A Timetric briefing service

News Archive

Archive of industry news from the global life insurance industry

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May 2016

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Insurers’ IT security is branded ‘inconsistent’
31 May 2016 The number of security breaches over the last year alone would suggest that insurers have been inconsistent in maintaining IT security levels, – according to Robert Rutherford, CEO of the business and technical consultancy, QuoStar.

US law firm files class action lawsuit against AXA Equitable Life Insurance
30 May 2016 US law firm Emerson Scott has filed a class action lawsuit on behalf of all owners of Athena Universal Life II policies issued by AXA Equitable Life Insurance Company (AXA) that were subjected to a cost of insurance rate increase announced by AXA on or about 15 October 2015.

ABI sets out to take forward Pensions Dashboard launch
26 May 2016 The Association of British Insurers (ABI) has set out its intention to take forward the next phase to deliver Pensions Dashboard, including potentially creating a prototype.

FCA proposes cap on early exit charges for pensions
26 May 2016 The Financial Conduct Authority (FCA) has announced the level at which it will consult to cap early exit charges for those consumers wishing to make use of pension freedoms in the UK

Ecobank, Old Mutual Emerging Markets ink strategic agreement
25 May 2016 Old Mutual Emerging Markets and Ecobank have announced a strategic agreement to strengthen theexisting ties between the pan-African bank and the insurance and asset management player.

L&G snaps up £3bn UK annuity portfolio from Aegon
24 May 2016 Fitch Ratings says Legal & General (L&G) Group’s (L&G; IFS: AA-) ratings are unaffected by its acquisition of £3bn of annuities from Aegon.

World Bank launches innovative insurance market for pandemic risk
23 May 2016 The World Bank Group has launched an emergency financing facility (PEF) that will create the first-ever insurance market for pandemic risk.

Aegon’s digital document service to speed up protection applications
23 May 2016 Aegon UK has launched a new digital document service to speed up protection applications for advisers and their clients.

Manulife Indonesia appoints Indren S. Naidoo as CEO
20 May 2016 Manulife Indonesia has appointed Indren S. Naidoo as its chief executive.

LII Innovation Tracker: P2P insurer Lemonade targets NY launch timing
20 May 2016 Lemonade, the world’s first peer-to-peer (P2P) insurance company, has revealed it is putting the “finishing touches” to its product and will be ready to launch in New York “within weeks”.

Securian, Annexus introduce new indexed universal life insurance plan
20 May 2016 Securian Financial Group has forged a partnership with Annexus and released a new indexed universal life (IUL) insurance policy – Balanced Growth Advantage with uncapped interest crediting potential.

RGA expects to benefit from changes in global life reinsurance markets
19 May 2016 Greig Woodring, the CEO of life reinsurer RGA, has reportedly said life and health reinsurance markets worldwide are going through many changes, including relentless consolidation and regulatory developments.

LII innovation tracker: MobiLife rings the changes with ‘unique’ mobile insurance products
19 May 2016 South African-based mobile insurance services provider, MobiLife, has launched an insurance policy that enables consumers to buy, manage and submit claims via their smartphones.

UK distributor-only group launches to improve the protection market
18 May 2016 Ten major intermediary firms in the UK have joined forces in an effort to improve the protection market for consumers.

Mapfre: Life insurance propels Latin American insurance market
17 May 2016 Life insurance was the driving force for premium volume growth in Latin America during the first half of 2015, according to a new report from Mapfre.

Nationwide launches two fixed indexed annuities for risk-averse clients
17 May 2016 US-based Nationwide has released two fixed indexed annuities (FIAs) to help advisors with risk-averse clients approaching retirement plans deliver an option for some growth potential with the comfort of a principal guarantee.

Timetric IIC global survey: Health insurance expected to grow strongest
16 May 2016 A global survey by Timetric’s Insurance Intelligence Center (IIC) has revealed health insurance is the business line expected to grow most over the next year.

Ageas sells HK life insurance business to JD Group
16 May 2016 Ageas has pledged its commitment to the Asian market despite selling its life insurance business in Hong Kong to investment management business, JD Group, for €1.2bn ($1.4bn).

Fitch: ‘Check under the bonnet’ of Solvency II ratios
12 May 2016 Fitch Ratings has said it expects investors to adopt the headline Solvency II (S2) ratio as their first measure of insurers' capital strength, despite its flaws.

UK launches DWP online pension tracing service
12 May 2016 The UK Department for Work and Pensions (DWP) has unveiled an online Pension Tracing Service to enable people locate approximately £400m of their lost retirement savings.

Surge of D2C consumer term assurance sales in the UK
11 May 2016 New direct to consumer term assurance sales in the UK, including policies with critical illness riders, rose from 36,586 in 2014 to 115,633 – a year-on-year (YoY) rise of 216% , according to Swiss Re’s Term and Health Watch 2016 report.