Apex Real Estate
Filed Under Allianz, Health Insurance, Medical Insurance, Middle East | 3 Comments
Allianz Takaful and Apex Real Estate Development Company have signed an agreement whereby Allianz Takaful will be contracted to provide employee medical insurance to Apex.
The agreement was signed by Allianz Takaful CEO, Dr. Abdul Rahman Tolefat and Apex Real Estate Development Company Managing Director Majed Al Khan. It will see Allianz Takaful, a wholly owned subsidiary of Allianz Group, organize medical insurance coverage of over BD 490,000 (US$ 1.3 million) for Apex employees and their family members, including cover for international emergency medical treatment.
Majed Al Khan, the Managing Director of Apex, said “’Apex Real Estate and its subsidiaries, Apex Green and Apex Properties, have witnessed operational growth leading to an increase in number of staff. As part of our initiatives to provide our employees with a professional and value-added working environment, we sought to engage a company offering a range of medical services supported by a high degree of expertise.”
The Allianz Takaful CEO, Dr. Abdul Rahman Tolefat said that “We are pleased to welcome Apex amongst our clients. We continuously seek to exceed our clients’ expectations by providing excellent service. We look forward to continuing this relationship with Apex.”
Insurance Company Mentioned:
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 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.
Jun
25
Sustained Growth Ahead for the Medical Insurance Sector in the UAE
Filed Under Medical Insurance, UAE Insurance | 1 Comment
A research report entitled “UAE Insurance Market Forecast to 2012” by RNCOS, an India-based market research and information analysis company, points to continued growth in the rates of the medical insurance industry in the United Arab Emirates (UAE). The report projects a Compound Annual Growth Rate of around 42% between the years 2010 and 2013.
Citing the rising healthcare costs and a prospering middle-class population as growth drivers of the medical insurance industry, the report sees a promising future in the coming years, despite the growing concerns about a lack of awareness among the majority of the population.
The government initiatives in place that call for compulsory medical insurance starting this year, plus demand by individuals to take medical cover support the optimistic outlook described in the report.
The current insurance penetration rate of 2 percent in the UAE pales in comparison to the 5 to 15 percent rate of the US and the UK, indicating that there is great potential for growth in this area. Various innovative schemes and better coverage for urban and rural populations will tackle the low penetration rate, supported by strong economic growth and favourable demographic statistics.
An overview of the insurance market structure and trends, covered in the research document, reveals the impacting role that private players are having in the rapid growth of the insurance industry in the UAE. Also covered in the report are the forecasts on various segments of the insurance industry including life insurance, accident and liability, and fire.
Company mentioned:
RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. The professionals at RNCOS study and analyse the industry and its various components, with comprehensive study of the changing market behaviour. The accuracy and data precision delivered by RCOS proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.
Jun
25
Allianz to Revamp Asian Property, Casualty Business
Filed Under Allianz, Health Insurance, Hong Kong, Insurance Company | 2 Comments
Allianz will reorganize their Hong Kong and Singapore based companies to come under the management structure of Allianz Global Corporate and Specialty (AGCS) as of August 1st, 2010, which allows them to share resources and expertise in order to increase profitability in the Hong Kong and Singaporean markets.
Both Allianz Insurance Company of Singapore (AICS) and Allianz Insurance Hong Kong Limited (AZHK) have developed strong presences in their respective markets; their local knowledge and relationships with sizable numbers of international clients have created considerable corporate and specialty portfolios. Allianz announced it will apply for credit ratings for both Allianz Insurance Hong Kong Limited and Allianz Insurance Company of Singapore.
Allianz intends to combine AICS and AZHK’s local capabilities with Allianz Global Corporate and Specialty’s expertise in processes and underwriting on a global scale to expand profitability in the Asian markets, while opening up access to AGCS’s full range of services and worldwide network. Allianz Global Corporate and Specialty’s services include risk consulting and claims processing as well as specialist products such as Directors and Officers Liability Insurance (D&O insurance) and International Insurance Programs.
The CEO of Allianz Global Corporate and Specialty, Axel Theis said “Hong Kong and Singapore are core markets for our clients in Asia, and we want to grow strong expertise here as part of our global network. This follows the strategy we’ve successfully developed in other locations such as Japan and Brazil – supporting our clients by combining local service delivery with global expertise and resources.”
Bruce Bowers, the CEO of Allianz Asia Pacific, also commented that “This strengthening of Allianz’s expertise in Asia underlines our commitments to our clients in these important markets. Across 15 countries in the Asia Pacific region, we are continuing to offer innovative products and solutions to serve the needs of our customers. This applies not only in corporate and specialty insurance but right across our portfolio throughout the whole of Asia – including private and commercial property and casualty insurance, life and health insurance, and asset management.”
