US life insurers paid out a record $100 billion in benefits in 2021, according to new data released Monday by the American Council of Life Insurers. That’s a nearly 11% jump from 2020, which represented the largest year-over-year increase (15.4%) since the 1918 influenza pandemic. “For the second year in a row, life insurance benefit payments increased by double-digit percentages,” said Andrew Melnyk, ACLI Vice President, Research...
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Unique technology challenges facing life insurers As stated by Celent, "life insurers are facing a much longer-term challenge than their non-life peers because they have in-force policies on their books that might have been sold 75 years ago, and policies sold today that could be there for another 75, creating a 150-year problem." Companies have spent years working to maintain their aging infrastructure but longer-term considerations about retiring their legacy systems and migrating their data to a modern platform have been turned, almost overnight, into issues that need to be addressed today. Customer expectations have been heightened by their online interactions in other industries, and...
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According to this study, over the next five years the Whole Life Insurance market will register a 2.7% CAGR in terms of revenue, the global market size will reach US$ xx million by 2023, from US$ xx million in 2017. In particular, this report presents the global revenue market share of key companies in Whole Life Insurance business, shared in Chapter 3. This report presents a comprehensive overview, market shares and growth opportunities of Whole Life Insurance market by product type, application, key companies and key regions. This study considers the Whole Life Insurance value generated from the sales of the following segments: Segmentation by product type: breakdown data from 2013 to...
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Insurance companies’ annual reporting 2019 Insurance companies’ annual reporting 2019 Life insurance companies’ assets increased Statistical news from Statistics Sweden and Swedish Financial Supervisory Authority 2020-08-28 9.30 Life insurance companies’ assets were valued at SEK 4 516 billion at the end of 2019, SEK 444 billion more than in 2018. Non-life insurance companies’ assets increased by SEK 23 billion compared with last year. The year 2019 was characterised by major recoveries in equity markets following a very weak fourth quarter 2018. This affected life insurance activities more than non-life insurance, since life insurance has significantly longer investments of capital...
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Digi together with AXA Affin Life Insurance has introduced the Digi Abadi prepaid plan that provides data and free life insurance cover. This limited-edition prepaid is offered exclusively on Digi’s online store and it is limited to 100,000 customers. Digi Abadi is open to all eligible Malaysians aged 30 to 55 years old. The prepaid starter kit costs RM28 and it comes preloaded with life insurance cover of up to RM40,000 for death (RM30,000), accidental death (RM8,000) and funeral expenses (RM2,000) at no extra cost. The plan also comes with 3GB of high-speed quota with 30 days validity. Calls and SMS are not included and they are charged at 10 sen/minute for voice calls and 10 sen...
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Life insurance policies are among the most important assets of an individual and play a significant role in his/her family in the event an unfortunate event. While the loss of an individual will be difficult for the family to cope with, life insurance helps soften the financial blow. An insurance claim request should either be placed by the nominee (in case of death of policyholder) or by the insured himself/herself in case of maturity claim (or in case of accident). But the nominee or the insured is required to carry out certain procedures to receive the claim amount. Here is how to go about the claim process. In some cases, claim investigation may be conducted and claim settled after...
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No, you can't take out a life insurance policy on just anybody, and there's a good reason why. If you could take out a life insurance policy on anyone without their consent, then you would, in the words of U.S. Supreme Court Justice Oliver Wendell Holmes, have a "sinister counter interest in having the life come to an end." By law, not only do you need a person's written consent to take out a life insurance policy on them, but you also need to prove that you have what's called an "insurable interest" in the individual. You need to prove that you would suffer financially because of their death. "Insurable interest comes down to that fundamental concept of life insurance — reliance on income...
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Different GST rates are applicable to different life insurance plans 2 min read . Updated: 22 Dec 2019, 07:12 PM IST Neil Borate GST of 18% is charged on term policies, which are the cheapest form of insurance as they only carry the mortality cost In the case of traditional policies, which bundle insurance and investment, GST is levied at 4.5% on the first-year premium and 2.25% on premiums for subsequent years Keep in mind that this will be an added cost at the time of buying a policy. Different rates Different rates of GST are applicable to different types of life insurance policies. GST of 18% is charged on term policies, which are the cheapest form of insurance as they only carry the...
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OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has commented that the Credit Ratings (ratings) of Blue Cross Life Insurance Company of Canada (Blue Cross Life) (headquartered in Moncton, New Brunswick, Canada) remain unchanged following its announcement of an alliance with the Canassurance Hospital Service Association (Canassurance), which will become effective Jan. 2, 2020. This transaction is subject to customary regulatory approvals and AM Best expects the near-term impact on earnings and capital to be modest. Canassurance, headquartered in Montreal, Quebec, markets individual health and travel insurance in the provinces of Quebec and Ontario. Canassurrance will contribute capital to Blue...
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is a cheery 22-year-old liquor-store clerk from Mandalay, a city in central Myanmar. Death, and other less-certain future misfortunes, are far from his mind. A host of insurance companies newly arrived in the country would like to change that. Last week the finance ministry issued licences to foreign life insurers for the first time. Five— , Chubb, Dai-Ichi Life, Manulife and Prudential —have been permitted to operate as wholly owned subsidiaries. Others are required to find local partners. Foreign insurers have long licked their lips at the prospect of moving into Myanmar. South-East Asia’s largest mainland country, it is home to 54m people, more than half of whom are under 30. Less than 4...
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