Nov
30
US$4.1 Million Grant for Index Linked Insurance in Kenya and Rwanda
Filed Under Africa, Income Protection | 2 Comments
The International Finance Corporation (IFC) – a member of the World Bank Group – has awarded a US$4.1 million (€3.12 million) grant to support the provision of microinsurance in Eastern Africa. The grant will be awarded over the next three years to help 35,000 farmers and 5,000 livestock herders in Kenya and Rwanda.
The grants will be used to finance advisory services, building and infrastructure development and assistance to local insurance companies in the provision of index-based insurance products.
The agreement between the IFC and the regional grant partners is designed to expand access to insurance for Kenyan and Rwandan farmers and livestock herders in order to provide them with protection for their animals, crops and livelihoods against natural disasters and weather-related risks.
The IFC led programme – through the Global Index Insurance Facility (GIIF) – was established in 2009 to help in the development of index-linked insurance facilities in countries which currently have limited insurance resources available. The IFC grant, totaling roughly US$4.1 million (€3.12 million), will be shared between three schemes which include: MicroEnsure weather index insurance project in Rwanda; the Syngenta Foundation for Sustainable Agriculture/UAP Insurance weather index insurance initiative in Kenya and the International Livestock Research Institute (ILRI) Livestock index insurance project in northern Kenya.
The expected breakdown of the grant will see the Syngenta Foundation for Sustainable Agriculture receiving up to US$2.4 million (€1.8 million), which is planned to assist 20,000 farmers in Kenya with insurance protection over the next three years. US$154,000 (€117,540) of the IFC grant will be for the ILRI to help roughly 5,000 households in northern Kenya over the next two years and up to US$1.6 million (€1.2 million) will be for MicroEnsure to cover 15,000 farmers over the next three years in Rwanda.
IFC’s director for Eastern and Southern Africa, Jean Philippe Prosper said: “These partnerships highlight IFC’s commitment to expanding insurance and other financial products where they are needed most in Africa. The Global Index Insurance Facility will facilitate farmers’ access to credit, leading to increased productivity, improved livelihoods and greater food security. We are grateful to the donors that have generously provided funding and to our partners for supporting this programme.”
The establishment of the GIIF is designed to aid the development of local insurance companies and create capacity to provide index-based insurance products. Index-based insurance is designed to protect against catastrophic events taking into account the severity of the events such as droughts, flooding and wind storms and the damage they can cause. The significance of the form of index-linked insurance products proposed is that it will enable the verification of claims on a large scale rather than on an individual basis. This will lower transaction costs, making products and services more accessible in rural and remote regions.
The first donor to commit to the GIIF Trust Fund was the European Union (EU) which donated US$32 million(€24.5 million). Additional donations have been received from Japan’s Ministry of Finance with an initial offering of US$2 million (€1.5 million) and the Dutch Ministry of Foreign Affairs; these funds have been used to finance the initial project and establish the facilities required.
The IFC is the largest global development institution founded to focus on private sector involvement in developing countries. The IFC looks at ways to create opportunities for people to escape poverty and improve their lives. The global institution provides capital for businesses to assist employment and supply needed services by using funding from sponsoring parties. The IFC will also offer advisory services to ensure projects are developed effectively.
Nov
29
A survey by professional service firm PricewaterhouseCooper (PwC) has shown that foreign insurers operating in China expect their market share of the overall insurance business in the country to remain static in the short to medium term.
PwC surveyed 31 foreign insurers currently present in China. Expectations emerged that the next three years will be stagnant for foreign insurance companies as local based rival insurers take a stronger presence in the market. Life insurers are forecasting that their current market share of this sector of the insurance business will remain at around 5 percent for the next three years, while insurers in the property and casualty sector also expect no growth in China – with a continuing market share of 1 percent.
A combination of facts has been highlighted as obstacles to further growth for overseas insurers in the Chinese insurance market. These include stringent measures imposed by the insurance regulator – the China Insurance Regulatory Commission (CIRC) – and increased competition from local insurance companies operating in the second largest economy in the world.
Commenting on the survey, Tom Ling partner at PwC China said: “Foreign insurance companies operating in China have tried in vain to gain traction and increase their market share. Established domestic insurers and the aggressive geographic expansion of the smaller insurers are giving the foreign players a run for their money.”
During the first 6 months of 2010, the 46 foreign insurers present in China generated total premiums of CNY32.58 billion (US$4.9 billion) – a figure which accounted for 4 percent of total insurance premiums.
The Chinese insurance market has seen a more aggressive approach from local financial institutes. The China Construction Bank Corporation and ICBC have stepped up their operations in the insurance sector in China, taking advantage of the growing demand for protection products from a more affluent population.
Domestic provider Ping An Insurance – one the largest insurers present within the Chinese insurance market – received approval to merge with the Shenzhen Development Bank Co in a move which will increase the Ping An Insurance distribution network. Also, the Industrial and Commercial Bank of China (ICBC) agreed to buy a majority stake in the French-Chinese joint venture AXA-Minmetals Assurance Company giving ICBC – the world’s largest bank by market value – access to the Chinese life insurance market and adding to their non-banking products in the most populous country in the world.
Previously international insurers had been reporting substantial activity from their Chinese operations focusing on the country’s insurance market for global growth and new premium sales. In October 2010, Zurich maintained a 20 percent share in their Chinese joint venture – New China Life Insurance (NCI) – ensuring the Swiss based insurer retained its original holding in the Chinese insurer and profit potential.
The Belgium insurer Ageas – which emerged from the 2007-2008 global financial crises as a leaner business – also aims to strengthen its operations in Asia highlighting China as a key market for future growth. Europe’s third largest insurer Generali is also focusing on China as part of its strategy to accelerate growth for the global Italian insurer.
Canadian insurer Sun Life Financial has undertaken a restructuring of its joint venture in China – Sun Life Everbright – reducing holdings in the company from 50 percent to 24.99 percent, but this has enabled the dominant Chinese influence to expand its distribution network.
Insurance companies, either foreign or domestic based, have been re-positioning and developing within the Chinese insurance market, committing themselves to potential growth opportunities. Multi-national insurers have established offices across China taking a positive foothold in the country and placing a strong focus on activities – with recognition of the prospects for expansion and premium appreciation.
