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Archive of industry news from the global life insurance industry

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March 2017

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LII survey: innovation snapshot of UK protection insurance sector
24 March 2017 More than two-thirds of respondents to a Protect Association survey commissioned by Life Insurance International do not view their companies as innovators.

Data privacy concerns about digital health data
23 March 2017 Ross Campbell, life / health chief underwriter, research & development at Gen Re, has questioned whether health apps threaten the privacy of sensitive data.

VitalityLife revamps Serious Illness Cover product
22 March 2017 VitalityLife has revamped its Serious Illness Cover product to include a cancer relapse benefit; the ability to make multiple claims for heart attacks and strokes; and new conditions and definitions enhancements.

First Origin to acquire Hong Kong Life Insurance for HK$7.1bn
21 March 2017 The shareholders in Hong Kong Life Insurance have agreed to sell their stakes to investment holding company, First Origin International, for HK$7.1bn ($914.3m).

Aegon: 48% of working women in UK lack protection insurance
21 March 2017 Nearly half (48%) of working women in the UK do not have any form of protection policy in place, according to research published by Aegon.

Timetric: Philippine life insurance market set for substantial growth
20 March 2017 The Philippine life insurance market’s gross written premium is forecast to rise from PHP201.9bn ($4bn) in 2015 to PHP302.3bn in 2020 at a CAGR of 8.4%, according to Timetric’s Insurance Intelligence Center (IIC).

Willis Towers Watson: Flawed Solvency II risk margin is hurting consumers
17 March 2017 Willis Towers Watson has responded to an EIOPA Discussion Paper on the upcoming review of Solvency II and identified significant flaws in the formula used to calculate the risk margin.

Global insurance M&A falls to lowest level since 2013
16 March 2017 2016 saw global insurance M&A deals fall to the lowest level since 2013, according to law firm Clyde & Co.

Atidot launches SaaS insurtech platform for life insurance companies
15 March 2017 Insurtech company, Atidot, has launched a SaaS (software as a service)-based predictive analytics platform designed to address the needs of the life insurance sector.

Zurich Insurance Group collaborates with Startupbootcamp InsurTech
15 March 2017 Startupbootcamp InsurTech, the accelerator programme focused on insurance technology start-ups, has announced a collaboration with Zurich Insurance Group.

HDFC Life & Haptik launch India’s first life insurance chatbot
14 March 2017 Indian life insurer HDFC Life has partnered with chatbot platform Haptik to launch India’s first life insurance chatbot.

LIMRA: US retail life insurance premium increases 3% in 2016
14 March 2017 Total US life insurance new annualised premium grew 5% in Q4 2016 – resulting in a 3% increase in 2016 – according to LIMRA’s Fourth Quarter Retail Life Insurance Sales Survey.

Ireland's appeal for insurers post-Brexit vote
13 March 2017 Brexit has spurred the Central Bank of Ireland to receive five applications for authorisation as an insurance or reinsurance undertaking, according to its director of insurance supervision, Sylvia Cronin.

MoneySuperMarket.com & Thomas Cook offer holidaymakers virtual GP service
13 March 2017 Price comparison website MoneySuperMarket.com has partnered with Thomas Cook and digital health company Now Healthcare Group to enable customers to see doctors on their mobile phones whilst they’re abroad on holiday.

LII Exclusive: AXA PPP extends deal with virtual GP Doctor Care Anywhere
10 March 2017 Private medical insurance provider AXA PPP healthcare has extended its agreement with digital healthcare provider, Doctor Care Anywhere.

Allianz Worldwide Care launches insurance plans for Singapore
10 March 2017 Allianz Worldwide Care has launched a suite of compliant international healthcare insurance plans for Singapore.

LMG publishes Brexit recommendations for UK government
10 March 2017 The London Market Group (LMG), which represents the insurance and reinsurance market in London, has published its recommendations to the UK Government in its Brexit negotiations.

AIG Life unaffected by AEL’s plan for post-Brexit base in Luxembourg
09 March 2017 AIG Europe Limited’s (AEL) decision to locate an insurance company in Luxembourg once the UK leaves the European Union will have “no impact at all” on AIG Life.

International Women's Day: mutual and cooperative insurers lead industry on gender diversity
08 March 2017 The percentage of women on the boards of directors of mutual and cooperative insurers rose to 20.6% in 2015, compared to an insurance industry average of 17.8%, according to member statistics of the International Cooperative and Mutual Insurance Federation (ICMIF).

Swiss Re Corporate Solutions opens Kuala Lumpur office
08 March 2017 Swiss Re Corporate Solutions has opened a new office in Kuala Lumpur. It will function under a Labuan FSA reinsurance licence and will focus on servicing large and upper mid-sized Malaysian businesses through broking partners and intermediaries.

Pre-Budget warning that further IPT rise may hit PMI
07 March 2017 Ahead of tomorrow’s UK budget, Brett Hill, managing director of The Health Insurance Group, has warned that a further increase in insurance premium tax (IPT) could cause people to give up on private medical insurance.