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Life insurance is top financial concern for half of UAE: research

A YouGov survey of 1,000 residents in the UAE, commissioned by Zurich International Life Limited has revealed the top financial priorities for individuals in the wake of covid-19. The research revealed almost 5 in every 10 respondents indicated that life insurance was increasingly important to them in the current environment. A similar number of individuals (51%) called out savings as a key priority while retirement planning highlighted by 32% of those surveyed, became more significant with the age of the respondent. These statistics point to a greater need for long-term planning among the general population. Ranking of financial product importance during covid-19 "The unprecedented nature...

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Aktia’s acquisition of Alandia s life insurance portfolio completed Helsinki Stock Exchange:AKT

Aktia’s acquisition of Alandia's life insurance portfolio completed Aktia’s acquisition of Alandia's life insurance portfolio completed Aktia Bank Plc and Alandia Försäkring Abp informed 19 December 2019 that Aktia Life Insurance Ltd and Försäkringsaktiebolaget Liv-Alandia have agreed on the transfer of Alandia's life insurance portfolio to Aktia. Financial Supervisory Authority has now accepted the transfer, and the acquisition has been completed 31 May 2020. Försäkringsaktiebolaget Liv-Alandia, a subsidiary of Alandia Försäkring, has a portfolio of approximately 11,000 life insurance policies, which for the most part have been handled by Aktia already for 56 years. Since Liv-Alandia...

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Life insurance policy: Grace period for premium payment extended further

This was done to provide relief to life insurance policyholders in wake of the unprecedented lockdown situation as a result of coronavirus pandemic (Photo: iStock) Life insurance policy: Grace period for premium payment extended further 1 min read . Updated: 10 May 2020, 04:04 PM IST Edited By Deepak Upadhyay ( with inputs from Agencies ) Irdai said it has decided to further extended the grace period for renewal of life insurance policies whose premium was due in March till May 31 in wake of the extension of lockdown to fight spread of coronavirus "On a review of the recent situation of lockdown resulting from global pandemic of Covid-19 across the country and representations received, it...

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Why You Should Consider Buying Life Insurance For Your Co-Parent, MadameNoire

Why You Should Consider Buying Life Insurance For Your Co-Parent One night while cooking dinner, I could hear my rarely serious husband calling my name from the next room. There was a solemnity to his voice that I wasn’t used to hearing and it startled me a little a bit. When he came to where I was, he told me he had a question, which made me more nervous as I’m used to him just blurting things out. He finally came out and asked if I would be comfortable with him securing an insurance policy for my stepchild’s mother. He explained that he wanted to be sure that my stepchild had an additional cushion of financial security in the event that, God forbid, something should...

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How COVID-19 Could Affect Your Life Insurance Coverage

How COVID-19 Could Affect Your Life Insurance Coverage The coronavirus pandemic has many of us thinking about worst case scenarios. It's only natural that people are considering whether, in the event of their absence, their loved ones would be financially protected. If you’re reading this, you’ve probably given it some thought yourself. Here’s the good news: If you have an active life insurance policy and you were to die of a pandemic illness such as COVID-19, your family would receive the death benefit — even if you had traveled to an area with a known outbreak of the coronavirus. The only situation in which that might not be true is if you were just recently...

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COVID-19 has exposed the fragility of the life-insurance industry, Chicago Booth Review

When the COVID-19 crisis hit, the stock prices of life-insurance companies declined sharply. The sector experienced drawdowns (the percent decline from the maximum to the minimum of the cumulative return index) that rivaled those seen in the hard-hit airline industry. Between January 2 and April 2, the drawdown of a portfolio of life insurers was 51 percent, compared with 34 percent for the whole S&P 500, 43 percent for the financial sector of the S&P 500, and 62 percent for the airline industry. But some insurers—AIG, Brighthouse, and Lincoln—saw drawdowns of 65 percent or more. These declines highlight the life-insurance industry’s fragility, write Chicago Booth’s Ralph S. J....

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Coronavirus fallout: Life insurance policyholders get 30 more days to pay premium

In a relief to life insurance policyholders amid coronavirus lockdown, the Insurance Regulatory and Development Authority of India (IRDAI) has given 30 additional days to pay the life insurance premium. Additional grade period has been provided to the policyholders whose life insurance policies' premiums fall due in March and April 2020, IRDAI said in a circular on Saturday. In addition to the 30-day grace period given on March 23, the policyholders who are liable to pay in March now have a total of 60 days. In another decision, the insurance regulator has also given relief to Unit Linked Insurance Plan (ULIP) holders amid steep fall in stock markets. The ULIP holders whose policy would...

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Force majeure will not apply in Covid-19 death claims: Life Insurance Council - The Hindu BusinessLine

The Life Insurance Council on Monday said all life insurers, both public and private, are committed to process any death claim pertaining to Covid-19 at the earliest. It also said the clause of force majeure will not apply in case of Covid-19 death claims. “The life insurance industry is taking every measure to ensure that the disruption caused to policyholders due to the lockdown is minimal, by providing them uninterrupted support digitally, be it for honouring death claims related to Covid-19 or for servicing their policy. We reiterate that all life insurance companies stand by their customers in these difficult times,” said SN Bhattacharya, Secretary General, Life Insurance Council....

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AM Best Downgrades Credit Ratings of Universal Life Insurance Company; Maintains Under Review With Negative Implications Status, Business Wire

OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has downgraded the Financial Strength Rating (FSR) to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb-” from “bbb” of Universal Life Insurance Company (Hato Rey, PR) (Universal Life). Concurrently, AM Best has maintained the under review with negative implications status on these Credit Ratings (ratings). AM Best also has maintained the under review with negative implications status for the FSR of A- (Excellent) and the Long-Term ICR of “a-” of Universal Insurance Company (PR) (UIC) (Guaynabo, PR). Additionally, AM Best has maintained the under review with negative implications status for the FSR of B++ (Good...

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Verisk, PartnerRe to develop new life insurance solution

Verisk, PartnerRe to develop new life insurance solution Verisk is developing its new life insurance solutions in collaboration with PartnerRe, which leverages “advanced voice analytics and artificial intelligence” to flag potential tobacco usage among life insurance applicants through an analysis of telephone interviews and applicant data. PartnerRe will also collaborate on Verisk’s solution that leverages licensing and marketing data to help uncover life insurance applicants with risky avocations, such as scuba diving and skydiving. “Providing a fast and easy purchase experience for life insurance in the long term requires a commitment to exploring new data and...

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