Although the recent survey by PwC highlights the tougher conditions for foreign insurers operating in China, multi-national insurers remain committed to the insurance industry in the country by improving links with local insurance companies in order to maximize opportunities in a market which has yielded positive returns for many insurers in the past.
Companies Mentioned:
Sun Life Financial
Sun Life Financial is an international financial services organization providing a range of protection and wealth accumulation products and services to individuals and corporate customers.
Sun Life Everbright Life Insurance Co. Ltd
Sun Life Everbright Life Insurance was established in April 2002. It’s shareholders include China Everbright Group, Canada’s Sun Life Financial Group, China North Industries Group Corporation and Anshan Iron and Steel Groups, based in Tianjin
Zurich
Headquartered in Zurich, Switzerland, Zurich Financial Services Group is an insurance-based financial services provider with a network of subsidiaries andoffices in North America and Europe and also in Asia-Pacific, Latin America and other markets. Zurich is one of the world’s largest insurance groups, and one of the few to operate on a truly global basis. With 60,000 employees serving customers in more than 170 countries, our business is concentrated in three business segments: General Insurance, Global Life, and Farmers.
Assicurazioni Generali SpA
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.
ICBC
By the end of 2008, ICBC had altogether 385,609 employees and 16,386 domestic and overseas branches, providing extensive and high-quality financial products and services to 190 million personal clients and 3.1 million corporate clients.
AXA-Minmetals Assurance
AXA-Minmetals Assurance is the first Sino-French insurance company in China and also the first life insurer approved by China Insurance Regulatory Commission. Established in Shanghai in May 1999, the company has boasted stable and sustainable development with its ambition of Becoming the Preferred Company. In September 2010, AXA-Minmetals has achieved a total premium income of RMB 830 million, increased by 54% compared to the same period of last year and its new business volumes have also increased by 75%.
Ageas
Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. They are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia. It is an undisputed leader in the Belgian market for individual life and employee benefits, as well as a leading non-life player, through AG Insurance. Internationally Ageas has a strong presence in the UK, where it is the third largest player in private car insurance. The company also has subsidiaries in France, Germany, Turkey, Ukraine and Hong Kong. Ageas has a track record in developing partnerships with strong financial institutions and key distributors in different markets around the world and successfully operates partnerships in Luxembourg, Italy, Portugal, China, Malaysia, India and Thailand.
New China Life Insurance
New China Life Insurance Co.,Ltd (NCI）has headquarters in Beijing and was established in 1996 It is a large national insurance company, with products including traditional protection products, bonus products as well as the products that have a strong financial management function. With sustained, healthy and harmonious development of the company, the brand value of NCI is a valuable asset.
Ping An
Ping An Insurance (Group) Company of China, Ltd. (Ping An) is engaged in providing a range of financial products and services. The Company focuses on three businesses: insurance, banking and investment. The Company operates in five business segments: life insurance business, property and casualty insurance business, banking business, securities business, corporate and other businesses. The Company’s subsidiaries include Ping An Life Insurance Company of China, Ltd. (Ping An Life), Ping An Property & Casualty Insurance Company of China, Ltd. (Ping An Property & Casualty), China Ping An Trust & Investment Co., Ltd. (Ping An Trust), Ping An Securities Company, Ltd. (Ping An Securities), Ping An Bank Co., Ltd. (Ping An Bank), Ping An Annuity Insurance Company of China, Ltd. (Ping An Annuity) and Ping An Health Insurance Company of China, Ltd. (Ping An Health), among others.
Nov
26
A recently report has found that nearly one in a hundred deaths worldwide are related to passive smoking, with the study estimating that 600,000 people die from second-hand smoking each year.
The report by the World Health Organization (WHO) is one of the first global assessments of its kind looking into the affects of second-hand tobacco smoking. The results included in the report indicated that 165,000 children die each year due to a tobacco polluted environment. The WHO report – led by Annette Pruess-Ustuen of the WHO – shows that children are more exposed to second-hand smoking than any other age-group.
The report was compiled based on data from 2004 – the most recent available – with figures covering 192 countries. The research reported that two-thirds of the deaths recorded occurred in Africa and South Asia. The assessment of the impact of passive smoking indicated that of people most affected, 40 percent were children, 35 percent were women and 33 percent men.
A mathematical modeling technique was used to compile the results for the WHO sponsored study, with the Swedish National Board of Health and Welfare and Bloomberg Philanthropies providing funding for the research programme.
Of the people around the world who have died due to complications from second-hand smoke, 379,000 are estimated to have died from heart disease, while lower respiratory infections having caused 165,000 deaths, asthma causing a further 36,900 deaths and 21,400 from lung cancer.
Children who are exposed to second-hand smoke are particularly vulnerable to disease and illness, which include pneumonia, asthma and Sudden Infant Death Syndrome (SIDS). In adults second-hand smoke can lead to serious cardiovascular and respiratory diseases, which include coronary heart disease and lung cancer. While passive smoking in pregnant women can contribute to a low birth weight of the baby.
Deaths among children caused by second-hand smoking was mostly confined to poor and middle income countries, while deaths recorded within adult groups was spread across all countries. In high income countries within Europe, 71 child deaths were reported with adult deaths estimated to be above 35,300. Across the African continent, it was estimated that more than 43,000 children and 9,100 adult’s deaths were due to the affects of passive-smoking.
However, the total impact of tobacco related death’s worldwide is estimated to be 5.7 million, when the 600,000 from passive smoking is added to the figure for deaths due to active smoking.
There have been calls for countries to strengthen the enforcement of the WHO’s Framework Convention on Tobacco Control, which highlights measures such as plain packaging of tobacco products, a ban on marketing and an increase in tax on tobacco products; it is thought that implementation of these measures would have a significant and positive effect on exposure to passive and active smoking.
Research has shown that countries which put in place smoking bans in public places such as restaurants and bars see a significant decline in the levels exposure to second-hand smoke. It is also contended that when countries adopt anti-smoking regulations and ensure adherence to these, there can be abatement in the amount of cigarettes consumed by a smoker thus leading to a better chance of quitting the habit. Only 7.4 percent of the global population is estimated to be currently living in an area where there are comprehensive anti-smoking laws, and, in certain cases, the laws are not strictly enforced.
