Life Insurance Roundup, April 22, 2016


Products next on ASIC life insurance hit list

After kicking off a probe into life insurance claims’ practices the corporate regulator’s next project will be demanding information about life products from industry executives.

As first revealed by Street Talk, the Australian Securities and Investments Commission wrote to all bank-owned and independent Australian insurers last week, ordering them to take a look at their claims management records over the past five years.

It is understood ASIC will soon also write to insurers requesting key details about the terms and conditions of their life insurance products, which include total and permanent disability cover and income protection. 


Life insurance set to reach GH¢1.6bn in 2019 – Graphic Online

A new report has forecast that Ghana’s life insurance market will more than double in 2019.

According to a report authored by Timetric’s Insurance Intelligence Center (IIC) dubbed, ‘Insurance in Ghana, Key Trends and Opportunities to 2019’, the  life insurance market in Ghana performed well over the last few years, with the life gross written premium rising from GH¢187 million in 2010 to GH¢584.5 million in 2014.

This growth, the report said, was as a result of expansion in the middle-class population, along with the introduction of microinsurance products in the life and personal accident and health segments through telecommunication


Maine Treasurer’s Office Leading the Charge to Ensure Life Insurance Benefits Are Paid Out | Maine Public Broadcasting

If you have a life insurance policy, and then die, you might expect that the benefits would automatically be paid out. But audits of the nation’s biggest insurance companies reveal many instances in which they haven’t paid, even when they’ve known that the policy holder died. 


Joseph Gross is now Allianz Life Insurance Malaysia’s CEO | The Edge Markets

A memorandum of understanding was signed between Birla Sun Life Insurance and Peerless Financial Products Distribution Ltd for the tie-up. As per the MoU, Peerless is now a corporate agent of Birla Sun Life Insurance. This will enable Peerless to offer Birla Sun Life’s products to its customers in the urban, semi-urban and rural areas. 


India’s First Insurance IPO Paves Way for $50 Billion Industry – Bloomberg

India will get its first life-insurance listing since it opened up to private-sector investors 16 years ago, paving the way for more companies seeking to go public in an industry that’s since grown to more than $50 billion. 


Birla Sun Life ties up with Peerless Financial | Business Line

A memorandum of understanding was signed between Birla Sun Life Insurance and Peerless Financial Products Distribution Ltd for the tie-up. As per the MoU, Peerless is now a corporate agent of Birla Sun Life Insurance. This will enable Peerless to offer Birla Sun Life’s products to its customers in the urban, semi-urban and rural areas. 


Millennials embrace insurance and activity trackers

Three out of four Millennials in the United States recommend owning insurance, and about half of them say they would wear an activity tracker and share the results in exchange for financial rewards.

A joint study conducted by industry research group LIMRA and the educational organization Life Happens has found that 77% of Millennials were likely to recommend owning life insurance. What’s more, 51% of Millennials indicated they were “very or extremely likely” to consider wearing an activity tracker and share those results with a life insurance company if they could earn financial rewards in return for having a healthy lifestyle. 


Tamil Nadu hits 10-year low in life cover enrolment – Times of India

amil Nadu saw the lowest number of individuals opting for a life insurance policy in at least a decade in 2014-15 with the number of policies dropping sharply by 35% year-on-year.

New life insurance policies underwritten slipped to 16.51 lakh from 25.74 lakh in the previous year and more than halved from 38.92 lakh in 2006-07.

As a result, premiums from new life policies in the state are down by 8% to Rs 3,813 crore from Rs 4,150 crore in the previous year. 


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