All articles by Peter Johnstone
Peter Johnstone
ABI signals ‘concern’ over EC proposals
The European Commission (EC) has proposed a package of legislative proposals to improve consumer protection in financial services that would impact insurers administrative and operational requirements if they become effective. In the first place, the ECs is proposing to introduce a new information requirement for the sale of packaged retail investment products (PRIPs). Based on the proposal, the producers of all investment products, including insurers, would have to provide a Key Information Document (KID) for each separate investment created, the standardised format of which should be short and plain-speaking.
Irish health insurer appoints new CEO
John ODwyer has been appointed CEO of state-owned Irish health insurer Vhi Healthcare, with a remuneration package in excess of that recommended by the Irish government. He is currently on secondment to their Greek company Interamerican, the second biggest insurer in Greece where he is the chief operating officer and executive director with responsibility for the life, general and health businesses.
Pakistani insurer launches new expat cover for UAE residents
Pakistani insurer State Life Corporation is reportedly planning to launch a new health insurance scheme in the United Arab Emirates (UAE) and elsewhere in the Gulf, region Gulf News reported that State Life will provide cover for Pakistanis and other expatriates in the UAE It is hoping to capitalise on the compulsory insurance laws that Abu-Dhabi has developed over the last few years, and which may soon be extended to the other emirates.
Manulife Financial enters Cambodian market
During the official opening of the Manulife ( Cambodias) head office, Davis Wong, senior vice President and chairman of Manulife (Cambodia), said: The company sees the potential of Cambodia, with a population of about 15 million and an emerging middle class, as a growth area in the ASEAN countries.
Solvency II’s data challenge
Life insurers need to improve data consolidation practices ahead of Solvency II, to in order to comply with the strict regulations that will govern the quality of data according to software provider Mastek. Mastek says that with the introduction of Solvency II, regulators will need to be convinced that businesses have enough capital liquidity to cover the level of risk within the business
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Education’s role in ‘bridging’ the life insurance gap
A new survey from Genworth Financial indicates a significant gap for the second consecutive year between the amount of life insurance most people in the US have and what they may actually need
Life CFOs feel interest rate pressure
Chief financial officers (CFOs) at life insurers have said the current low interest rate environment is their primary business concern, according to a Towers Watson survey. Out of thirty CFOs surveyed, 97% said they consider interest rate risk a significant exposure for their company, with 45% seeing prolonged low interest rates as posing the greatest threat to their business.
Economic woes hit Irish PMI sector
Reflecting the pressure of the countrys economic environment, a survey by Irelands Health Insurance Authority (HIA) of 1,011 showed that only 43% had private health insurance in 2011 compared with 46% and 52% in 2009 and 2005 respectively This means the size of Irelands health insurance market peaked with 2.3m customers at the end of 2008 and had declined to 2.14m by the end of March 2012. Health insurers face a significant challenge in Ireland as the survey found the number of people perceiving PHI as a necessity, and not a luxury, has fallen from 67% in 2009 to 59% in 2011
Shake-up at Prudential Financial
Prudential Financial has made four key leadership appointments, including naming Scott Sleyster as the new chief investment officer for the company Sleyster has been at Prudential for over 24 years and prior to his role as CIO for the US businesses, he led the full service retirement and institutional investment products business.
Solvency II seven year phase-in mooted
The European Union is reportedly considering a seven year Solvency II regulatory phase-in period for life insurers, according to a report by Bloomberg. Stephan Kalb, who heads Fitch Ratings insurance ratings team, was quoted as saying that a seven year transition could buy the life insurance industry time to solve its struggle with the low interest-rate environment that reduces the yields insurers earn on their investments.