Life Insurance Roundup, April 19, 2016

Life insurance industry under investigation – CBS News

When you take out a life insurance policy, you pay premiums in the expectation that when you die your spouse or your children will receive the benefit. But audits of the nation’s leading insurance companies have uncovered a systematic, industry-wide practice of not paying significant numbers of beneficiaries. 

Life Insurance in Ghana to reach 1.6 bn | Business News 2016-04-18

Ghana’s life insurance market is expected to double by 2019 from GHC584.5 million ($224.8 million) in 2014 to GHC1.6 billion ($461.6 million).

Although the life segment’s share is anticipated to increase over the next four years, the non-life segment’s share, on the other hand, is expected to decline from 45.4 percent to 39.7 percent, followed by the personal accident and health segment’s share which is set to decline from 7.4 percent to 6.1 percent in 2019. 

IndiaFirst Life Insurance expects 30% growth in retail business

IndiaFirst Life Insurance is eyeing at 30% growth in retail premium collection in the current fiscal, as per the reports. The insurer’s overall premium collection stood at Rs. 1,967 crore in 2015-16. The retail premium collection was Rs. 728 crore, compared with Rs. 693 crore in the previous fiscal. Annualised premium equivalent or new business premium collection last fiscal was at Rs. 433 crore. 

Thailand’s SCB Said to Mull Options for $3 Billion Insurance Arm – Bloomberg

Siam Commercial Bank Pcl, Thailand’s third-largest lender, is exploring options for its life insurance operations that could involve bringing in a foreign partner, people familiar with the matter said.

The Bangkok-based lender has received proposals from investment banks and is considering possibilities including selling a stake in unit SCB Life Assurance Pcl and granting rights to sell insurance products through Siam Commercial’s branch network, according to the people. A deal could give Siam Commercial’s life insurance businesses a valuation of at least $3 billion, the people said, asking not to be identified because the discussions are confidential. 

Why a critical illness insurance is the need of the hour – Firstpost

Congratulations on turning 30 and on starting to fulfill those dreams of yours! Or perhaps you have already turned 30 a few years back and trying to strike the perfect balance between your work and home. Or you might be doing too well for your 20s. Despite your achievements, the work pressure, the fast-paced life, and unhealthy lifestyles can take a toll on your health and lead to critical illnesses. 

Ameritas Life acquires Security Life Insurance Company of America – Insurance Business Review

Security Life is specialized in the ancillary benefits market, providing dental and vision insurance products and services to consumers and employee groups.

Focused on individual insurance and small to mid-size employer group business, Security Life provides products in all 50 states of the US. 

Internet to drive insurance sales of up to Rs 4 lakh cr annually: Survey – The Economic Times

The internet will help drive insurance sales of up to Rs 4 lakh crore annually in about five years as customers in non-metro cities and youngsters buy more policies online than anticipated, a survey shows.

“Our studies indicate that the internet will influence Rs 3 lakh crore-4 lakh crore worth of insurance sales in India by 2020,” said Vikas Agnihotri, industry director at Google India, which conducted a joint survey with private non-life insurer ICICI Lombard. 

Asset Life Settlements Recommends Five-Step Approach for At-Risk Policies in Wake of Recent COI

Asset Life Settlements, LLC, today urged insurance advisors and universal life policyholders to prepare an action plan for policies impacted by the recent cost of insurance (COI) increases.  For policies not yet subject to the recent round of COI increases, Asset Life suggests it could be just the tip of the iceberg and recommended proactive policy monitoring and other steps to preserve and optimize the economic value of each policyholder’s insurance investment. 

Life insurers selling policies that die early – Livemint

What are the chances that a poorly understood and badly sold life insurance policy will run its course? Pretty slim, according to the life insurance industry experience in India. Poor selling practices—long-term policies being sold as short-term policies, lack of communication of policy benefits, poor understanding of costs, risks and returns and lack of comparison—have resulted in many customers choosing to cut losses by lapsing policies, which results in poor persistency metrics. 

Elizabeth Dipp Metzger Named Agent of the Year by New York Life – Press Release Rocket

Elizabeth Dipp Metzger was named Agent of the Year in the El Paso General Office of New York Life Insurance Company, Steve Nagy, managing partner of the office announced on January, 2016. 


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