The WHO have stated that the current trend in tobacco consumption is responsible for more than 5 million deaths a year, which could exceed 8 million deaths per year by 2030 if there is no reduction in tobacco consumption. Current data shows that there are over a billion smokers worldwide, with approximately 80 percent living in low and middle income countries. While the overall consumption of tobacco products is increasing globally, there has been a slight decline in some high and upper-middle income countries.
Nov
25
New Drug Developed in Fight Against HIV
Filed Under Uncategorized | 3 Comments
A study organized by the government of the USA and recently published in the New England Journal of Medicine, dubbed iPrEx (Phase III Chemoprophylaxis for HIV Prevention in Men), has shown that a once-a-day pill could be used to treat HIV positive patients in combating the virus. Recent trials of the combination drug Truvada have been completed with nearly 2,500 men participating in the research; it showed signs that the new drug could lower the chance of male-to-male HIV infection.
Gilead Sciences Incorporated – the California based drug manufacture of Truvada – has submitted an application to the FDA (Food and Drug Administration) for permission to market a single combination drug of Truvada (emtricitabine and tenofovir disoproxil fumarate) in addition with Tibotec Pharmaceuticals Ltd.’s TMC278 (rilpivirine hydrochloride) for treating adults infected with HIV. The two companies have been collaborating since June 2009, and the new combination drug is supposed to be a safer follow up to one of Gilead Science’s previous combination drugs Atripla, which combined Truvada and Bristol-Myers Squibb Co.’s Sustiva (efavirenz).
The National Institute of Allergy and Infectious Diseases (NIAID) sponsored the recent study – known as iPrEx – through the non-profit independent research organization J. David Gladstone Institute, which is associated with the San Francisco based University of California. The drugs were donated by Gilead Sciences, with the Bill & Melinda Gates Foundation also providing additional funding.
Research has shown that if Truvada is taken by HIV sufferers, it could reduce the risk of infection by 44 percent – with a higher avoidance of contraction if the drug is taken on a regular basis. Almost 2,500 gay or bisexual men from the United States, Thailand, Peru, Brazil, Ecuador and South Africa were randomly selected to take-part in the trial, with half of the test group given a placebo.
Anthony S. Fauci, M.D., director of NIAID said “We now have strong evidence that pre-exposure prophylaxis with an antiretroviral drug, a strategy widely referred to as PrEP, can reduce the risk of HIV acquisition among men who have sex with men, a segment of the population disproportionately affected by HIV/AIDS,”
Participants from the six countries who took part in the study all received an intensive package of preventive measures to reduce the risk of HIV infection during the trial. The patients in the trial were given HIV testing, counseling on safe sex, condoms and medical treatment for sexually transmitted infections. Half of the test group were given Truvada, which was provided by Gilead Sciences for the study.
The tests were conducted over a 12 month period and found that if Truvada was taken it appeared to cut to the transmission of HIV by 44 percent, when compared with the group taking placebo tablets. The results from the initial studies – confirmed by blood tests – indicated that the pill could reduce transmission levels by up to 73% if taken on a regular and consistent basis.
If Truvada proves to be successful in the fight against HIV, it could be a major breakthrough in combating the spread of AIDS worldwide. A decision on how Truvada can be best used to possibly prevent AIDS occurring is still to be taken.
Further research is planned to be carried out among other groups, including women and intravenous drug users, to see if the drug can be used to control the virus. So far the research into Truvada has proven to be encouraging in controlling the global epidemic, with further studies planned for the future to see if any advances can be made.
There still areas of concern at this early stage, including the long term effect of taking the drug for an extensive period of time; concerns also cover the issues of how often the pill should be taken and the overall cost of the medication. In the USA, the cost of medication could be in the region of US$1,000 per month, while in low-income countries generic versions of the drug could cost a person around US$15 per month. The affordability of the drug is believed to be out of reach for many people who need it.
The key goal behind Truvada is to help stop HIV from reproducing. The anti-HIV drug is designed to combat the virus which attacks the immune system – made up of millions of cells – by helping in the fight against the infection. The recent study into the use of Truvada does not show the affect the drug may cause if taken regularly for a three year period.
The study into the use of Truvada is seen as a major advancement in the fight against HIV. UNAID reports that there is an estimated 33.3 million people HIV positive worldwide – although it is thought the epidemic peaked in 1999, with the number of new infections declining by 19 percent since; the UN now estimates that there are 15 million people living in low and middle income countries who require treatment for AIDS.
Although the virus has declined over the last decade, if the study on the benefits of Truvada evolves and proves to be successful, it is possible that it could cut the
transmission of HIV significantly and be a major step forward in global health. However, it is recognized that Truvada is not a preventive cure for HIV, but early findings show Truvada lowers the risk of the new infections among healthy gay men – emphasis being placed on the consistent application of correct safe sex methods as still the best form of protection against HIV infection.
Anthony S. Fauci, M.D., director of the NIAID further said: “Additional research is needed, but certainly this is an important finding that provides the basis for further investigating, developing and employing this prevention strategy, which has the potential to make a significant impact in the fight against HIV/AIDS.”
The initial results of trials may prove to be significant in the battle against HIV/AIDS. The positive effects on the use of Truvada need to be expanded in order to develop new measures to prevent the transmission of HIV globally. It is vital additional research is completed in the development of medication to fight HIV, with the issues relating to costs, drug-resistant strains of HIV and the long team treatment process fully addressed.
Nov
24
Sun Life Financial Aims for Growth in China and India
Filed Under China, China insurance, Insurance Company, Life Insurance | 2 Comments
The Canadian insurer Sun Life Financial reported third-quarter earnings for 2010, with net income totaling C$453 million (US$444 million). This compared with a loss of C$140 million (US$137 million) during the same period last year. Sun Life Financial also highlighted plans for future expansion through its operations in China and India in order to capitalize on the developing markets in these countries.
Sun Life Chief Executive Don Stewart said: “In Asia, the restructuring of Sun Life Everbright is now complete. We continue to see strong sales growth in China and Indonesia..”
