The Insurance Regulatory and Development Authority of India has...
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LGBTQIA+ community: 9 in 10 in India secure their financial future, says Max Life’s study
With a population estimated to be around 135 million people, or...
Pesky calls: IRDAI asks industry players to comply with TRAI norms
In a circular on Tuesday, the insurance regulator has said...
3 times increase in number of people using online consultations in India:Report
Visits to secondary care specialists like neurosurgeon, somnologist, cardiologist, and oncologist grew dramatically● 3x increase in the number of people using online consultations
○ 26% of the consultations were with GPs, followed by Dermatology (20%) and Gynecology (16%) and others like Gastroenterology, ENT, and Pediatrics stood at 7% each
○ The fastest-growing health concerns included ophthalmology, ENT, orthopedics, pediatrics, and gastroenterology ○ Delhi, Mumbai, and Chennai saw an average of 16x growth in queries for ENT specialization. Non-metros saw the highest growth of 7x in online consultations, as compared to the same period in the previous year
Asia-Pacific life insurance market to reach $1.5 trillion in 2023:GlobalData
“Technology advancements is another area that has gained more prominence. Due to the social distancing norms and regulatory push, increasing number of insurers are shifting to digital platforms. In June 2020, Manulife Hong Kong launched a virtual face-to-face agency sales platform for most of its insurance product offerings,”Pratyusha Mekala, Insurance Analyst at GlobalData,
Covid-19: AIA Singapore invests more than S$5 million to support employees, local workforce and the wider community
Wong Sze Keed, Chief Executive Officer of AIA Singapore, said, “The COVID-19 pandemic has highlighted the important role insurers play in society. It is a chance for life insurers like us to show Singaporeans that we care about their holistic wellness and safeguarding every aspect of their health and wellbeing when they need it the most. We have taken it upon ourselves to find new and timely ways to put our people–our employees, insurance representatives, customers and the wider Singapore community — first by providing them with peace of mind whilst living amid this uncertainty. We will continue to honour this commitment in 2021, delivering on our promise of enabling healthier, longer, better lives.”
EU watchdog wants a more hands-on approach to insurer capital
Insurance Europe, an industry body, said EIOPA’s “disappointing” proposals would make the capital rules more conservative and create a less competitive sector.
The review should focus on what needs fixing and not be an overhaul as proposed by EIOPA with its “very extensive list” of potential changes, Insurance Europe said.
Japan Post insurer plans $2.9 billion buyback from parent
Japan Post Insurance is currently governed by a strict privatization law, which limits activities such as sales of new products, as well as mergers and acquisitions. Such restrictions will be eased if the holding company’s stake drops to 50% or less.
Aviva to sell Vietnamese business to Canada’s ManuLife
Aviva, under new boss Amanda Blanc, is looking to sell its businesses in continental Europe and Asia, to focus on Britain, Ireland and Canada, after years of share price underperformance in the life and general insurer irked investors.
Asia has emerged as a battleground for foreign insurers who are attracted by the region’s lower insurance penetration levels and faster growth rates for life insurance premiums than in their home markets.
Insurers stich $90 billion merger deals to add muscle power
Many insurers are also looking to acquisitions to expand their more lucrative property and casualty businesses, part of a shift away from life insurance, which has been hit with increased capital requirements in recent years that have weighed on profits.
ICICI Pru Life Insurance Company’s AUM crosses Rs 2 trillion ,no NPAs since inception
It had an AUM of approximately Rs. 100 crore in FY 2001, which grew to about Rs. 50,000 crore in FY2010 and subsequently the company was the first in the insurance industry to achieve an AUM of Rs.1 lakh crore in February 2015.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “We are delighted to achieve this milestone of managing Rs. 2 lakh crore of assets. As one of the largest life insurance companies in the country it is our mission to protect and provide financial security to every Indian.”
LIC allows online switching of ULIPs, goes multilingual on call centre
LIC’s policyholders can now avail of its improved customer centric initiatives including online facility for switching of funds under ULIP policies has been introduced through LIC’s Customer Portal for policyholders registered for premier services, on policies on their own life and on the lives of their minor child/children with effect from Dec 07.
Munich Re’s “Ambition 2025” sets new growth and results targets
Return on equity to increase to 12–14% by 2025
Solvency ratio to remain in the ideal corridor of 175–220%
Extensive decarbonisation strategy: Shifting away from coal, oil and natural gas“
“With our Munich Re Group Ambition 2025, we’ve created a strategy that is uniform across the Group – spanning reinsurance, primary insurance and asset management. We have committed ourselves to ambitious financial targets, and we will continue adding value for our shareholders, clients, staff and communities. The Munich Re Group Ambition 2025 will help us to elevate Munich Re to a new level of success.”said Joachim Wenning,Chairman of the Board of Management