British pension providers are asking insurers to identify people likely to die young in a bid to reduce the amount of retirement income they have to pay out.Â Pension trustees ask people to provide private medical information. The data is then given to an insurer which may take on the brunt of the liabilities of the pension scheme if it believes members will die shortly after retirement. Read more
Swiss Reâ€™s latest sigma research publication “Insurance accounting reform: a glass half empty or half full?” takes a fresh look at the long-running debate over upgrading and harmonising insurance accounting practices. A key conclusion is that the proposed accounting reforms can contribute to more meaningful financial reporting in insurance. But they probably need to be complemented with additional metrics that clearly and concisely communicate insurers’ underlying economic value to their stakeholders.Read more
The US administration proposed new health insurance rules aimed at ending discrimination against the sick and guaranteeing minimum benefits for millions of Americans who are expected to obtain coverage under President Barack Obama’s healthcare reform law. Read more
Willis Group Holdings (WSH: NYSE), the global insurance broker, has launched its unique directorsâ€™ all risks cover (DARCstar) in Australia, Hong Kong and Singapore.
DARCstar policies have already been written for a number of global companies. The policy has been launched in the United Kingdom, Spain, Sweden, Israel and Columbia with plans to extend the wording to other jurisdictions including New Zealand, Argentina, Chile, France, Germany, Mexico and the Netherlands. Read more
The world’s top insurance firms are setting their sights on Myanmar, steeling themselves for a fight with corruption and Â ghosts from the nation’s political past.
Prudential Plc, AIA Group Ltd and Manulife Financial Corp are among the global insurance giants preparing to enter Â Myanmar as the government rolls out a framework for the sector’s development with the lifting of European and U.S. Â sanctions. Read more
Swiss Reâ€™s Board of Directors announces that Guido FÃ¼rer, currently head chief investment office, is appointed as group chief investment officer of Swiss Re and member of the group executive committee, from 1 November 2012.
He succeeds David Blumer who has decided to leave the company. Additionally, John R Dacey, Swiss Reâ€™s head group strategy & strategic investments, is named as a new member of the group executive committee from 1 November 2012. In addition, John R Dacey will also become Chairman of Swiss Reâ€™s Admin Re business. Read more
Beleaguered Hanover Finance says it was misled by insurance giant â€“ and new All Blacks sponsor â€“ AIG into thinking it had full cover for prospectus releases. Read more
The Association of British Insurers (ABI) have said that it should be made mandatory for new drivers to spend at least a year Â driving with their L-plates on vehicles before being allowed to sit for a driving test.
It pointed out that the young people must be allowed to start learning six months ahead of reaching legal limit to drive. The Â association said that the one year learning period will allow young drives to have enough time to get more supervised practice. It Â also advocated a graduated driver licensing for the first six months after clearing a driving test. Read more
UnitedHealth Group Inc will buy control of Amil Participacoes SA, Brazil’s largest health insurer and hospital operator, for $4.9 Â billion, making a bold move into a fast-growing market as challenges mount for its U.S. business.
The Brazilian healthcare market has been bolstered by a growing middle class and is turning to managed care to meet demand. It is Â expected to grow twice as fast as the U.S. market, UnitedHealth Chief Executive Stephen Hemsley said during a conference call Â recently. Read more
Life Insurance Council, the industry body of all life insurance companies in the country, today said it has signed a Memorandum of Cooperation (MoC) with the German Insurance Association (GDV). Read more