Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 22nd of November 2017
December 20, 2012

UK insurers pay out £6.7m a day on protection policies

by Gill Montia

Story link: UK insurers pay out £6.7m a day on protection policies

Latest figures from the Association of British Insurers (ABI) show that every day in 2011 insurers paid out £6.7 million to individuals and families who had made claims on life, critical illness and income protection policies. In 2011: • The average pay-out on a life insurance policy was £46,000, two and a half times the […]



November 7, 2012

Zurich discovers what keeps Europeans awake at night

by Gill Montia

Story link: Zurich discovers what keeps Europeans awake at night

New research from Zurich finds that pressure at work/school, the financial crisis and concerns about family are most likely to be keeping Europeans awake at night. In the UK (45%) financial problems rank first for sleepless nights; in Portugal (50%) and Spain (64%) it’s the financial and euro crisis; for the Swiss (42%), Germans (40%), […]



November 5, 2012

Prudential expands in Thailand with partnership and acquisition

by Gill Montia

Story link: Prudential expands in Thailand with partnership and acquisition

Prudential and Thanachart Bank have agreed an exclusive 15-year partnership to develop jointly their bancassurance business in Thailand. In addition, Prudential Thailand will acquire 100% of Thanachart Life Assurance Company, a wholly-owned subsidiary of the bank, for around £358 million. According to Prudential, life insurance penetration in Thailand remains low at only 2.7% and the […]



October 10, 2012

Standard Life to open Singapore office

by Gill Montia

Story link: Standard Life to open Singapore office

Standard Life is intending to expand its retail investment business in the Asian market with the opening of a branch in Singapore. The move forms part of the group’s strategy to accelerate access to high growth, high value markets in Asia and emerging markets. It follows the granting of full insurance licence approval by the […]



October 1, 2012

Downward pressure on profitability for life and general insurers

by Gill Montia

Story link: Downward pressure on profitability for life and general insurers

The latest financial services survey from the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) shows business volumes and income falling over the past three months, with profitability declining for the first time since June 2009. However, for life insurers, business volumes increased for the eleventh consecutive quarter and at the strongest rate since June […]



September 21, 2012

LV= outlines protection gender plans

by Gill Montia

Story link: LV= outlines protection gender plans

LV= will switch its protection business to gender neutral rates on 1st December and is offering advisers a “G Day Guarantee” ahead of the gender directive, which comes into force on 21st December 2012. The mutual reckons switching rates ahead of time offers certainty for advisers by allowing applications in the pipeline by 1st December […]



September 6, 2012

LV= partners RAC with protection products

by Gill Montia

Story link: LV= partners RAC with protection products

LV= has signed a five-year partnership agreement with motoring service provider, RAC. Through LV=, RAC will offer its customers a telephone-based advice service on protection products (income protection, critical illness and life cover) and issues such as inheritance tax planning. Customers will also be able to purchase term life and 50 Plus products via the […]



August 1, 2012

Aviva completes sale of Eastern European life business

by Gill Montia

Story link: Aviva completes sale of Eastern European life business

Aviva has completed the sale of its Czech, Hungarian and Romanian life businesses to MetLife Inc’s local operating subsidiaries in those countries. In addition, the sale of its Romanian pensions business is expected to occur later this year, subject to regulatory approval. This transactions are consistent with Aviva’s strategy of focusing on fewer business segments […]



July 30, 2012

LV= reports strong H1 life & protection sales

by Gill Montia

Story link: LV= reports strong H1 life & protection sales

LV= has reported strong life and pensions figures for the first half of 2012, with sales up 24% to £86 million on an APE basis (H1 2011: £69.3 million). Retirement business increased 25% with APE rising to £66.7 million (H1 2011: £53.5 million) and protection business saw 20% growth with APE at £16.1 million (H1 […]



July 9, 2012

Zurich restructures UK life business

by Gill Montia

Story link: Zurich restructures UK life business

Zurich is restructuring its UK life business which will in future be focused around three core areas: corporate, retail and in-force. The move is designed to meet the demands of a changing marketplace and position the company for future growth. “Corporate”, which comprises Zurich’s corporate savings and corporate risk business units, will be led by […]



