All articles by Ronan Mccaughey
Ronan Mccaughey
Manulife Financial strengthens Indonesian focus
Bank Danamon is to offer Manulife Financials insurance and wealth management products to a broader range of customers through its branch network across Indonesia. The initiative is a follow up of the partnership agreement between Manulifes operation in Indonesia and Bank Danamon in October 2011. The products launched through the partnership include life insurance protection as well as investment options, through 14 unit-linked funds
China’s life market set to rocket
Rising life expectancy, growing per-capita annual disposable income and an increase in the countrys ageing population are forecast to enable Chinas life insurance market to ensure a CAGR of 19.2% between 2011 and 2016, according to a market report from the Insurance Intelligence Center. The report, Life Insurance in China, Key Trends and Opportunities to 2016: New Administrative Rules for Reporting Premiums to Change the Market Structure,explains that life expectancy increased from 72 between 2000 and 2005 to 74.6 in 2011 and is estimated to reach 75 by 2015. Given that life expectancy is used to calculate the premium to be paid by policyholders when a life insurance policy is purchased, the rising forecast for life expectancy in China is expected to contribute towards the growth of its life insurance market between 2012 and 2016.
Zurich restructures its UK life business
Zurich has restructured its UK life business to focus around three core areas: corporate, retail, and in-force – instead of previously being more aligned along product lines or propositions. The corporate area comprises Zurichs corporate savings and corporate risk business units, to be led by Simon Foster as the new head of corporate
Singapore survey flags up insurers and banks’ ‘inadequacies’
A mystery shopping survey conducted by the Monetary Authority of Singapore (MAS) has found almost a third of the product recommendations made by insurers and banks were assessed by an industry panel as unsuitable However, it said almost a third of the product recommendations were unsuitable because the products recommended did not match the shoppers financial objectives or their stated investment horizons.
Phoenix Group to transfer approx £5bn of assets to Guardian
Guardian Financial Services, a consolidator of closed assets in the European life insurance sector, has agreed to acquire 300,000 in-payment pension annuities from Phoenix Group, which is a closed life assurance fund consolidator
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Aviva lands five-year deal with Tesco Bank
Aviva has secured a five-year deal with Tesco Bank to provide life protection products for its UK retail customers. The agreement, which will begin later this year, will cover the sale of Avivas core protection products, including life insurance and critical illness cover These products include: simplified life insurance, over 50s life insurance and life insurance with critical illness cover
Insurers told to mind the risks in Asia
Asia offers immense growth opportunities for insurers, but providers should also consider challenges including catastrophe risk, longevity risk and retirement security risk, says a senior figure at the Monetary Authority of Singapore (MAS) Speaking at a conference on 25 June 2012, Ng Nam Sin, assistant managing director of the development group at Monetary Authority of Singapore explained that although gross premiums in Asia ex-Japan have increased by about 16% per annum from 2005-2010, Asia remains under-insured.
Life insurance savings of being smoke free highlighted
Financial comparison website MoneySupermarket has highlighted the savings on life insurance coverage available to consumers in the UK five years on since the smoking ban was introduced in England. The smoking ban was introduced on 1 July 2007 and MoneySupermarket said a 30 year old male smoker smoker wanting £100,000 ($155,499) of cover over the next 25 years would pay £36 a month with Scottish Provident, but £22 if he was smoke free for 12 months; a saving of £14 a month, or £4,209 over the full term
L&G agrees deal with First Trust Bank in Northern Ireland
Legal & General has agreed a long-term distribution agreement with First Trust Bank in Northern Ireland for a range of life insurance, investment and pension products Consultants at First Trust Bank which is part of AIB Groups UK business will sell Legal & General products throughout their branch network on an appointed representative basis, using Legal & General’s Retail Distribution Model (RDR) model for banks and building Societies. Chris Last, managing director at Legal & General Bank & Building Society distribution, said: Continuing to provide financial advice to banking customers in a post RDR world is an important part of our distribution strategy and we are very pleased that First Trust Bank has selected Legal & General to be their partner
Case study: expected impact of Solvency II in Nordic region
Solvency II regulation is likely to play a major role in reshaping the Nordic life sector, according to a new report from Fitch Ratings. Although unit-linked business is growing in importance in the Nordic region, the rating agency says traditional policies with investment guarantees still accounted for around two-thirds of all premiums written in the region in 2010. Fitch notes that Solvency II poses a threat to traditional business because of the higher capital charges that are being proposed for contracts with investment guarantees