Sun Life Financial reported 2010 third-quarter earnings in Asia totaling C$37 million (US$ 36 million), compared to earnings of C$13 million (US$12.7 million) for the same period in 2009. Significant growth was reported from individual life sales in China and Indonesia, which grew by 178 percent and 54 percent respectively.
Canada’s third largest insurer Sun Life Financial plans to expand throughout China by increasing its presence in major cities across the country, taking advantage of the growing demand for protection and saving products. This will be undertaken through Sun Life Financial’s joint venture with China’s Everbright Group, which started trading in 2002; the JV – Sun Life Everbright Insurance Co – went through a restructuring programme earlier this year to strengthen its presence in the rapidly growing financial market in this country.
The revamp of Sun Life Everbright earlier in 2010, meant Toronto-based Sun Life Financial’s holding in the joint venture decreased to 24.99 percent from its original stake of 50 percent, with Sun Life Financial still providing expertise in areas such as risk management and actuarial services. Under the restructuring of the Chinese JV, Sun Life Financial reported a net gain of C$19 million (US$18.6 million) and set its sights on continued sales growth in the future.
Currently Sun Life Everbright operates in 18 Chinese cities employing more than 2,500 advisors providing individual and group plans for accident, pension, life and health protection products. The foreign linked joint venture became the first recognized domestic Chinese company in the summer of 2010 following its restructuring program. Sun Life Financial has highlighted – like many other global insurers – the significance of the Chinese economy and the part it will play in the future growth for insurance companies re-positioning operations to capitalize on emerging demands.
Birla Sun Life is Sun Life Financial’s joint venture with local Indian partners Aditya V. Birla Group and is one of the top 5 privately owned life insurers in India. Although Sun Life Financial’s sales in India were down by 13 percent in the third quarter of 2010, compared with the same period in 2009, this was partly due to the major changes imposed by Indian regulatory authorities. However, Birla Sun Life expects prospects to bounce back in the future in line with the economic growth forecast to occur in this Asian powerhouse. The Indian insurance sector is set to expand propelled by the country’s economic prosperity and increasing demands from the vast population for insurance products. Birla Sun Life provides life, heath, education, retirement, saving and mutual fund products.
Sun Life Financial and its partners in India and China are upping operations in these two Asian powerhouses, which have both emerged from the 2007-2008 financial crises as pivotal markets for insurers and financial institutions; this reflects emerging demands for protection and investment products from the increasingly more affluent populations in China, India and other Asian countries, which are providing multi-national insurers – such as Sun Life Financial – and their local partners a new outlet for income growth. The demand for insurance products in the Asian region offsetting more static demands in traditional markets in North America, Western Europe and Japan, where economies have been slower to recover from the global financial setback in 2007-2008.
Even though competition in the insurance market in China, India and other Asian countries has increased in recent years, Sun Life Financial believes the expanding savings culture in this region of the world will provide new and profitable business outlets.
In Canada, Sun Life Financial’s third-quarter earnings generated a net income of C$262 million (US$257 million) compared with C$219 million (US$ 215 million) for the same period in 2009; while trading in the USA showed an improvement, with profits of C$41 million (US$ 40 million) in third-quarter 2010 compared to a net loss of C$413 million (US$405 million) year-on-year.
The China Insurance Regulatory Commission (CIRC) and the Insurance Regulatory and Development Authority (IRDA) of India are the gatekeepers of the insurance industries in their respective countries. In recent years each insurance market has been subject to changes, which has resulted in an increase in competition between foreign and domestic insurance providers. Reforms and criteria changes have paved the way for global insurers to enter the Chinese and Indian insurance markets – although some obstacles still remain. Sun Life Financial – through their joint ventures with local insurers – are in a strong position within the Chinese and Indian insurance sectors, offering a large product mix to meet the demands of changing needs and competition within these nascent insurance markets.
Insurance Companies Mentioned:
Sun Life Financial
Sun Life Financial is an international financial services organization providing a range of protection and wealth accumulation products and services to individuals and corporate customers.
Sun Life Everbright Life Insurance Co. Ltd
Sun Life Everbright Life Insurance was established in April 2002. It’s shareholders include China Everbright Group, Canada’s Sun Life Financial Group, China North Industries Group Corporation and Anshan Iron and Steel Groups, based in Tianjin
Birla Sun Life
Birla Sun Life is a joint venture established in 1999 between Sun Life and Indian based Aditya V. Birla Group. Today, Birla Sun Life Insurance is one of the top 5 privately owned life insurers in India, and Birla Sun Life Mutual Fund is the fifth largest Mutual Fund House in the country.
Nov
24
Record Growth in Australia’s Private Health Insurance Market
Filed Under BUPA, Insurance Company, Medical Insurance | 22 Comments
Australia’s public health system, Medicare, provides a substantial cover of healthcare treatment. However the public health system is currently under threat. There is a shortage of medical staff, hospital beds, and medical facilities such as brain scans. Patients under the public health system are therefore having to endure considerably long waiting lists.
Medicare was introduced in 1983, allowing Australian citizens to receive emergency, hospital treatment, diagnostic investigations, and prescribed surgery for free. Under the public health system, General Practitioner appointments, chiropractic, physiotherapy, specialist services, and pharmaceutical medications are either fully or partially subsidized by the Government. Services not included under Medicare include ambulance cover, dental care, elective treatments, and access to private hospital services. Medicare covers 75 per cent of private healthcare costs.
The Australian Government wants more people to obtain private health insurance to ease the impact of large numbers of patients on the public healthcare system. With Government incentives and insurance rebates introduced in the last decade, there are now more reasons for Australians to take out private health insurance.
In 2000, the Government introduced the Lifetime Health Cover (LHC) policy, which provides incentives for younger Australians taking out health insurance. The initiative may have been proven successful, given the last quarterly report reveals the largest increase in Australian private medical insurance coverage were among individuals aged between 20 and 24.
With the LHC policy, people can save considerable amounts on their health insurance costs if they take out hospital coverage prior to their 31st birthday. Individuals who do not have hospital cover on the 1st July following your 31st birthday, will pay a 2 percent loading for every year they are aged over 30. The maximum loading is 70 percent. The exception is for individuals who took out hospital cover before 1 July 2000 and maintained it – pursuant to the initiative, as these individuals pay a base rate regardless of their age.
