Life Insurance Roundup, February 24, 2016

32 states deny workers life insurance cover – Punch Newspapers

Thirty two states of the federation out of the 36 and the Federal Capital Territory have yet to procure compulsory Group Life Insurance Policy for their workers, investigation has revealed.

Data obtained from the National Pension Commission on Friday showed that most of the states had also not implemented the Contributory Pension Scheme for their workers as of the second quarter of last year.

The four states that have fully complied with the compulsory insurance cover for their workers are Lagos, Niger, Osun and Rivers.

The four states, according to PenCom statistics, are also implementing the CPS for their workers and fully funding the pension scheme.

PenCom disclosed in its update on the implementation of the scheme by the state governments that the four states made some progress in the level of implementation of the CPS as of the end of the second quarter of last year. 

Government mulling 49% FDI in insurance sector via automatic route – The Economic Times

Government is considering a proposal to permit 49 per cent FDI through automatic approval route in the insurance sector with a view to attracting more overseas inflows.

Currently, FDI up to 26 per cent is permitted through automatic approval route. For FDI up to 49 per cent, the approval of Foreign Investment Promotion Board is required.

According to sources, the government could announce this decision in the forthcoming Budget as the move would help in improving. 

National Western Life Insurance Company (NASDAQ:NWLI)’s Opens At 211.43 – Vanguard Tribune

In today’s session, National Western Life Insurance Company (NASDAQ:NWLI)’s stock opened at 211.43 and was trading at 208.00 at the time of writing. In same session, the stock hit a high of 214.49 and low of 204.15. This indicates that the market capitalization of National Western Life Group, In, a NMS listed firm, stands at 756.29M. The average daily volume in last three months was recorded at 6416.

Sell-side experts have released their estimates for stock price and earnings of the company. As per the Zacks poll, the price target on National Western Life Group, In is set at N/A. The firm’s EPS in the last year was 25.99, and for this year, it is predicted to come at N/A. Also, the estimate for the next fiscal is projected at N/A. Additionally, the EPS for next quarter is expected to come at 0.00.

When explored on the technical front, it is known that the latest stock price is -5.70% away from 50-Day MA/Moving Average of 220.58. Also, it is known that the latest price of National Western Life Insurance Company (NASDAQ:NWLI)’s stock is -22.68%, and +7.65% away from one-year low and high of 193.22 and 269.00, respectively. 

Allianz is the world’s most valuable insurance brand 2016 – Ventures Africa

One of the world’s leading independent brand valuation and strategy consultancy, Brand Finance released its annual Brand finance Global 500 report for 2016. According to the report, Allianz tops the list of insurance companies in the world for the third year in a row.

“This excellent ranking shows that our flagship brand strategy as well as our clear focus on the customer and on digitalization are building trust and resonating with our clients around the globe. We would like to thank them for their growing loyalty,” Christian Deuringer, Head of Global Brand Management at Allianz, said.

According to the report Allianz is the only insurance brand to rank among the world’s 50 strongest brands in 2016. The current brand value of Allianz is $ 20,264 from $20,937 in 2015 putting the company at 43rd position up from 44th place last year. 

Spending on others can draw you tax benefits

Income tax laws provide you various benefits in terms of money spent or invested. Primarily, these benefits are available for the money spent on fulfilling your own needs. But they can be extended to the money you spend on your family members.
Here are tax benefits you can avail of when you spend on parents, spouse, siblings and children. 

Premium on insuring home, household property to be tax deductible | Business Standard News

Allowing deduction of premium paid by individuals on insuring their properties and clarity on legal position on non-taxability of technical reserves form part of the wishlist of the non-life insurance industry, said a top official of the industry body.

With the foreign direct investment (FDI) in insurance sector hiked to 49 percent and the sectoral regulator coming out with regulations in sync with the amended laws, the budget wishlist for the insurers has come down.

“In order to increase penetration of property insurance and to reduce the government’s outgo towards compensation, the premium paid towards insuring them against natural perils should be tax deductible,” R. Chandrasekaran, secretary general, General Insurance Counil of India, told IANS on Sunday. 

Budget 2016 may unveil health insurance scheme for senior citizens – The Economic Times

Government is working on a cashless health insurance scheme for senior citizens which may be announced in the upcoming Union Budget 2016-17.

Around Rs 10,000 crore – lying unclaimed in banks and insurance companies, EPFO and small savings schemes — would be utilised for providing the health insurance cover to the elderly, sources said. 

Illinois Plaintiff Sues Insurance Carrier Over Denial of Benefits

A Long term denied disability lawsuit has been filed in the Southern District of Illinois by a woman who claims her LTD provider abruptly stopped her long-term disability benefits without just cause.

The plaintiff in the Wrongly Denied Disability Claims lawsuit is Kathy L. Moore. According to the Madison County Record (2/3/16), Moore had been employed at Global Brass & Copper Inc., located in East Alton as a metals inspector and packer. As a full-time employee, Moore was covered for long-term disability benefits under the group insurance plan her employer carried with Life Insurance Company of North America.

According to the lawsuit, Moore was forced to stop work at some point prior to December 2011 due to various health issues including, but not limited to, hypertension, diabetes, multiple abdominal surgeries and an overall regressive, degenerative state of health.

Moore began receiving long-term disability benefits December 15, 2011 and collected them for a period of two years. 


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