All articles by Ronan Mccaughey
Ronan Mccaughey
Decline in Scots taking out life insurance
The number of Scots taking out life insurance has fallen to 47%, down from 54% in 2011, according to the Scottish Widows Protection Report However, they have little confidence that their savings will cover them in the event of a change of circumstances, with 58 percent believing they would only survive financially for a short period of up to six months.
US life insurers urged to ‘challenge’ pricing misconceptions
Misconceptions over the cost of life insurance may be preventing many consumers in the US from getting the coverage they need, according to a new report The 2012 Insurance Barometer Study, conducted by Life and Health Insurance Foundation for Education (LIFE) and professional development organisation LIMRA found that consumers in the US believe life insurance costs nearly three times the actual price.
Positive view of UK group risk market
Swiss Res Group Watch 2012 report has stated that in-force group risk premiums rose by 2.9% in the UK during 2011, compared to a fall of 7.7% in 2009 and 1.8% in 2010 The Group Watch 2012 report is an analysis of in-force data covering group life, group long-term disability income and group critical illness cover in the UK market
Danica Life to exit Irish market
Life assurance company Danica Pension, which is part of the Danske Bank Group, has stopped accepting new business for its life and pensions operation in Ireland, Danica Life A spokesman for Danica Pension said the decision has been taken because Danica Life in Ireland has not achieved the scale necessary to help sustain their business in the current economic environment.
Life insurance plays role in IHT planning
Taxpayers in the UK will waste £448m ($720.8m) this year due to poor inheritance tax (IHT) planning when it comes to their life insurance policies, according to a new report In order to avoid this, the Tax Action Report from professional advice website unbiased.co.uk, said individuals taking out life protection specifically to provide for their heirs need to decide either to leave the payout to beneficiaries directly, or alternatively put these policies under trust’, thereby removing the asset from the estate
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All eyes on Thailand as Prudential ponders $500m insurance deal
Prudential is reported to be considering bidding for the insurance business of Thailands Thanachart Bank in deal said to be valued at approximately $500m It has been reported that the Thanachart Bank unit, is set to be auctioned and is expected to include life and non-life assets as well as a bancassurance arrangement
ERGO to launch life insurance JV in China
The Ergo Insurance Group, which is part of the Munich Re Group, is to launch a joint venture that will primarily offer life insurance to private customers in the Chinese province of Shangdong ERGO and Shandong State-owned Assets Investment Holding Company (SSAIH) will each hold a 50% share in the joint venture, and the headquarters will be located in Jinan, the capital of Shandong
Manulife Taiwan launches new life product
Manulife Taiwan has launched a new universal variable life product called Quan-Xin-Quan-Li Universal Variable Life (UHL). This is a back-end load product that allocates the full premium to investment assets at the start of the policy The product enables customers to choose a mandate structure whereby Manulife Asset Management manages the customers fund selection, or they can make their own fund selection from a range of underlying funds.
Singapore’s LIA supports industry review
Singapores Life Insurance Association (LIA) has said it supports the need for the industry to undergo a regular review and the objectives of the Financial Advisory Industry Review (FAIR) Ravi Menon, managing director of the Monetary Authority of Singapore, announced the launch of FAIR on 26 March 2012 at the LIAs 50th anniversary gala dinner Responding to FAIR, an article from the LIA in The Straits Times quoted Tan Hak Leh, president of the LIA, as saying: Our industry prides itself on providing a life-long protection to our customers and taking a long-sighted view of the industry
Japanese provider to acquire stake in MNYL
Japans MS&AD Insurance Group is to acquire a 26% stake in Max New York Life (MNYL), an Indian-headquartered life insurance company In an all cash transaction, MS&AD will pay INR 27.3m ($526, 289) for the stake, which according to MNYL, will make it the second largest foreign investment in the Indian life insurance sector