Life insurance industry

How can Europe protect its life insurance industry?, World Economic Forum

Low interest rates in the euro area pose substantial challenges to the life insurance industry. Insurers—particularly in Germany and Sweden—offer their clients long-term policies, sometimes more than 30 years, without holding assets of a correspondingly long duration. Moreover, many policies contain generous return guarantees, which are unsustainable in today’s low interest rate environment. In 2014, stress tests showed European life insurers are vulnerable to a “Japanese-like” scenario. Stress tests conducted by the European Insurance and Occupational Pensions Authority revealed the scale and urgency of this problem. This exercise showed that under a “Japanese-like” scenario with a...

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The US insurance industry: Largest in the world - Market Realist

High revenue volume The insurance industry in the United States is the largest in the world in terms of revenue. Since 2011, the annual revenue of the industry, known as insurance premiums, exceeded the $1.2 trillion mark. Insurance premiums have grown at a modest pace after a dip in 2009 due to the financial crisis, which the industry was able to navigate in a resilient manner. Despite its high premium volume, the United States falls short of the top ten countries in terms of insurance density, measured as premiums paid per capita of population toward insurance. This could be good news, as it indicates room for growth for the industry. Major players The US insurance industry consists of...

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Life insurance industry now at a crossroads - Accenture Insurance Blog

As consumers question the relevance of life insurance and annuities, it’s time for the industry to rethink its value proposition. Life insurance in America can seem like a tough business these days. According to LIMRA, only 44 percent of U.S. households have individual life insurance, matching the 50-year low set in 2010. The income replacement ratio continues to decline, as do retail sales of life insurance, despite lower-than-ever costs of ownership. The obvious silver lining to this cloud is the growth in direct sales, fuelled by technology. The growth is undeniably impressive. For instance, in 2016, direct sales grew by 26 percent. But despite such growth, direct sales are still less...

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Life Insurance Industry Must Embrace Technology or Be Disrupted

Life Insurance Industry Must Embrace Technology or Be Disrupted The life insurance industry isn’t the first business sector to face disruption in this digital era, yet many businesses still aren’t ready to replace legacy systems. One online life insurance agency, Haven Life, chose to get ahead of the digital disruption and partnered with MassMutual to streamline the online policy purchasing process. Replacing a complicated, paper-based process that took 4-6 weeks with a 20 minute online application is a game-changer, sure to please the younger, tech-savvy generations. In an interview with Yaron Ben-Zvi, CEO and co-founder of Haven Life, Ben-Zvi suggests the life insurance industry isn’t...

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UAE insurance industry has room to grow - Khaleej Times

There is strong potential for insurance companies to grow in the untapped income protection segment as majority of UAE residents have no such plans in place. According to the report 'Income protection gaps in the UAE' released by Zurich Insurance and Smith School of Enterprise and the Environment, about 75 per cent of expatriates don't have income protection plans in place in case of illness, incapacity or premature death. The report further disclosed that even among those who have income protection schemes, 72 per cent receive the cover from their employers. The report said that 25 per cent of respondents had insurance to protect their income should they become ill or disabled while nearly...

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PESTEL analysis of Malawi's non-life insurance industry, African Journal of Economic and Management Studies, Vol 5, No 1

PESTEL analysis of Malawi's non-life insurance industry Emerald Group Publishing Limited Kampanje Brian, (2014) "PESTEL analysis of Malawi's non-life insurance industry", African Journal of Economic and Management Studies Article Article Type: Practitioner viewpoint From: African Journal of Economic and Management Studies, Volume 5, Issue 1 Malawi is one of the least developed countries in the world. Its insurance industry remains in infancy despite being in existence for 60 years. It represents less than 1 per cent of country's gross domestic product (GDP) and is divided into the life assurance sector and non-life insurance sector. No single entity is allowed to operate in both sectors...

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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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