New research released today by Max Bupa, a leading India-based private health insurance joint venture between Max India Ltd. and Bupa, has revealed some interesting insights regarding people's differing attitudes and perceptions towards chronic diseases and other medical concerns around the world. Of particular note has been the poor health and general wellbeing reported for their home Indian population,…
Ping An Insurance (Group) Co, China's second largest insurer, announced a 33 percent rise in first-half profits this week, at the top end of market expectations. As the company's premium income and investment returns have continued to expand, the insurer also plans to increase its stake in a Chinese bank to further strengthen…
China's powerhouse insurance market has progressed unabated this summer, with the latest figures released today by two large state-owned players, Ping An Insurance Group and China Life Insurance, showing continued premium growth through July. China Life, the Asian nation's largest insurer by market share, posted net premium income of CNY19.8 billion (US$3.12 billion) in July, a 10 percent rise on…
Australia's largest general insurer Insurance Australia Group (IAG) has acquired a strategic interest in China's Bohai Property Insurance Pty Ltd as part of the company's long-term effort to boost its presence in Asia's rapidly developing insurance markets. On Monday, IAG announced that a deal had been reached to buy a 20 percent stake in Bohai Insurance for CNY 687.5 million (US$107 million). The…
Cambodia's fledgling insurance industry has hit a significant milestone with the development of the Southeast Asian country's first ever life insurance company, announced earlier this week. On Sunday, the Cambodian government told media outlets that they had agreed to a joint-venture partnership with four foreign private insurance companies to establish the Cambodia Life Insurance Company. The…
In a move that runs contrary to volatile global financial market conditions at present, New China Life Insurance yesterday filed an application to the Hong Kong exchange to begin raising as much as HK$31.2 billion (US$4 billion) in funds through a dual initial public offering (IPO) in Hong Kong and Shanghai. This listing could be the first in a series of IPOs by Chinese insurance companies as…
On Wednesday, French insurance group SCOR announced that they had finalized the acquisition of Transamerica Re, a life reinsurance division of Aegon, for US$912.5 million. Life reinsurance is a growing business line that helps individual insurance companies pool their risks, and accounted for almost 40 percent of Scor's operating profit in 2010. Following final approval from all relevant regulatory…
England's insurance companies and loss adjusters have begun the difficult task of calculating damage estimates in the aftermath of the country's worst riot in decades. The three consecutive nights of anarchic rioting and looting conducted by violent youths have left scores of vehicles, houses and businesses destroyed in at least six London boroughs, and as the violence now spreads to other British…
Standard & Poor's decision to lower the long-term sovereign credit rating on the United States of America from 'AAA' to 'AA+' with a negative outlook has now had implications on the worldwide insurance industry, with subsequent action taken against several US-based insurance groups by the credit rating agency this week. On August 5th 2011, Standard & Poor's (S&P) stripped the United…
Prudential PLC, The UK's largest insurer by market value, has reported a 25 percent increase in its half-year profits, beating industry estimates on the back of double-digit growth in key Asian regional markets of Indonesia, Singapore, Hong Kong and Malaysia. Prudential now believes that the strength of its Asian business will continue to protect the insurer against the worst of another potential financial…
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