Aetna sets sights on
China…
New York Life sets the
standard…
Marsh UK selects
Capita…
Reprieve for UK
consumers…
Insurers get China railway
go-ahead…

HEALTH INSURANCE

Aetna sets sights on China

US health insurer Aetna has taken the first step towards entry into
China with the establishment of an office in Shanghai. During the
two years before it can apply for a full license, Aetna said it
will conduct an investigation into its development options. As a
first step Aetna is conducting research to better understand
China’s health insurance market.

 

COMPANIES

New York Life sets the standard

New York Life’s (NYL) consumer website has been ranked as the best
of any US life insurer in the first quarter of 2008 by internet
research firm Dalbar. NYL’s website was the only one awarded an
‘excellent’ rating, an honour it has now held for 16 consecutive
quarters.

 

OUTSOURCING

Marsh UK selects Capita

UK support services company Capita Group has been awarded a 10-year
outsourcing contract by the UK unit of US insurance broking company
Marsh. Worth £187 million ($370 million) in total the contract will
entail what Capita termed a “comprehensive transformation
programme” aimed at enhancing service provision and delivering
significant cost reductions. As part of the contract, 600 Marsh
employees in the UK will transfer to Capita and work now outsourced
by Marsh in India will be transferred to Capita’s new facility in
India.

 

GENETIC TEstING

Reprieve for UK consumers

The Association of British Insurers has announced that the
moratorium enabling consumers to take out substantial amounts of
insurance without having to disclose adverse results of predictive
genetic tests has been extended to 2014. The moratorium was
introduced in 2001.

 

INVESTMENTS

Insurers get China railway go-ahead

Four Chinese life insurers have been granted permission by the
China Insurance Regulatory Commission to participate in the
financing of the country’s biggest ever infrastructure project, the
Beijing-Shanghai Express Railway being built at a cost of CNY220.9
billion ($31.6 billion). The insurers, Ping An, Pacific Insurance,
Taikang Life and Taiping Life will establish a joint investment
unit to which they will contribute a total of CNY16 billion.