Life insurance industry

South Africa Life Insurance Industry needs a market leader in customer satisfaction - SAcsi

The latest South African Customer Satisfaction Index (SAcsi) for Life Insurance Companies in 2017, conducted by Consulta, reveals that Metropolitan’s customers are still the most satisfied with their service. However, with 80.8 points, the company have lost its 2016 leadership position to be rated statistically on par with the industry – opening the spot for a market leader. While Metropolitan saw a decline of 1.8 points from 82.6 in 2016, Old Mutual – which has stayed on par for the last three years - had the second highest score of 80.6 (no significant change since 2016). “This year will certainly be the year to watch Life Insurance providers as they race to differentiate themselves to...

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Singapore’s life insurance industry sees 20% rise in new business

The life insurance industry in Singapore reported a 20% on-year increase in new business premiums for the first half of this year to reach a total of £1.15bn (S$2.02bn). The performance was boosted by strong sales of investment-linked plans and a positive attitude towards protection and retirement needs. “This year’s midpoint is already much higher than last year’s midpoint, so if momentum continues, we will cross S$4bn for sure,” Patrick Teow, head of the Life Insurance Association (LIA) Singapore said in a press conference. Compared to a year ago, the year-to-date total sum assured, which includes individual life and health insurance rose 19% to S$66.3bn in June 2018 from S$55.9bn in June...

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How will pharmacogenetics influence the life insurance industry

How will pharmacogenetics influence the life insurance industry? Pharmacogenetics is the study of how genes affect a person's reaction to medicines. The combination of pharmacology (the science of drugs) and genomics (the study of genes and their functions) leads to the development of medications that will be effective and safe, as they will be tailored to a person's genetic make-up. A small blood or saliva sample can help determine: Whether the medication can be effective treatment for you; What dosage is best for you; and Whether you could have serious side effects from a medication. However, there are limitations to this type of testing, one test cannot determine how you will respond to...

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Life Insurance sector revenues on the rise, KPMG, AU

{{vm.title}} 25 {{ vm.title }} The industry generated $14.8bn of benefit payments for policyholders and super fund members and $2.2bn in profits for shareholders in the 12 months to 31 March 2018. Risk product profitability bounced back to its normalised level in 2018, earning $1,307m, up by $627m on last year. This was largely due to retail risk business recovering strongly from a poor 2017, with group business profitability levels remaining comparatively flat. KPMG’s study confirmed the growing role played by reinsurers in this market, with the level of reinsurance increasing from 23 percent to 30 percent over the past 5 years. Based on premium volumes, the life insurance industry is...

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The insurance distribution directive and its consequences for the Luxembourg life insurance industry, Ogier

The insurance distribution directive and its consequences for the Luxembourg life insurance industry The insurance distribution directive and its consequences for the Luxembourg life insurance industry Directive (EU) 2016/97 on Insurance Distribution of 20 January 2016 (“IDD” or “the Directive”) harmonises national provisions concerning the distribution of insurance and reinsurance products and insurance-based investment products (“IBIPs”) by insurance intermediaries, insurance companies, their employees, and ancillary insurance intermediaries in the European Union. The objective of the present article is not to summarize the general European legislation...

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Implementing an ERM Program in Life Insurance, Moody s Analytics

Life insurers, irrespective of company size or asset and liability profile, continue to invest in successful ERM programs. Within these programs, common themes and best practices are emerging. This article discusses some of these best practices and offers ideas on how life insurers may further fine-tune their programs to add greater value to their organization. Enterprise Risk Management (ERM), a common practice in the North American life insurance industry over the past 20 years, has evolved significantly. In 2000, an industry panel conducted the first major survey of risk reporting and methodology for the North American insurance industry. Among the panel’s findings was an emphasis placed...

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GCC insurance outlook: sector must balance growth with key challenges - The National

GCC insurance outlook: sector must balance growth with key challenges Unlike more developed markets, the majority of premiums in the GCC insurance industry comes from the non-life sector. iStockphoto / Getty Images S&P Global Ratings expects credit conditions for rated insurance companies to broadly remain stable in 2018, despite slower top line growth and lower profitability. Here are the opportunities and challenges to look out for: While growth in insurance premiums are likely to be slower in some GCC markets this year compared with previous years, longer-term growth prospects of the industry remain satisfactory. A growing population and improving insurance awareness are driving the...

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Lively Insights into the US Life Insurance Industry

According to LIMRA, an insurance industry organization, about 70% of US households have some form of life insurance. Here are some key insights into this $560 billion industry (in 2016). Life Insurance Takes Third Place Life insurance is big business in the US; through 2007 it was the largest sector in the US insurance industry. Revenues in nominal US dollars were only surpassed by those of the healthcare insurance industry in 2008, and remained larger than the direct property and casualty (P&C) insurance industry through 2015. However, relatively slow population growth limited the prospects for life insurance sales. On the other hand, rising healthcare costs and growth in the number...

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Life Insurance Industry – Outlook for 2018 -

The Indian life insurance industry has witnessed changes over the past decade and a half, beginning from opening up to the private sector (2000), new product regulations (2010), increase in FDI limits (2016), advent of open architecture for Bancassurance (2016), and issuance of policies in electronic form (2016). With these changes, the industry has undergone fundamental shifts such as rapid expansion, rebalancing of distribution with rise of Bancassurance, and transitions of product mix. Let us examine the potential of the industry and outlook for the near future along with key factors that will be instrumental in moulding the industry. Going by the aggressive growth of 20-25 percent in...

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How a shared platform solves the life insurance industry's biggest challenges

How a shared platform solves the life insurance industry's biggest challenges Amazon, Facebook, Airbnb, Netflix – these platform business models are changing the world. They are giving consumers more purchasing power than ever before and are challenging traditional business models in many industries. In this conversation with Rick Hyde, CEO of Insured Connect, we explore how a shared platform business model addresses some of the biggest challenges faced by the life insurance industry in the coming decade. What is your background and what lead you to be interested in creating a shared platform for the insurance industry? Over the past 20 years, I have been involved in designing, implementing...

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