Life insurance industry

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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Shifting Demographics Causing Changes In Life Insurance Industry

Shifting Demographics Causing Changes In Life Insurance Industry The insurance industry is ripe for disruption and part of the influencing change is the change in demographics. Studies indicate that the millennial generation is becoming the largest segment of the population, making up 25% of the current populace. Each generation shows changing attitudes towards retirement, investing, and life insurance and the millennial generation is no different. As outlined in “ How the life insurance industry will change in 2016,” posted by Rod Rishel on LifeHealthPro.com, insurance providers have two very different demographics to contend with – the millennial generation and the baby boomer generation...

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The need for speed: Transforming the life insurance industry

The need for speed: Transforming the life insurance industry By now, every insurer, and adviser, is aware of the disruptive impact that technology is having on their company and business model. While the impact in South Africa is only starting to take effect, the impact of disruption in the US is far more intense. Surveys show that 52% of Fortune 500 companies in the US have disappeared in the last 15 years purely because of the disruptive force of technology. There is a brighter side to this though. More than half of the CEOs from another survey said that technology will offer major opportunities for innovation. The opportunity to innovate is what is being presented to South African life...

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Life Insurance Industry Relevance, Andesa Services

April 12, 2016 Life Insurance Industry Relevance Written By:Ron Scheese Life insurers invest over $5.6 trillion in the US economy, employ more than 2.5 million Americans, hold 20% of all US bonds, pay out $1.5 billion daily and protect over 75 million American families with their products. It is an amazing industry. I recently attended an industry conference where multiple industry leaders told emotional stories of helping someone at retirement or providing financial security for a vulnerable individual following the death of a loved one. These were executives who promoted a passion, energy and excitement for their work, their company and their industry. In one-on-one networking...

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Record growth for Singapore’s life insurance industry - International Investment

Record growth for Singapore’s life insurance industry Singapore’s life insurance industry crossed a significant milestone in 2017 with total weighted new business premiums reaching S$4.8bn for the year. The results are the highest recorded to date, and mark a 24% increase compared to the same period in 2016 affirms the industry’s strong progress over the past 12 months. All product types reported double-digit growth for 2017. There was also strong double-digit growth across both single and annual premium products within the period. The results, reported by the Life Insurance Association (LIA) Singapore, reveal a remarkable 91% jump in the uptake of single-premium products in the last...

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