Further incentives have included the Private Health Insurance Rebate, introduced in 1999, which offers at least 30 per cent rebate on private health insurance costs. The rebate is increased to 35 per cent for people aged between 65 and 69 and 40 per cent for those aged 70 and over.
Many Australians are also taking out private health insurance to enable choice of doctor and hospital, as well as avoiding long waiting lists endured under the public health system.
Given the introduction of Government incentives to purchase individual coverage, private health insurance has soared in Australia, reaching record membership coverage in decades.
“This is the first time there has ever been more than 10 million people in Australia with hospital insurance since the introduction of Medicare”, the Private Health Insurance Administration Council revealed in its’ September 2010 quarterly report.
The Private Health Insurance Rebate has undoubtedly proven successful, given the upswing in private health coverage since the introduction of the scheme. In order to save $1.4 billion, Health Minister Nicola Roxon announced her intentions to reintroduce legislation aimed at means-testing the rebate. Although her initiative was blocked by the Senate, Nicola Roxon aims to use the growth in the number of health insurance policies to gain approval.
Despite high increases in insurance premiums, doubling the inflation rate, last year Australia had the highest incline of new memberships since 2001. Australia’s Health Minister Nicola Roxon argued that the premium increase of 6.0 per cent this year was actually lower than last year’s increase of 6.02 per cent. Although it was higher than 2008’s rise of 4.99 per cent.
On the other end of the scale, the United Kingdom has experienced a record decline in private health insurance members, driven by recession pressures forcing employers and individuals to cut back in costs. This is the lowest record of coverage since the 1970s. The number of private health insurance members have fallen to around 7.2 million, 11.7 per cent of the population. This compares to 12.5 per cent private health insurance coverage among the UK population in 2007, market researchers Laing & Buisson report.
Given the increase in private health insurance coverage in Australia, the industry has grown considerably as a result. Key competitors in Australia on the health insurance market are Medibank Private, BUPA, Hospitals Contribution Fund of Australia, and HBF, listed by market researchers IBISWorld.
Over the last decade, leading health insurers have emerged with Medibank controlling 30 per cent of the private health insurance market. Around 100,000 health insurance policy holders were added in the last year, taking the total number of members to 3.7 million. Bupa Australia also shares a large proportion of the health insurance market with over 3 million members.
Medibank’s revenue of $4.6 billion this year, was a 17 per cent increase on the previous year, with $4.4 billion coming from premium revenue. Medibank Private’s expansion into healthcare, through the acquisition of Australian Health Management in 2009, increased the company’s profit growth further, contributing $19 million in the last year. In the last 18 months Medibank has also purchased Health Services Australia and McKesson Asia-Pacific.
Following the merging of Bupa Australia with MBF in 2008, Bupa has become the second largest health insurer in Australia. In year end report 2009, Bupa Australia announced increased revenues and surplus with membership growth of 1 per cent since year end.
Overall there are good opportunities for further growth in the Australian health insurance market due to the government incentives that encourage the uptake of private health insurance, as well as the country’s strong economy and growing population.
Nov
23
Growth Opportunities for Insurers Forecast in the Middle East
Filed Under Health Insurance, Middle East, UAE Insurance | 9 Comments
Worldwide insurance rating and information agency A.M Best has identified three Middle Eastern insurance markets which are set to grow. The insurance industries in the United Arab Emirates (UAE), Qatar and Saudi Arabia are identified as offering opportunities for significant expansion for insurers with access to these markets.
The insurance markets in these three countries are poised to return combined total gross written premium increases of between 15-20 percent in 2010 – according to A.M. Best’s assessment.
The UAE, Qatar and Saudi Arabia are all members of the Gulf Cooperation Council (GCC) – a political and economic union in the Persian Gulf. This includes insurance company representation in a significant insurance market, with economies driven by buoyant oil prices and high levels of government spending on infrastructure. The market in the non-life insurance sector has been stimulated with demand for healthcare and motor cover in particular being set to grow in line with improving financial prosperity.
Abu Dhabi introduced a compulsory healthcare insurance programme in 2008, making it mandatory for all expatriates to hold private medical insurance, which will continue to drive future sales of private medical insurance.
A.M Best highlighted the opportunities for insurance companies operating in the UAE, Saudi Arabia and Qatar based on the stable economic outlook for the region. In the UAE, despite the impact of the global financial crisis – which caused the postponement of a planned healthcare insurance scheme in 2009 – the insurance market still grew by 3.65 percent, illustrating the general robustness of the insurance business in the region.
Although the general outlook for the insurance industry across the Middle Eastern region is positive, challenges exist for local insurers from increasing competition as new insurers enter the market placing pressure on maintaining profit margins. There are also concerns for insurers who currently operate in the region as the insurance sector is becoming increasingly fragmented, requiring insurers to concentrate on profitable products and services.
The takaful insurance market has been steadily developing across the Gulf region, with forecasts predicting that there is still significant growth potential in this sector. Swiss insurance giant Zurich recently highlighted opportunities in the takaful sector, where demand is poised to increase. In 2010, Zurich expanded their reach in the Middle Eastern region, with the acquisition of Lebanon-based Compagnie Libanaise D’Assurances (CLA); this gave Zurich access to a network of distribution channels in the United Arab Emirates, Kuwait, Oman and Lebanon.
Standard Chartered and Allianz Takaful entered into a 5 year agreement for Alliaz Takaful’s insurance products to be sold through the Standard Chartered Bank in Qatar. Additionally, the two parties also struck a deal for Standard Chartered SME business insurance products to be sold through Allianz Takaful in Bahrain, which includes group health insurance, corporate savings and pension schemes. These deals have strengthened strategic relationships and have enabled both parties to expand their distribution networks and product ranges in the region.
As global insurance markets open up, and multi-national insurers re-position themselves on the world stage, focus is shifting to up-and-coming insurance industries in emerging markets. They are seen as offering better opportunities for growth in premium returns to offset the more static positions in established European and North American markets. Key focal points in this respect have been the Asian and Middle Eastern regions, with the Middle Eastern insurance industry set to flourish in the U.A.E, Qatar and Saudi Arabia.
