Life insurance report shows Thai growth next year

Thailand LIfe Insurance news

Fitch Ratings has released its predictions for the growth of the sector in Thailand’s marketplace. According to data from Fitch Ratings, next year, the life insurance sector in Thailand should be seeing steady growth in its premiums. This is supported by the growing affluence among its residence and the increased product awareness. The recent catastrophes that have been faced by the people of Thailand have made them more aware of the availability and importance of life insurance coverage. This was published in the research firm’s “2013 Outlook: Thai Life Insurance…

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Insurance industry warning released by Lloyd’s of London

International Insurance Industry

The oldest market of insurers in the world has issued a caution to the globe. Lloyd’s of London, the oldest coverage market worldwide, has issued a warning to the insurance industry, cautioning it that if a natural disaster should strike in emerging economies, the cost of rebuilding could be enormous. It has included over a dozen emerging economies in its warning against tremendous rebuilding bills. In fact, it pointed out that there is currently a global insurance industry deficit worth £104 million ($168 million), and that this is now affecting…

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Insurance news from India International expands into Asia

International Insurance fund news

The insurer based in Singapore will be making its way into Malaysia and Vietnam. The latest insurance news announcement from the insurer based in Singapore called India International, has just been released and has revealed that it has intentions to broaden its operations in order to include Malaysia and Vietnam. The company is a joint venture of the five insurers owned by the state in India. The insurance news was announced by the director of India International Insurance (I.I.I.), N. S. R. Chandraprasad. The company was created in 1987 as…

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Connecticut laws provide insurance regulators with more authority

Connecticut health Insurance

Two laws win the favor of state’s Insurance Commissioner Two new laws have successfully passed the Connecticut Legislature, winning praise from the state’s Insurance Commissioner, Thomas Leonardi. Two legislations, which were signed into law by Governor Dannel Malloy this week, aim to bring more oversight to global insurance companies that operate in the U.S. and overseas. The laws are also meant to make Connecticut a more attractive venue for international reinsurance companies who wish to do business in the U.S. Commissioner Leonardi believes that the new laws signal major progress…

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Lloyd’s of London highlights reputational risk and regulation as top concerns for insurers

Insurance Industry News Deal

Survey suggests insurers are vexed by increasing risks Lloyd’s of London, one of the world’s largest providers of insurance and reinsurance, has released the results of its latest survey concerning the global insurance industry. The survey indicates that many of the world’s leading insurance executives are becoming increasing concerned with reputational risk and insurance regulations. These concerns are spurring new actions from insurance companies, including the offering of new policies and, in some cases, the abandonment of some markets or refusal to provide coverage to controversial organizations. Stricter regulations pose…

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Investors call for private sector to mobilize against climate change

Despite controversy, the issue of climate change is gaining serious momentum with various industries. During a session of the United Nations last week, a group of investors with a collective $26 trillion under management, took a stand on the issue, claiming that the private sector needs to be more involved in protecting the environment and that no singular government can solve the problem. The collective group is comprised of insurance professionals, government officials and business leaders from all over the world. Few governments have taken the issue of climate change…

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China insurance industry to face major challenges this year, according to Regulatory Commission

China may be home to one of the fastest growing insurance markets on the planet, but Xiang Junbo, chairman of the Chinese Insurance Regulatory Commission, says that the industry is faced with major challenges this year. Last year, Chinese insurers saw return on investment results drop by 3.6%. When coupled with the now notorious natural disasters of 2011, the results have rocked the nation’s insurance industry somewhat. Regulators say that if the coming challenges cannot be overcome, the growth of the insurance market may grow beyond the industry’s ability to…

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Pakistan to launch new terrorism insurance pool to attract foreign investors

As the awareness of terrorism in the Middle East grew amongst businesses operating in the region, many foreign and domestic investors began to flee several countries in the area hoping to escape costly losses as the result of attacks. Pakistan was particularly impacted by the exodus of businesses. Over the years, however, the Exchange Commission of Pakistan (SECP) has been working to attract investors to the country. One of the ways the commission aims to accomplish this goal is to introduce a new insurance pool designed specifically with terrorism risk…

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Global insurance and banking regulators call for more oversight in the industry

As the world’s economy continues to sputter ever onward, global insurance and banking regulators are setting their sights on financial institutions that provide insurance products. These institutions contributed to the global recession in varying degrees, and regulators now want to ensure that a similar crisis does not form due to lack of oversight. Regulators have drafted a new set of rules that aim to assess whether banks selling insurance products are managing their liquidity and capital levels as they are meant to. The Basel Committee on Banking Supervision, the International…

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China insurance market growing too fast for domestic insurers to handle

China’s insurance market is experience major growing pains, according to a report from Standard & Poor’s, a credit rating agency based in the U.S. The Chinese market is, by all accounts, enormous and the potential for success in second to none. The full breadth of this potential success, however, is open only to Chinese insurers. Native insurers are now facing demand for coverage that they are having trouble meeting. Many companies, including New China Life, one of the largest life insurers in the country, are plagued with capital shortfalls due…

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