As the Asian medical tourism continues to grow, the Philippines' government has announced action to help in the country's bid to secure a bigger share of this lucrative industry. While a number of Asian countries are positioning themselves to take advantage of the booming medical tourism industry - which is currently dominated by India, Thailand and Singapore - the Philippines is preparing to introduce…
The international health insurer CIGNA has announced plans to expand its expatriate benefits network in Africa. This will augment the US-based insurer's African resource base to a total of 47,500 doctors and healthcare workers and increase its range of access to hospitals on the African continent. The expansion of CIGNA's network in Africa means that the US insurer's worldwide network now nears 900,000…
Economists at Swiss Reinsurance predict that 2011 will be a year of mergers and acquisition (M&A) within the insurance industry. The Asia-Pacific region is reliably forecast to be the focus of activity outpacing the global economy, which is expected to expand at a rate of 3.5 percent during the year. Swiss Re's predictions for 2011 highlight the continued strength of emerging markets in Asia, with…
On January 1st 2011, the Malaysian Government made health insurance compulsory among the foreign working population, with the aim to eradicate the fraudulent and unpaid hospital bills that were piling up in the country. The Malaysian Government estimates the total figure to amount as…
The British United Provident Association (Bupa), a highly regarded specialist international providers of healthcare services has entered into a partnership agreement with the Alltrust Insurance Company of China Limited. The newly formed venture will commence business on the 27th January of 2011. This will see Bupa International providing administration facilities for Alltrust's range of private health…
Aetna has entered into a novel three-year reinsurance agreement with Vitality Re as part of the US insurer's long-term capital management strategy. The purpose of the reinsurance deal is to allow Aetna's commercial health insurance unit to release retained capital in order to provide more flexibility for the expansion of operation essentially arising from developments in US health reforms. The new…
New York Life has entered into arrangements to sell its stake in its Shanghai-based joint venture, Haier New York Life Insurance Co. Ltd. Shanghai-based Haier New York Life Insurance had previously been a joint venture between New York Life Insurance and electrical appliance manufacturer, Haier Group, with each partner holding a 50 percent stake. The Haier New York Life Insurance company has a registered…
The American medical technology company Medtronic has announced that it will provide a total of US$750,000 in grants towards the development of healthcare infrastructure in Haiti. The Minneapolis based company Medtronic is a market leader in the provision of medical technology for restoring health, alleviating pain and extending the lives of millions of people globally. The US$750,000 grant will be…
The UK insurance industry is being subjected to fraudulent claims costing companies a total of £2.3 million (US$3.6 million) every day. This position is highlighted in a recent report issued by the Association of British Insurers (ABI). It is estimated that an average of 335 fraudulent insurance claims are made by policyholders in the UK every day. While insurers are becoming increasingly aware of…
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