Cargo, construction and energy risks have been predominant in the UAE, Qatar and Saudi Arabia insurance sector. However, the need for indemnities for motor and health coverage is increasing and is driving the future development of the Middle Eastern insurance industry. Global heavyweights AXA and Allianz are already present in the Gulf region, together with Bupa Arabia in Saudi Arabia in order to take advantage of the increasing demand for healthcare coverage; the Bupa group announced profits for 2010 included earnings from overseas activities in Saudi Arabia and other emerging markets.
Economic success in the UAE, Qatar and Saudi Arabia is set to drive the insurance sector across the Middle Eastern region. This is leading to intensified competition, with global insurers battling to gain access to new business opportunities.
Companies Mentioned:
A.M Best
A.M Best Company was founded in 1899 and is a full-service credit rating organization dedicated to servicing the financial services industries, including the banking and insurance sectors.
Allianz Takaful
A fully owned subsidiary of the Allianz Group, Allianz Takaful was established in March 2009 and is headquartered in Bahrain. Allianz Takaful is the Allianz group’s first foray into the Gulf Cooperation Council or GCC, and offers Shariah-compliant products and services.
Standard Chartered Bank Qatar
Standard Chartered Bank first opened a branch office in Qatar in 1950, making it the oldest foreign bank in Qatar. It operates 3 branches and 6 ATM machines in the country, employing 167 employees from 30 different countries. Their two core divisions of Wholesale and Consumer Banking have given them a 27% market share in Qatar.
AXA
AXA Group is a worldwide leader in Financial Services. Headquartered in Paris, the AXA Group companies are engaged in life insurance, health insurance and asset management services among others. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
Zurich
Headquartered in Zurich, Switzerland, Zurich Financial Services Group is an insurance-based financial services provider with a network of subsidiaries andoffices in North America and Europe and also in Asia-Pacific, Latin America and other markets. Zurich is one of the world’s largest insurance groups, and one of the few to operate on a truly global basis. With 60,000 employees serving customers in more than 170 countries, our business is concentrated in three business segments: General Insurance, Global Life, and Farmers.
Allianz
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.
Bupa
Bupa was established more than 60 years ago in the UK and is now has ten million customers in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
Nov
22
Prudential Funds Purchase of AIG’s Japanese Insurance Units
Filed Under AIG, Insurance Company, Life Insurance, MetLife | 6 Comments
American insurance group Prudential Financial Incorporated has announced completion of financing transactions to contribute to the purchase of Japan-based insurers AIG Star Life Insurance Co and AIG Edison Life Insurance Co from its American rival AIG.
Prudential Financial, one of America’s largest life insurers, raised roughly US$ 2 billion (€ 1.45 billion) through the sale of over 18.3 million shares of Prudential Financial common stock, together with a public offering of US$500 million (€363 million) 4.50 percent senior notes and US$500 million (€363 million) 6.2 percent 30 year senior notes. The financing transactions by the US insurer helping to fund the purchase the two Japan-based insurance companies.
The sale of AIG’s two Japanese assets will help the US insurer repay the US Treasury and the Federal Reserve of New York for the bailout it received at the height of the global financial crisis in 2008; this amounted to approximately US$182 billion (€132 billion) at the time. The deal is expected to be completed in the first quarter of 2011.
The New Jersey based insurer Prudential Financial is aiming to pay US$4.2 billion (€3 billion) in cash and absorb US$600 million (€435 million) in debt from the two Japanese insurance businesses currently held by AIG.
The deal came to light earlier in the year, with Prudential Financial working towards generating additional capital to fund the purchase of AIG’s Star Life Insurance and AIG Edison Life Insurance from AIG. AIG Star Life is engaged in life and retirement plans for individuals and groups. AIG Edison Life offers life insurance services within Japan; the Japanese insurer has established distribution channels operating throughout the country. Prudential Financial stated that current policyholders with Star and Edision will not be affected by the future transaction.
AIG recent released third-quarter earnings for 2010, reporting small gains in core business activities. However, the troubled US insurer posted a loss of more than US$2 billion (€1.45 billion) related to sales linked to the AIG group’s restructuring program. The latest figures indicate the difficulties the AIG group has experienced in generating funds to repay the US government for its bailout.
The Prudential Financial Incorporated announced third quarter 2010 results with net income attributed to its financial services business amounting to US$1.2 billion (€872 million), which is equal to US$2.46 per (€1.7) common share.
Earlier this month John Strangfeld, Chairman and Chief Executive Officer of Prudential Financial, said about the future deal “With our acquisition of AIG Star Life and AIG Edision Life expected to close in the first quarter of 2011, we look forward to augmenting our footprint as a leading foreign life insurer in Japan service protection and retirement needs and building on our success in the Japanese insurance market”.
Earlier in 2010, AIG’s disinvestment program included the sale of Alico – another Japanese subsidiary – to MetLife for US$15.5 billion (€11.2 billion). The move by MetLife allowed it to strengthen its presence in the Japanese insurance industry and to substantially increase its global reach.
The acquisition of the Japanese companies AIG Star Life Insurance and AIG Edison Life Insurance will mean the US insurer Prudential Financial is expanding its reach in a mature Asian market, but in an economy which has struggled to gain stability since the financial tsunami took effect in 2007-2008. Prudential Financial – the second largest life insurer in the US – currently has assets amounting to roughly US$750 billion (€545 billion) under management, with businesses stretching across the USA, Europe, Latin America and Asia providing a range of indemnities which including life insurance, retirement products, mutual funds, investment products and property services.
The acquisitions by Prudential Financial will boost the US-based insurers reach in the world’s third largest economy; “The addition of these operations to our existing businesses in Japan will increase our presence and give us opportunities to provide our quality service to more customers. We look forward to working with the management and employees of Star and Edison to ensure a smooth transition,” said John Strangfeld, chairman and CEO of Prudential Financial Inc.
