Industrial and Commercial Bank of China (ICBC) has agreed to buy a major stake in the French-Chinese joint venture AXA-Minmetals Assurance Company. The move by the Chinese Bank ICBC will make them the majority shareholder and add to its non-banking revenue stream. The initiative by ICBC to acquire the 60 percent share in AXA-Minmetals Assurance comes as the Chinese bank announced that it gained a…

The Pros and Cons of Private Medical Insurance in the UK A recent report has indicated that the majority of the UK citizens do not consider Private Medical Insurance (PMI) as a high priority concern, mainly because they have access to the country's free National Health Service (NHS). This free service…

Zurich Financial Services (Zurich) sees emerging markets and Islamic insurance - known as 'takaful' - as key long-term opportunities. Zurich intends to continue looking for potential acquisitions in globally emerging markets, and envisages good prospects in the Middle Eastern region to grow its market presence. As Zurich looks for future acquisitions to strengthen its position in the international…

The purpose of microinsurance is to provide basic, low cost insurance cover to individuals on low incomes requiring protection for typical risks including the affects of serious weather conditions, healthcare, life and non-life products. Microinsurance offers security for individuals who need insurance protection but until now have been unable to afford the relatively high cost of cover. Insurers…

New York Life Insurance Company has signed an agreement with ACE Group for the sale of two of New York Life's Asian life insurance operations for US$ 425 million. The deal will see ACE purchase two of New Your Life's wholly owned life insurance subsidiaries in Hong Kong and South Korea, where ACE Group already has property and casualty insurance operations. ACE Group will incorporate the newly purchased…

In the latest development of the Hong Kong Healthcare Reform saga, the Hong Kong government has released a new document, entitled 'My Health My Choice' for a second round of public consultation within the city. The initial proposals for reform of the Hong Kong healthcare system…

The life insurance arm of Taiwan's Fubon Financial and the Chinese Nanjing Zijin Investment Co are gearing up for a joint venture in China's life insurance market. Reports from China estimate that both parties may invest as much as 400 million yuan (US$59.50 million) in forming a new Chinese life insurance company. The move by Fubon will further strengthen its presence on the mainland, which has emerged…

Aetna Inc., the third-largest health insurer in the US, has announced that its Chairman and current Chief Executive Officer, Ronald A. Williams, will be succeeded by the end of November 2010 by Mark T. Bertolini, current President of Aetna. Mr. Williams intends to retire, and will stay on as executive chairman until April 2011, when this role will also be assumed by Mr. Bertolini.

MassMutual has announced the intention to dispose of their 39 percent stake in joint venture company MassMutual Mercuries Life, which, if successful, will mean the exit of another global insurer from the Taiwanese insurance industry. MassMutual will follow in the foot-steps of other global insures in exiting a life market which is projected to remain volatile in the foreseeable future. MassMutual…

In 2004, the government of the Philippines introduced a medical tourism initiative - the Philippine Medical Tourism Program (PMTP) - to promote the country's private healthcare services to the worldwide market. At that time, the likes of Thailand, Malaysia, India and Singapore had already established themselves as Asian medical tourism destinations. Since then the medical tourism industry in the Philippines…