HONG KONG, Aug 15 (Reuters) - Hong Kong businessman Richard Li, the youngest son of Asia’s richest man, will appoint a former top executive at AIA Group Ltd as the CEO of his new insurance company, according to people with direct knowledge of the move. Li will hire Huynh Thanh Phong, previously one of three deputies to AIA CEO Mark Tucker, to run the upstart insurer, known as FWD. Before AIA, Phong worked at British insurer Prudential Plc and Temasek Holding’s Fullerton Financial Holdings. Li is coming back to the Asian insurance industry after selling a Hong Kong insurance company he controlled to Fortis in 2007. Last October, Li paid $2.14 billion in cash for ING’s Hong Kong, Macau and...
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Insurers define health insurance for cats, dogs and other non-human animals as a form of property and casualty insurance. Life insurers do not pay death benefits directly to non-human animals. Many consumers, on the other hand, are eager to insure their love for their furry (and scaled, and feathered) companions. Erie Insurance has a bit of data on the size of the market for death benefits for pets in a summary of results from an online survey. The Erie, Pennsylvania-based insurer sponsored the survey to support this month’s Life Insurance Awareness Month outreach campaign. The sample included 650 U.S. residents ages 65 and older. The survey team asked the participants who had life...
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Longevity risk, insurance and financial risk management, demographics, automobile insurance, agriculture insurance Teaching Interests Life contingencies, financial engineering Background Hong Li's current research focuses on longevity risk, insurance and financial risk management, demographics, automobile insurance, and agriculture insurance. Hong Li is a Fellow of the Society of Actuaries and an Associate of the Canadian Institute of Actuaries. For more information, visithttps://hongliecon.weebly.com/ Recent Publications: Hong Li, Anja De Waegenaere, Bertrand Melenberg (2015). The Choice of Sample Size for Mortality Forecasting: A Bayesian Learning Approach. Insurance: Mathematics and...
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KUALA LUMPUR (July 29): Richard Li, the younger son of Hong Kong business magnate Li Ka-shing, has joined forces with Malaysia richest man Robert Kuok-controlled JAB Capital Bhd (formerly known as Jerneh Asia Bhd) and the Employees Provident Fund (EPF) to launch a new takaful in the country under the FWD brand. FWD Takaful Bhd, a 49%-owned unit of Pacific Century Group, announced the launch of the takaful here today. Pacific Century, founded and headed by Richard Li, owns its stake in FWD through FWD Life Insurance Company (Bermuda) Ltd. JAB Capital, a wholly-owned unit of Kuok Brothers Sdn Bhd, holds a 31% stake in FWD Takaful. EPF owns the remaining 20% of FWD Takaful, according to...
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A bigamist will serve at least 25 years in prison after being found guilty of murdering the second of his wives to cash in her life insurance and solve his financial problems. Pierre Legris, 61, also known as Alain Baron, killed nurse Rui Li by hitting her over the head with a blunt implement. He then wrapped her, while she was still alive, in a building sheet at the home they shared in Bournemouth. Her body was found in the boot of a car a week later. Winchester crown court heard that Legris competed in a dance competition with his other wife, Irene Smith, the day after attacking Chinese national Li. The judge, Mr Justice Dingemans, said that as well as a financial motive, Legris may have...
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Asian insurance market will emerge stronger after crisis: report Asia will emerge stronger from the COVID-19 crisis and the region is expected to contribute more than half to global insurance premium growth until 2030, with China one of the main growth drivers. Hit by the virus, 2020 is challenging for Asia, as premium income is expected to shrink by 0.7 percent in the region (excluding Japan) and by 3.8 percent globally this year compared with the pre-crisis trend and around 360 billion euros (US$405.9 billion) in premiums will go missing, according to Allianz Global Insurance Report 2020. Most markets, however, will recover in 2021 and long-term prospects look brighter. For the next...
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Tycoon Richard Li's FWD in Talks to Buy MetLife Hong Kong (Bloomberg) — FWD Group is in advanced talks to buy MetLife Inc.’s Hong Kong insurance unit in what would be the latest in a string of acquisitions by the insurer backed by billionaire Richard Li, people familiar with the matter said. The companies could reach an agreement in the next few weeks, the people said, asking not to be identified because the discussions are private. A deal could value MetLife Ltd. Hong Kong at less than $400 million and would help FWD boost its presence in the former British colony, the people said. At that price, MetLife would sell the asset for less than its $400 million embedded value, a measure of the...
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Term vs. Permanent Life Insurance According to industry experts, most people don't have enough life insurance. LIMRA, which keeps close tabs on the industry, recently reported that average coverage equals $163,000, which is equivalent to approximately 3.5 years in terms of income replacement (with the average income being $46,800 in 2019, according to the Bureau of Labor Statistics). That's only half the recommended 7-year threshold. Furthermore, more than half of consumers said that their households would be in immediate or near-immediate financial trouble if the primary wage earner died today. When considering life insurance, one of the most important factors to understand is the...
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Variable Universal Life Insurance Variable universal life insurance is permanent life insurance—it remains in force for the policyholder's whole life. And, as with universal life insurance, it provides a flexible premium and an adjustable benefit—meaning the policyholder decides how much to put in the policy above a set minimum. By extension, the policyholder also determines the face amount of the policy. The difference between variable universal life insurance and other types of permanent insurance is that the policyholder directs how premiums are invested. This provides access to the potentially higher returns provided by the financial markets. It also means returns could...
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COVID-19 has changed the game board. (Credit: iStock; NIH) Many insurance organizations worldwide have turned to artificial intelligence (AI) technology in recent months to help them address the disruptive changes in their business due to COVID-19. Their historical data and business intuition is no longer reliable nor relevant, as this New Normal has affected customer behavior and emergency responses that have dramatically shifted insurance workloads and approaches. In today’s climate, data accrued in the last couple months are of more value than data accumulated across the last five years. This means that all AI-based models need to be rebuilt to address the new trends we currently see....
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