Aviva PLC, the United Kingdom's largest insurer, has announced plans this week to enhance its critical illness cover package with the addition of partial payments for several newly covered medical conditions. From October 17, 2011 onwards, all new Aviva critical illness customers will be eligible to claim partial insurance payments for two early forms of cancer: low grade prostate cancer and ductal…

The Ping An Insurance (Group) Company, China's second largest insurer by market value, have announced a 33 percent year-on-year increase in original premium revenue from January to September this week, at the top end of market expectations. As the company's premium income and investment returns have continued to grow, the insurer has also worked to obtain approval for a substantial investment war chest…

German insurance giant Allianz SE has decided to withdraw from the Japanese life insurance market, effective from next year, in a bid to refocus on more profitable ventures elsewhere. From January 1, 2012 onwards, Europe's largest insurer will halt the sale of new life insurance policies in Japan and focus only on managing existing contracts in the country. In a statement released September 30,…

Worldwide insurance broker Willis Group has partnered with Lloyd's of London underwriter Kiln to co-develop and launch a new product designed to protect hotels from any financial loss that results from negative publicity. Bad news, poisonous reviews and fraudulent behavior can travel fast in our 21st century world of instantaneous international communication and social media. Such actions, often anonymous,…

AIA Group Ltd, Asia's third largest insurer, has posted record numbers in terms of new business performance for the third quarter ending August 31 2011, driven in part by sustained premium income growth in Malaysia and China over the past year. The Hong Kong-based insurance company has been able to build on the strong sales momentum garnered earlier in the year to provide life insurance protection…

A new study released this week by international market research firm Nielsen has found that more than half of India's emerging urban middle class either already have a life insurance policy or are planning to buy one in the near future. Life insurance products have quickly become a popular investment tool in Asia's most populous country, as people look to more safe and reliable long-term savings plans…

A new special report released this week by worldwide insurance rating and information agency AM Best Co has highlighted the significant threats currently facing the European general insurance sector, as the region's various markets continue to adjust to adverse economic, regulatory and market forces. AM Best's report, titled 'European…

A new tax break and incentive scheme introduced by the Malaysian government for their 2012 budget could work to encourage more Malaysians to purchase protection products and boost the local insurance industry. The Malaysian Prime Minister and Minister of Finance, Datuk Seri Najib Tun Abdul Razak, tabled the government's MYR232.8 billion (US$73.7 billion) budget for 2012 to Parliament on October 7th…

A new report released this month by the Oxford Business Group has highlighted the significant progress being made by Saudi Arabia's insurance industry. In the past few years, policy take-up in the Kingdom has grown, premium levels have risen, and the insurance sector's regulatory body has been able to strengthen and enforce better business practices. Despite these impressive strides however, Saudi…

Multinational insurance companies have found themselves in an acquisitive mood in the past month as firms look to tap into emerging markets to offset the limited growth prospects in their home countries. On Wednesday, Zurich Financial Services Group, Switzerland's biggest insurer, expanded its presence in the promising South America market with the acquisition of a 51 percent stake in the life insurance,…