Insurance Company Mentioned:
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 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.
Jun
24
According to a recent statement by CEO Richard Ward, Lloyd’s anticipates that the premiums for insuring offshore drilling will go up “quite significantly” as a direct result of the BP oil spill in the Gulf of Mexico. Mr Ward acknowledged that in the past, rates for this type of operation in that area had fallen to a very low level, and fellow players in the industry had been questioning for quite some time the profitability of insurance in that particular region.
As a consequence of the Deepwater Horizon rig explosion back in April, insurers started to charge 50 percent more for policies covering oil rigs. Insurers of Lloyd’s are expected to pay between US$300 million (EUR 242.9 million) and US$600 million (EUR 485.8 million) in claims related to the explosion of the rig.
The rig, owned by Transocean, was insured by Lloyd’s underwriters and has coverage caps for environmental damage caused by the spill.
Insofar, BP has spent more than US$2 billion (EUR 1.6 billion) responding to the disaster and has set aside US$20 billion (EUR 16 billion) in escrow as per forecast by the US government, to settle future claims since BP didn’t buy insurance.
In a move aimed at limiting exposure, Lloyd’s underwriters have initiated legal action in the US by suing BP, asking the presiding judge to declare that they have no obligation to cover the liability related to the pollution resulting from the spill because a clause in the contract between BP and Transocean that stipulates that the rig owner would not be responsible for contamination originating below the water surface.
A pretrial conference in Houston, Texas USA has been set for 09 September.
Insurance Company mentioned:
Lloyd’s is the world’s leading specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2009, 74 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide. Lloyd’s is regulated by the Financial Service Authority.
Jun
23
Aviva say World Cup fever may inspire more than just love of the game
Filed Under Aviva | 3 Comments
Apparently, part of the costs of insuring the World Cup include paying out property insurance claims for broken windows, which Aviva says have risen substantially above average during sports championships in the past.
During the time the 2006 World Cup in Germany was going on, Aviva noted a 25% increase over the usual summer traffic of claims involving broken glass, mostly to do with footballs being kicked astray. The company also noted an increase in broken glass claims of 30% in 2009, due to impromptu cricket games in the garden inspired by the Ashes series.
Aviva says that claims for broken glass average out to approximately GBP 600 (US$ 820) each; house windows, greenhouses, sheds and conservatories were the most common accidentally damaged objects while children were the usual suspects.
Rob Townend, the Director of Property Claims at Aviva says that “It’s great that famous sporting events inspire youngsters – and possibly some over enthusiastic parents – to get out in the garden and knock a few balls around, but it might be as well to direct those games of footie, tennis or cricket away from your home and towards the end of the garden or perhaps a local park”
Insurance Company Mentioned:
Aviva
Europe’s fourth largest insurance company, with more than 300 years of experience in the global insurance industry, Aviva is committed to the safety and satisfaction of its customers. They sell a broad range of insurance products including motor and property insurance, protection and health insurance, business insurance, life insurance and pensions.
Jun
23
The subsidiary of the UK-based global insurance brokerage Willis Group Holdings plc, Willis Limited, has received approval by the local authorities to open a new representative office in Almaty, the financial centre of Kazakhstan, the country in Central Asia with a significant market of oil and gas industries.
All major oil companies have a presence in Kazakhstan, and through this new representative office Willis will be able to issue local contracts and policies through its current network partner, the local brokerage CIS Risk Consultants, which provides a full range of insurance services.
Willis has also opened offices in Russia and Ukraine. This is the third office opened by the company in the former Soviet Union and augments its national presence, initiated the 1990s.
Kazakhstan is well-positioned to become one of the top 10 oil producers in the world, and its economy is further supported by the production of grains and uranium.
In addition to commercial insurance, the representative office in Almaty will be able to offer domestic and international clients with reinsurance solutions delivered through the local insurance market, using the global placement capabilities of Willis.
Willis has assigned Simon Aubrey-Jones, Executive Director of Willis Eastern Europe to lead this Kazakh venture. Mr Aubrey-Jones is based in London and has accumulated extensive knowledge of the region throughout his involvement since the opening of the first representative offices in Russia and Ukraine, more than two decades ago.
Insurance Company mentioned:
Willis Group Holdings plc is a leading global insurance broker. Through its subsidiaries, Willis develops and delivers professional insurance, reinsurance, risk management, financial and human resource consulting and actuarial services to corporations, public entities and institutions around the world. Willis has more than 400 offices in nearly 120 countries, with a global team of approximately 17,000 employees serving clients in virtually every part of the world.
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