Manulife Singapores CEO and president Annette King has stressed the opportunity for life insurers to cater for the needs of Singapores ageing population The proportion of residents aged 65 and above in Singapore increased from 7.2% in 2000 to 9.3% in 2011, according to a report released in September 2011 by Singaporean government departments.
A survey of life insurers in South Africa shows that confidence in the sector has dropped by 12.9 % from 93 index points in Q1 2012 to 81 in the second quarter In spite of this drop, Tim Rutherford, a life insurance spokesperson at Ernst & Young, said life insurance confidence levels continue to be the strongest in the financial services sector
Life insurance coverage in Indonesia is said to have risen by 15.1 percent year-on-year (YOY) in Q1 2012, according to a media report citing the Association of Indonesian Life Insurance Companies (AAJI). The Jakarta Post, reported that this means that the number of Indonesian consumers taking out life insurance coverage reached 52.8m
Application activity for individually underwritten life insurance in the US increased by 2.1% year-on-year (YoY) in June 2012 for all ages combined, according to the MIB Life Index, which measures life insurance application activity in the US
Health insurer, Life Insurance Company of North America (LINA) an operating subsidiary of US health insurer Cigna has been ordered to pay more than $1.7m for allegedly using deceptive marketing practices. The sum will be paid to consumers and the state government of Massachusetts for allegedly improperly marketing its cancer and surgical insurance to more than 1,000 Massachusetts veterans, including specifically targeting World War II veterans A complaint by Martha Coakley, the attorney general of Massachusetts, filed along with a consent judgment in Suffolk Superior Court alleged that LINA violated the states Consumer Protection Act through several deceptive practices in the marketing and administering of its supplemental health insurance products to Massachusetts veterans.
The acquisition is expected to close in Q1 2013 and is subject to certain state regulatory approvals and standard closing conditions and customary approvals Wellpoint said the acquisition will boost the companies capabilities to more effectively and efficiently serve the USs growing Medicaid population
Financial mutual LV has appointed Craig McVoy as head of customer experience for its retirement solutions business. McVoy will be responsible for leading the retirement solutions customer service teams and identifying ways to enhance service delivery to advisers and customers. Prior to LV, he was head of contact centres at Inchcape and spent eight years at Privilege Insurance.