This growing variety of business models and renewed focus on highly customizable products means that insurers need to decide whether they want to simply provide individual products, or become an integrated part of a suite of products and services that their customers need to manage their lives. While life insurance has traditionally been seen as a confusing product for many, this shift to a customizable ecosystem of products and services with a focus on improving financial well-being presents a significant opportunity. By helping their customers navigate different life stages and life-changing events like getting married or having children, insurers will encourage greater loyalty. It should...
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The Council of Australian Life Insurers (CALI) is set to launch later this year, with a spokesperson saying on Wednesday that the new peak body will have a focus on meeting the evolving needs and expectations of customers and supporting the ongoing development of the life insurance industry. “Throughout a continued period of policy reform in the lead-up to and following the Royal Commission, the life insurance industry has undergone significant change, including structural changes via industry consolidation and specialisation,” the spokesperson said. “Given the changing landscape in both regulation and structure, as an industry, we believe the time is right to form a dedicated peak body to...
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(Last Updated On: May 9, 2019) Life insurance industry in India showed a growth of 10.73% in Total First-Year Premium collection compared to the previous year. In the meantime, 1.73% was the growth shown in Number of Policies (NOP) and 11.63% on Sum Assured underwritten in the corresponding period. The premium growth percent registered this year was marginally lower compared to the previous year. Notably, the premium growth was 10.99% in 2018-19 against the current year growth of 10.73%. Life Insurance Industry in India – Overview The life insurance industry in India is regulated by the Insurance Regulatory and Development Authority ( IRDA ). Twenty four Life Insurance companies are...
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This growing variety of business models and renewed focus on highly customizable products means that insurers need to decide whether they want to simply provide individual products, or become an integrated part of a suite of products and services that their customers need to manage their lives. While life insurance has traditionally been seen as a confusing product for many, this shift to a customizable ecosystem of products and services with a focus on improving financial well-being presents a significant opportunity. By helping their customers navigate different life stages and life-changing events like getting married or having children, insurers will encourage greater loyalty. It should...
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Does momentum pick up in March for the life insurance industry? Find out The last three months of the financial year see a lot of activity in the life insurance industry. The sales of life insurance policies peak in the month of March. As per a research report on Insurance by Emkay Global Financial Services, after two months of slow growth, the life insurance industry’s growth momentum picked up in March 2022, with retail weighted received premium (RWRP) growing by 11.9 per cent YoY. The good show of March 2022 led to FY22 RWRP growth of 15.7 per cent YoY for the sector and 21.9 per cent YoY for the private sector. Importantly, compared with the pre-Covid base, the private sector RWRP...
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Life insurance companies have so far received 2,18,084 COVID claims amounting to Rs 16921.70 crores, according to data provided to Business Today by Life Insurance Council, an umbrella body of life insurers. Insurers say the death claims rose drastically in 2021 amid deaths during the second COVID-19 wave. “During the 2nd wave, all insurance companies observed multifold increase in the death claims under Covid and Non-Covid categories. All claims in which death was confirmed due to Covid 19 basis the medical documents and / or hospital records, were considered as COVID claims. A positive RTPCR & RAT test and subsequent death is also considered as Covid death," says Rushabh Gandhi,...
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Insurance | Finance Isle of Man The Isle of Man has a long established insurance industry and is home to a number of renowned companies dating back over 40 years. Originally marketing largely to the retired or working British expatriate, the insurance companies now offer services to expatriates of other countries and local nationals around the world. The industry encompasses: Life, Captive, and General insurance brokering. Life Insurance sector The Isle of Man is a leading international centre for life insurance and wealth management. We are a politically and economically stable jurisdiction with a regulatory framework that puts customer protection first. The Island is home to world-leading...
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The Life Insurance Association (LIA), Singapore has announced industry results for the full year 2021, with SG$5.38 billion in weighted new business premiums, up 23% year on year. The association, which represents 32 life insurers and reinsurers in Singapore, noted significant growth in the uptake of single-premium products, with a 41% year-on-year increase in weighted premiums, totalling SG$2.58 billion for 2021. This was attributed to the high volume of new business during the first half of 2021, as Singapore’s economy recovered after a year of tight COVID-19 restrictions in 2020. Annual premium product sales grew by 10%, with SG$2.80 billion in weighted annual premiums for 2021....
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In the span of the last few years, you would’ve seen and felt the same thing that we did. We are talking about the struggle of the life insurance industry. In Europe, the industry is rapidly declining despite life insurance being one of the oldest financial products. A lot of life insurers in Britain that were in business 15 years ago no longer exist. [1] Elsewhere around the globe, too, things aren’t very bright. Life insurers in China are struggling as premiums plummet. [2] In the US, the same decline of life insurance is shrouded in mystery. 27 million policies were bought in 1965. Same as in 2016. In this span, the population had increased by 50%! [3] Yet, policy purchase has not gone...
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Life changing: The outlook for life insurance in Europe Life insurers are not immune to the after-effects of the Eurozone crisis. Amidst a “perfect storm” of low yields, strong competition and increasing capital pressures, Europe’s leading life insurers’ are at a crossroads and feeling the pressure. As the industry faces its toughest challenge in a decade, life insurers will need to take decisive action on strategy and business model in order to safeguard the future viability of the industry. The Linklaters insurance team have published a report concerning the outlook for European life insurers, particularly in light of the persistent low yields on highly-rated...
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