All articles by LII editorial
LII editorial
Transamerica talks up Europe
Transamerica talks up Europe Transamerica Reinsurance, the second-largest life reinsurer in the US in terms of new business assumed in 2006 and a significant player in Latin America and Asia, has set its sights on replicating its success in the European market, which it entered in late 2006 This has been an important year of building our European base, introducing companies to our value-added business model and developing relationships, said Christian Mounis, president of the reinsurers European unit, Transamerica Reinsurance Europe (TRE).
Green light for auto-enrolment
In a significant move that will benefit UK insurers the European Commission (EC), the executive branch of the European Union (EU), has approved the British governments plan to permit automatic enrolment of workers into insurance-based workplace personal pension (WPP) as part of pension reforms due for implementation in 2012 The ECs approval followed an approach from the UKs Department for Work and Pensions in which it requested clarity on whether the automatic enrolment into a contract-based WPP scheme was compatible with the EUs Distance Marketing Directive and the Unfair Commercial Practices Directive.
Managing costs pays off in the US
Managing costs pays off in the US US companies managing health insurance programmes actively and effectively are scoring handsomely, reports professional service company Towers Perrin For the first time in over a decade we are seeing a number of companies keeping cost growth near the consumer price index for medical services, which currently stands at about 4 percent, said Dave Guilmette, MD of Towers Perrins health and welfare practice.
US regulatory revolution looms
While the debate on the proposed optional federal charter (OFC) for the US insurance industry rages on, federal involvement in the industry is set to take a significant step forward with congressman Paul Kanjorskis introduction in April of the Insurance Information Act of 2008 (IIA) The IIA would create a federal Office of Insurance Information that would represent the US internationally on insurance issues and coordinate with state insurance regulators on national concerns.
Health insurance takes the lead in Saudi Arabia
Health insurance takes the lead in Saudi Arabia Saudi Arabias insurance industry put on a strong showing in 2006, lifting total premium income 35 percent compared with 2005 to SAR6.9 billion ($1.84 billion), according to the Saudi Arabian Monetary Agencys (SAMA) annual survey report published in August
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Vienna Insurance Group forges ahead in CEE
Austrian composite insurer Vienna Insurance Group (VIG) continued to pursue its goal of building a significant presence in Central and Eastern Europe (CEE), adding a presence in three additional countries Estonia, Latvia and Lithuania in the closing weeks of 2007 The additions came via the acquisition of 100 percent of Seesam Life Insurance from Finnish insurer Finnish Suomi Mutual Life and brought VIGs presence in CEE to 18 countries Seesam Life was established in 1993 and subsequently expanded into Latvia in 1999 and Lithuania in 2001
Full potential still to be realised
Boosted by robust economic growth in the past decade, Lithuanias life insurance industry has flourished, sustaining a growth pace few others have matched But for now what had promised to be an ongoing growth story has been severely checked by economic problems, both global and specific to Lithuania. What it lacks in size Lithuania, a country with a population of only 3.7 million, has made up for in the dynamic growth of both its economy and insurance industry
Don’t delay Solvency II preparation, warn actuaries
Dont delay Solvency II preparation, warn actuaries Although the deadline for the introduction of the European Unions Solvency II regulatory regime October 2012 may appear a long way off, insurers should start to prepare now, delegates at The Actuarial Professions recent General Insurance Research Organising Conference were told
FSA takes tough stance on payment protection advice
A hard line taken in January this year by UK financial regulator the Financial Services Authority (FSA) left no doubt about the steps it will take to protect consumer interests in the payment protection insurance (PPI) market In the FSAs sights was consumer finance specialist HFC Bank (HFC), which received a fine of £1.085 million ($2.1 million) this marks the highest fine imposed for infringements of PPI regulations In a statement enumerating numerous infringements it had identified, the FSA said that between January 2005 and May 2007, a period during which HFC sold 163,000 PPI policies, the bank did not require advisers in its 136 branches to gather sufficient information about customers circumstances and take sufficient information into account when considering whether PPI was suitable
Potent growth potential in Irish market
The Republic of Irelands life insurance industry continued to power ahead in 2006, lifting total gross premium income 27.8 percent compared with 2005 to 30.4 billion ($41.5 billion), according to the Irish Financial Services Regulatory Authority (IFSRA)