June 29, 2012

Aviva and Tesco clinch life insurance deal

by Gill Montia

Story link: Aviva and Tesco clinch life insurance deal

Aviva has announced an exclusive five-year deal with Tesco Bank to provide life protection products for its UK retail customers. To be launched later this year, the deal involves the sale of Aviva’s core protection products including life insurance and critical illness cover. Products will be available online via Tesco Bank or over the phone […]



June 27, 2012

FSA consults on changes to platforms market

by Gill Montia

Story link: FSA consults on changes to platforms market

The Financial Services Authority (FSA) is consulting on proposals that would help investors make fully informed choices should they wish to consolidate their investments on a platform and understand exactly what they are paying for the service. Currently, providers of investment products generally pay to have their products included on a platform, with the cost […]



June 7, 2012

Aviva: finances top stressor for US men and linked to weight gain

by Gill Montia

Story link: Aviva: finances top stressor for US men and linked to weight gain

A new survey by Aviva USA, in collaboration with Mayo Clinic, has found the primary factor contributing to stress for men in the US is their financial situation. The survey also reveals a strong correlation between high levels of stress and dramatic weight gain among US males. Two out of three men reported they were […]



June 6, 2012

MetLife adds bereavement service to group life protection

by Gill Montia

Story link: MetLife adds bereavement service to group life protection

MetLife is expanding its group life protection product to include a bereavement and probate service. The new free-of-charge offering will support employees and their families affected by loss via a 24-hour telephone helpline that provides legal and financial guidance including help with the complicated issues of probate, grants of representation and family disputes following bereavement. […]



April 2, 2012

CBI: life and general insurers more optimistic and profitable

by Gill Montia

Story link: CBI: life and general insurers more optimistic and profitable

The latest Financial Services Survey from the Confederation of British Industry / PricewaterhouseCoopers (CBI/PwC) shows business volumes growing for the eighth quarter running in the three months to March, and at well above the average pace. Life Insurers For life insurers, volumes increased for the ninth consecutive quarter and further growth is expected in the […]



March 19, 2012

Aviva pays 99% of protection claims

by Gill Montia

Story link: Aviva pays 99% of protection claims

Aviva paid 99% of all protection claims (life insurance and critical illness cover) in 2011, having settled 99.7% of life and 94.1% of critical illness claims. Overall 0.4% of protection claims were declined due to non-disclosure, breaking down as life: 0.3% and critical illness: 1%. According to the insurer, 2011 payments totalled £439 million across […]



February 22, 2012

MPs call for “Presumption of Death” Act

by Gill Montia

Story link: MPs call for “Presumption of Death” Act

The House of Commons Justice Committee is calling for new legislation to help families when someone goes missing. MPs want a “presumption of death act”, modelled on existing legislation in Scotland and Northern Ireland, to clarify the legal position of spouses and others who might otherwise suffer serious financial consequences over an unexplained disappearance. Having […]



February 21, 2012

Aviva puts new spin on family protection sales

by Gill Montia

Story link: Aviva puts new spin on family protection sales

Aviva has revamped its support to advisers to help them overcome barriers in selling family protection. The insurer wants advisers to emotionally engage with consumers by focusing on the positive aspects of family life and opening up conversations around “What makes your family special?”. By switching the emphasis from protection products to family life, they […]



February 13, 2012

Senior management appointments at Zurich

by Gill Montia

Story link: Senior management appointments at Zurich

Zurich has appointed Nicolas Burnet to the position of chief financial officer, global life, with immediate effect. The 43-year-old US citizen, who was previously the group’s chief risk officer, global life, succeeds Joachim Masur who has been appointed to the positions of chief executive officer, Zurich Switzerland, and chief executive officer, general insurance Switzerland. In […]



February 1, 2012

Standard Life cuts with-profits bonus rates

by Gill Montia

Story link: Standard Life cuts with-profits bonus rates

Standard Life is reducing some of its UK with-profits bonus rates. The life and pensions provider says most plans increased in value in the year to 1st February but guarantees are building up, and it needs to ensure its with-profits fund can meet all guarantees. The company explains: “We expect asset classes such as equities […]