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News Archive

Archive of industry news from the global life insurance industry

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July 2016

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Aviva Singapore launches financial advisory firm
26 July 2016 Aviva has launched a financial advisory firm, Aviva Financial Advisers, in Singapore. It is licensed to advise on a full range of life, health, general insurance and investment products.

Moody’s: Blockchain’s benefits will take time
26 July 2016 Blockchain technology can bring benefits to the financial industry and beyond, given time, according to Moody's Investors Service.

Insurance start-ups advised that ‘success demands speed’
25 July 2016 Insurance start-up mentor Gareth Eggle has emphasised the importance of speed for start-ups – reminding new players to ‘cut their losses quickly’ if things are not progressing.Speaking to Life Insurance International (LII) Eggle, a mentor for the Insurance Programme of StartupBootCamp (SBC) and co-founder of Flint Hyde, a boutique international executive search firm, said a key piece of advice was: “make sure you ‘fail fast.”

Global insurance M&A activity dips
25 July 2016 The number of completed M&A transactions in the insurance industry worldwide has fallen from its three-year high point in the first half of 2015, according to Clyde & Co’s Search for Growth Report.

Meiji Yasuda to deploy 100 robots in Japan selling life insurance
25 July 2016 Japan’s Meiji Yasuda Life Insurance Company will reportedly deploy 100 Pepper humanoid robots across 80 branches in Japan to help sell life insurance by 2017.

Japan’s Dai-ichi Life targets Cambodian market
22 July 2016 Dai-ichi Life Insurance reportedly plans to open a representative office in the Cambodian capital Phnom Penh this month.

IRM Brexit survey points to negative impact
22 July 2016 Over half of respondents to an Institute of Risk Management (IRM) survey have said Brexit will negatively impact their organisation over the short / medium term.

Willis Towers Watson expands its life consulting capability
21 July 2016 Willis Towers Watson has appointed Matthew Ford to the position of director. He will lead Willis Towers Watson’s London Life Consulting practice.

Research shows Londoners least likely to have life insurance in the UK
21 July 2016 A study has shown that Londoners are the least likely to have life insurance in the UK – with 68% of adults in the UK capital stating they had not purchased life cover -10% more than their Scottish counterparts (58%).

CII: FinTech revolution could create uninsurable ‘underclass’
21 July 2016 The growth of FinTech and the wider use of Big Data will revolutionise insurance, but may also create an uninsurable ‘underclass’, according to new research.

L&G completes £750m ICI pension buy-in
20 July 2016 Legal & General Group has completed a £750m ($988.1m) pension buy-In transaction for the ICI Pension Fund. (ICI PF).

Munich Re develops Solvency II reinsurance solutions for life insurers
20 July 2016 Munich Re has developed non-traditional reinsurance solutions to enable life insurers to improve their management of Solvency II capital requirements and tailor it more to their own needs.

Sberbank taps into Pokémon Go craze and offers free accident insurance
19 July 2016 Russia's Sberbank has offered free accident insurance to players of Pokémon Go – and equipped Sberbank branches across Russia with special modules that attract Pokémon – in an effort to engage with consumers.

Singapore’s MAS proposes further revisions to RBC framework for insurers
19 July 2016 The Monetary Authority of Singapore (MAS) has proposed further revisions to the Risk-Based Capital (RBC) framework for insurers, taking into account feedback from the industry.

FWD Group seals 15-year bancassurance deal with Vietnam’s An Binh Bank
19 July 2016 FWD Group, the insurance business arm of investment group, Pacific Century Group, has signed a 15-year bancassurance partnership with An Binh Bank in Vietnam.

AEGIS London hires Darren Delande to join A&H team
18 July 2016 Darren Delande has joined AEGIS London as a medical expenses underwriter to develop a portfolio of international medical expenses business.

Insurance Europe warns against rushed changes to Solvency II UFR
18 July 2016 Rushed changes to the ultimate forward rate (UFR) risk pushing insurers towards sub-optimal investment strategies, which could unnecessarily negatively impact policyholders’ returns, according to Insurance Europe, the European insurance and reinsurance federation.

Unum adds cancer support service to group critical illness proposition
18 July 2016 Employee benefits provider Unum has added cancer support to its offering for group critical illness customers.

Protection Review conference 2016: Life insurance industry urged to raise premiums and commission
18 July 2016 The founder of UK insurance comparison website, PayingTooMuch.com, has called for life insurance premiums and commission to rise to overcome the sales challenge currently facing the market.

F&TRC partners with Paradigm to build bespoke Quality Analyser system for advisers
15 July 2016 UK-based specialist research consultancy, the Finance & Technology Research Centre (F&TRC), has agreed a deal with Paradigm, a UK financial adviser support business, to build the first bespoke version of its Quality Analyser tool.

A.M. Best: life insurers more vulnerable to market volatility after Brexit
15 July 2016 A.M. Best’s senior director of analytics, Catherine Thomas, has warned that life insurers are more vulnerable to the short-term market volatility caused by Brexit.