Siddhartha Mohanty, CEO & MD, LIC Siddhartha Mohanty, CEO &...
Category:
Life
Latest
NABARD subsidiary partners with IndiaFirst Life Insurance
IndiaFirst Life Insurance Company (IndiaFirst Life) announced its...
“Shall take up with the GST Council,’ says FM Sitharaman on reduction of GST on Life and Health Insurance
Finance Minister Nirmala Sitharaman Around Rs 24,529 crore was...
Brexit offers Britain chance to do financial services differently -minister
Under a system known as equivalence, access to EU markets will not be granted to banks, insurers and other financial firms based in Britain unless their home rules are deemed by Brussels to be “equivalent”, or as robust as regulations in the bloc.
The two sides will aim to agree a memorandum of understanding on regulatory cooperation in financial services by March 2021, and Sunak said that such language should provide reassurance.
Retail credit has experienced an increase in serious delinquencies: Report
Mumbai,Dec 22: Retail credit has experienced an increase in serious delinquencies, with loans against property and credit cards being the most affected segments, a report by a credit information bureau said on Wednesday. As of August-end, the loans overdue for...
SBI Life and Bandhan Bank bid for Reliance Life, Major PEs line up to acquier Reliance General Insurance
For Reliance Nippon Life Insurance, in which RCAP owns 51 per cent controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and Multiples Asset Management among others.
For Reliance General Insurance, which is owned 100 per cent by Reliance Capital , there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital.
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.