All articles by LII editorial
LII editorial
A $3 trillion market in search of service
Excluding Japan, Asias investment management industry has an estimated $3 trillion in assets under management A significant market, yet one in which institutions do not have access to the level of asset management service and investment expertise enjoyed by institutions in the US, Europe and Japan, indicates a study by research and consulting firm Greenwich Associates Greenwich drew its conclusion from interviews with nearly 80 of the largest institutional investors in 11 Asian countries as part of its annual survey of insurers, pension funds, banks and other institutions relating to their choice of investment managers.
UK insurers advance down the customer satisfaction road
UK insurers are generally getting more things right than wrong in their relationship with customers, according to the Association of British Insurers (ABI) in its Customer Impact Survey Nevertheless, the industry bodys 2008 survey reveals room for improvement in certain areas The ABI survey is designed to provide insight into progress being made by insurers in the implementation of the Customer Impact Scheme launched in March 2006 with the objective of improving outcomes for customers
Resolution and Friends Provident come closer to tying the knot
Resolution and Friends Provident come closer to tying the knot Barring a last-minute counter-bid, the merger of the UKs largest specialist manager of in-force closed life insurance funds, Resolution Life, and 175-year-old insurer Friends Provident is set to occur in late November
ING and Axa reshuffle in Mexico
This is no better illustrated than by a deal that will see Netherlands bancassurer ING sell significant parts of its Mexican business, Seguros ING, to French insurer Axa for 1 billion ($1.48 billion) Viewed as non-core by ING, the parts of Seguros ING to be acquired by Axa include its life and health insurance lines, its health maintenance organisation and property, casualty and vehicle general insurance lines
Attorney general throws the book at health insurer
Attorney general throws the book at health insurer Martha Coakley, Attorney General of the US state of Massachusetts, has fired a broadside at MEGA Life and Health Insurance, Mid-West National Life Insurance and their parent company, HealthMarkets Inc (HMI), alleging in a complaint that they have engaged in unfair and deceptive trade practices
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The battle for customer loyalty
Customer loyalty is vital but is becoming increasingly illusive in the US and UK financial services industries reveals a study by Thunderhead, a UK-based business communications systems developer Alarmingly, Thunderhead found that only 17 percent of respondents feel a sense of loyalty to their insurance provider and an even lower 16 percent to their bank Also of concern is that 61 percent of consumers surveyed are considering switching insurance providers in the next 12 months.
Insurers face wide-ranging change
US life insurers entered 2008 facing both opportunity and challenges Opportunity lies in abundance in the rapidly expanding retirement market fuelled by millions of retiring baby boomers, while challenges include sweeping regulatory changes and increasingly complex risk management US life insurers will continue to experience modest growth in most lines of business in 2008, believes Doug French, an analyst at professional services firm Ernst & Youngs Global Insurance Center To support his view, French referred to total statutory net operating gains for the industry data published by consultancy Conning Research & Consulting (CR&C)
Private health insurance high on UK employees’ want-list
Private medical insurance (PMI) is fast rising up the workplace benefits want-list of UK employees, a survey conducted by health insurer BUPA reveals Indeed, if the current trend persists, PMI could become the most popular workplace benefit. In its survey, BUPA found that 40 percent of employees were eager to have PMI as a workplace benefit, up from 38 percent of employees in 2007
Axa makes its entry into Russian market
Making its first move into Russia, Axa has paid 810 million ($1.16 billion) to acquire a 36.7 percent stake in Reso Garantia (Reso), a general insurer boasting Russias second-largest agent network Also in Axas sights is an entry into the Russian life insurance and savings market via a joint venture (JV) to be formed with Resos shareholders This strategic investment is an excellent opportunity for Axa to enter the Russian insurance market, which offers strong growth prospects and a favourable business environment, said Henri de Castries, chairman of Axas management board
The good life is taking its toll
Rising life expectancy has come to be taken for granted, especially in developed economies However, economic prosperity has been accompanied by a rising prevalence of obesity in many countries and with it an increase in obesity-related disease that some experts warn could reverse rising life expectancy Reinsurance group Swiss Re has termed obesity an escalating global epidemic and one too significant for the life insurance industry to ignore