In June 2010, the Japanese life insurance industry had 47 life insurance companies operating in the country, with the major players being: Alico Japan, ING, Manulife, Midori, Lifenet, SBI AXA Life, Japan Post (Kampo) and AIRIO. The Japanese life and non-life insurance industry is facing difficult times as, similar to the positions of Western Europe and North America, where the insurance market has matured with limited potential for writing new business, compounded by aging populations and declining numbers of younger inhabitants.
Insurance Companies Mentioned:
Prudential Financial Inc
Prudential Financial Inc. is a financial services leader, with approximately US$750 billion of assets under management as at September 2010. Prudential Financial operates in the United States, Europe, Latin American and Asia, with approximately 42,000 employees worldwide
AIG
The American International Group is a leading international insurance organization with operations in more than 130 countries and jurisdictions globally.
AIG Star Life Insurance
AIG Star Life Insurance Co. Ltd. is involved in providing life insurance coverage and retirement pension plans to the individual and group policyholders.
AIG Edison Life Insurance
AIG Edison Life Insurance Company provides life insurance services in Japan. AIG Edison Life Insurance has 8,000 sales agents and 17 bancassurance partners in Japan. The company is also providing new distribution channels for AIG which includes, corporation, unions and government agencies
MetLife
Possessing over 140 years of insurance expertise, MetLife aims to be an innovator in the field of international Life insurance. Globally, MetLife is able to offer its clients accident and health insurance, life insurance, disability income protection, and retirement and savings products.
Alico
Alico provides a broad and innovative range of insurance and savings products to individual customers, corporate clients and high net worth customers. With products to support every aspect of their customers’ lives, and provide comprehensive cover for the employees and commercial needs of their business clients.
Nov
19
Generali Reports Profit, and Plans for Organic Growth
Filed Under China, China insurance, Health Insurance, Insurance Company, Life Insurance | 8 Comments
The Italy-based insurer, Assicurazioni Generali, has released third-quarter earnings for 2010, with the third-largest European insurer reporting a quarterly profit increase of 13 percent. Overall net income jumped to €440 million (US$602 million) compared to €390 million (US$538 million) generated in the same period in 2009.
Results from Generali’s life-insurance unit offset sluggish figures from their non-life operations during the third-quarter this year; Generali’s non-life unit being adversely impacted by catastrophic events which included the floods in Europe and the earthquake in Chile. In the life insurance sector, Generali produced an 8 percent increase in premiums during the first nine months of 2010 realizing total revenue of €3.72 billion (US$ 5.09 billion) at the end of September 2010, compared to €3.42 billion (US$ 4.68 million) during the same period in 2009.
Following the release of third-quarter results by the Trieste-based insurer, the multi-national group highlighted prospects for organic expansion of global activities, with opportunities in both the European and Asian regions. Within Europe, the company considers that there is scope for growth in its home domicile Italy, along with Germany, France and the Eastern European bloc countries. The shortfall in the pension and savings business in Europe – estimated to amount to over a trillion dollars – is providing insurers such a Generali with a significant target market. In the former Soviet Union countries, scope exists to expand operations and network channels as these markets evolve.
Following in the footsteps of many of the world’s biggest insurers, Generali is looking towards China, India and Vietnam to accelerate premium returns as opportunities in the Asian region emerge after the 2007- 2008 global financial crisis.
Generali has operations across Asia, including Hong Kong, China, India, Indonesia, Japan, Thailand, Vietnam and the Philippines. The Italian insurance giant has a strong base across the Asian region, with distribution networks and partnering arrangements in mature and flourishing insurance sectors.
While Generali has a strong distribution network both in Europe and in the developing Asian insurance markets, rival insurers have also increased their reach in these markets – particularly in the thriving Asian region – with companies such as Aviva establishing an Indonesia partnership and Bupa teaming up with a local insurer in India.
Positive results from its life-insurance unit enabled Generali to obtain preliminary licensing from the Vietnam Ministry of Finance for the group’s Vietnamese operation – the Generali Vietnam Life Insurance Company Ltd – which gives the Italian insurer access to an expanding Vietnamese life insurance sector. However, it faces fierce competition from Prudential Vietnam, Korea Life and Ace Life who have all enjoyed strong growth in the life market during 2010. Vietnam has experienced significant expansion through foreign investment in the country by insurers such as Prudential Vietnam, Manulife Vietnam and Dai-ichi Mutual Life Insurance – all being established insurance providers.
Future Generali – a joint venture in India – with the Mumbai based Future Group provides life and non-life insurance products operated through 97 branches in 84 India cities. Along with China, India has become an economic powerhouse, with the Indian insurance industry flourishing in line with improvements in prosperity. Future Generali faces stiff competition in India, with other European based rivals such as Bupa. Bupa formed a partnership with a local Indian insurer to form MaxBupa in a bid to take advantage of increasing demands for private healthcare.
For the Generali Group to expand through organic growth, it needs to focus on product innovation and expansion of distribution channels in countries like India and China in order to take advantage of the vast populations in these countries with increasing demands for protection products. Future Generali took advantage of changes made by the Indian Insurance Regulatory and Development Authority (IRDA) in 2010, with the development of new products in life and health insurance; the Indian health insurance sector having grown by 25.2 percent between April 2009 to March 2010.
In China – the prime focus for the multi-national insurer’s expansion and establishment of efficient network channels – Generali has formed a joint-venture with the China National Petroleum Corporation (CNPC) to create the Generali China Life Insurance Company Ltd. This company was established in 2002 providing pension, accident, life, medical and education insurance products. The Generali China Life Insurance Company Limited was the first sino-foreign company to be approved by the Chinese authorities. As in other Asian countries, competition is increasing with multi-national insurers expanding operations in this the country with the second wealthiest economy in the world. Major European insurers such as AXA, Prudential, Aviva and Zurich, together with American rivals AIG – through their Asian arm AIA – battling to strengthen their positions in the rapidly expanding Asian insurance industry.
It is becoming more apparent that growth in global insurance markets is shifting east, with emerging demand in Asian countries driving premiums and profit margins. In contrast, traditional markets in Western Europe and the USA are more static but still offer companies good returns and a challenge to retain market share.
Companies insurance Mentioned:
Assicurazioni Generali SpA
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 Generali India Life
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.
