Life Insurance Roundup, March 16, 2016


CommInsure: Life insurance has lost its ‘noble purpose’

The Commonwealth Bank’s life insurance scandal should be a call to arms for the government to revisit and strengthen planned changes to the laws governing the sector.

What is currently before the parliament is a cop out and will do little to fix systemic problems which are hurting sick and dying people. The same can said for the voluntary code of conduct which is scheduled to be introduced on July 1. 


Axa Green Crescent focuses on life insurance segment | The National

Axa Green Crescent Insurance Company plans to focus on life insurance segment and to be selective in the health sector to increase profitabil­ity after posting an annual loss last year, the company’s chief executive said on Tuesday.

The insurance company, in which Axa Gulf has a 21 per cent stake and the Kanoo Group a 29 per cent stake, is focusing on life insurance because it remains an under-­penetrated market segment in the UAE.

“Life insurance is still developing in this part of the world but we still believe there is a strong potential, especially in the UAE market and this is why we are launching quite an ambitious plan to develop solutions and products that would cover the needs of protection and savings for the UAE population,” said Hassen Bennour. The company wants to capture between 7 and 10 per cent of the market share in the life segment over the next 10 years, he said. 


The New Life Insurance Policy for Donald Trump Rallies

Are you supporting Donald Trump as the Republican presidential nominee? Or are you terrified he may become the Republican Presidential nominee? Do you plan on attending one of his rallies to show your loyalty or just to protest?

Whichever the case may be, you will probably be attacked and possibly killed at that rally, and when it happens, Mutual of Statewide Donald Trump Rally Life Insurance™ is there for you.

If you think you don’t need life insurance while attending a rally for Donald Trump, think again. 


Ping An Insurance 2015 net profit jumps 38pc, boostd by growth in life insurance premiums | South China Morning Post

Ping An Insurance (Group) said its 2015 net profit grew by 38 per cent on year to 54.20 billion yuan (HK$60.05 billion), matching analyst expectations, thanks to growth in its core finance business and fast-emerging internet business.

The new business value (NBV) of life insurance rose to 30.84 billion yuan, an increase of 40.4 per cent over last year, compared to 20.9 per cent on-year growth in 2014. The number of individual life insurance sales agents rose to 870,000, up 36.9 per cent from year earlier.

Dayton Wang, an insurance sector analyst with Guotai Junan International, said Ping An’s result was “in line with expectations”, although the NBV margin at 31.1 per cent growth was “a little off expectation.”

Analysts were expecting profit in the range of 47.54 billion yuan to 64.27 billion yuan, representing a year on year increase of 21 per cent to 64 per cent, according to a poll of 13 brokers by AAstocks. 


Insurance against loans gets popular in non-life industry | Business Standard News

takers for a house or a vehicle are now having access to a larger product suite not only in life but also general insurance products. An array of products are available in the market to ffer covers against unemployment, personal accident that could impact the loantaker’s ability to repay the loans.

has recently launched a loan insurance policy that provides protection to an individual against three fortuitous events namely: loss of employment, critical illness and personal accident. 


New study: Life insurance in the US market report study key trends, opportunities and forecast to 2019 – WhaTech

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the US economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Publisher’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure. 


ASIC orders independent review of ANZ’s insurance and super arm OnePath

ANZ Bank will conduct an independent review of its insurance and superannuation arm OnePath after a series of breaches affecting 1,300,000 customers, some of whom had their super paid into the wrong account for up to a year.

The review comes after markets regulator the Australian Securities and Investments Commission raised concerns about compliance at the OnePath division. 


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