Generali China Life Insurance
Generali China Life Insurance Co., Ltd. (GCL) was established 2002 as a joint-venture between China National Petroleum Corporation (CNPC) and Assicurazioni Generali S.p.A. (Generali), was the first Sino-foreign joint-venture insurer approved by Chinese Government after China joined the World Trade Organization.
Zurich
Headquartered in Zurich, Switzerland, Zurich Financial Services Group is an insurance-based financial services provider with a network of subsidiaries and offices in North America and Europe and also in Asia-Pacific, Latin America and other markets. Zurich is one of the world’s largest insurance groups, and one of the few to operate on a truly global basis. With 60,000 employees serving customers in more than 170 countries, our business is concentrated in three business segments: General Insurance, Global Life, and Farmers.
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.
Bupa
Bupa was established more than 60 years ago in the UK and is now has ten million customers in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, and China and across Latin America.
Dai-ichi Mutual Life Insurance
Established in 1902, Dai-ichi Mutual Life Insurance Co. is the oldest mutual insurer in Japan in Vietnam, Dai-ichi Life ranks third with 50 offices, 400 staff and 13,000 agents. The Dai-ichi Mutual Life Insurance Co. acquired Vietnam’s Bao Minh-CMG joint venture in 2007 to establish Dai-ichi Life Vietnam and increased its chartered capital to US$25 million.
Korea Life Insurance
Korea Life was found in 1950, committed to the growth and development of the life insurance industry by protecting the rights and interests of the industry and policy holders. Korea Life held 4% of the life and non life insurance market in 2009.
Prudential Vietnam
Prudential Vietnam is one the leading insurance providers in Vietnam, offering services to millions of Vietnamese people via the network of over 155 customer service centers, branch offices and general agency and business partner offices nationwide. Prudential Vietnam now takes the lead in the life market with over 40% market share in terms of premium income.
Manulife Vietnam
Manulife Vietnam was the first 100 per cent foreign-owned life insurance company in Vietnam, being its operation in September 1999 as a joint-venture called Chinfon-Manulife Insurance Company (CMIC). Manulife in Vietnam has grown rapidly to become a world class company providing a competitive array of financial protection products and services to Vietnamese customers. Since commencing operations, Manulife has helped more than 300,000 middle to upper-income Vietnamese plan right for their life.
Nov
18
Zurich Sells Stake in Spanish JV to Unnim
Filed Under Insurance Company, Life Insurance, Spain | 4 Comments
Europe’s fourth largest insurer – the Zurich Financial Services Group – has announced that it has entered into an agreement with its Spanish partners Unnim to sell them its 50 percent stake in their Spanish joint venture life and general insurance operation.
Zurich’s decision to sell its equal stake in the Spanish insurance venture follows the merger between Caixa Sabadell, Caixa Terrassa and Caixa Manlieu in July 2010 to form Caixa d’Estalvis Unió de Caixes de Manlleu, Sabadell i Terrassa – also known as Unnim.
The merger has lead Zurich, and the newly formed Unnim, to enter into a definitive agreement for the Spain-based Unnim to buy-out Zurich’s 50 percent share in the joint venture.
The Spanish savings bank Unnim has agreed to pay a cash consideration of €285 million (US$ 388 million) to Zurich in the deal, which will see Unnim become a wholly owned Spanish Insurance Provider. The deal is still subject to regulatory approval, but is expected to be completed in the early part of 2011.
Zurich and Spain based Caixa Sabadell originally entered into a 50-50 partnership in 2008, in a deal which cost Zurich €264 million (US$ 360 million), plus an extra €110 million (US$ 150 million) if agreed performance targets were met.
In recent months Zurich has been positioning its operational focus on emerging markets in the Gulf and Asian regions, highlighting the fact that these nascent insurance markets are evolving in the wake of the global financial crisis. The flourishing Indonesian insurance industry has lead the Swiss insurer to acquire an 80 percent stake in PT Mayapada Life enabling it to gain access to one the fastest growing Asian life markets. Also, Zurich recently invested a further €308 million (USS $420 million) in shares in current Chinese partners New China Life Insurance (NCI) in order to maintain its 20 percent stake in the China-based insurer, enabling Zurich to maintain a strong foothold in the world’s second largest economy.
In October 2010, Zurich also said that it will look for opportunities to expand in the Middle East and Gulf regions, with the international insurers recently acquiring Lebanon based Compagnie Libanaise D’Assurances. This enabled expansion of its operations in the region gaining access to markets in Lebanon, United Arab Emirates, Kuwait and Oman; Zurich has recognized the income potential from premiums in the Islamic insurance sector as demand for takaful products increase in the emerging Islamic markets.
Zurich has stated that it will continue to look for bolt-on acquisitions within emerging markets to ensure it remains competitive in these evolving insurance markets.
In 2009, total premiums in the Spanish insurance industry reached €60.4 billion (US$ 81.5 billion). Although there are still significant returns for insurers operating in the established European markets, higher returns from new written premiums in the developing markets in Asian and the Middle East provide multi-national insurers such as Zurich more profitable returns.
The Swiss based insurer Zurich has reiterated that it remains devoted to the Spanish life and general insurance market and is still committed to its other Spanish bancassurance partners within the country.
Insurance Companies Mentioned:
Zurich
Headquartered in Zurich, Switzerland, Zurich Financial Services Group is an insurance-based financial services provider with a network of subsidiaries and offices in North America and Europe and also in Asia-Pacific, Latin America and other markets. Zurich is one of the world’s largest insurance groups, and one of the few to operate on a truly global basis. With 60,000 employees serving customers in more than 170 countries, our business is concentrated in three business segments: General Insurance, Global Life, and Farmers.
New China Life Insurance
New China Life Insurance Co.,Ltd (NCI）has headquarters in Beijing and was established in 1996 It is a large national insurance company, with products including traditional protection products, bonus products as well as the products that have a strong financial management function. With sustained, healthy and harmonious development of the company, the brand value of NCI is a valuable asset.
Compagnie Libanaise d Assurances
Compagnie Libanaise d Assurances (S.A.L.) was established in the year 1951. Their paid-Up capital is LBP 22,500,000,000 (US$14.98 million) and their activities include insurance and re-insurance, withc offices in Lebanon, United Arab Emirates, Kuwait and Oman.
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