Chinese insurance industry welcomes insurers from other countries

china insurance industry

A recent keynote speech from President Xi Jinping pointed out that its economy would be opening up into the future. Chinese President Xi Jinping gave a keynote speech at the APEC CEO summit, in which it was revealed that the insurance industry – and other parts of the country’s economy – would soon be welcoming a greater amount of foreign investment moving ahead. The country will be opening up its doors to the rest of the world to a larger degree and limits will be reduced. According to Xi, when…

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Obama administration makes insurance news with EU agreement negotiations

europe insurance news industry

The U.S. Treasury and U.S. Trade Representative have said they plan to work for a covered agreement. The insurance news announcement has now been made that the U.S. Treasury and the U.S. Trade Representative intend to enter into negotiations with the European Union over a covered agreement regarding insurance. The goal of these negotiations will be to “level the regulatory playing field for U.S-based insurers and reinsurers.” E.U. insurance companies and industry regulators have been expressing frustration with regards to the American reinsurance collateral requirements. The issue at the center…

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New mandatory cashless health insurance requirement implemented in Punjab

india online senior cashless health insurance

The government of the northern Indian state has now announced that this program is mandatory for its employees. The Punjab government has now announced that it is making its cashless health insurance program a mandatory form of coverage for all of its employees as well as for pensioners. The strategy is meant to help to make sure that coverage is protecting current and retired workers. According to a spokesperson from the Punjab government, it “has notified the cashless health insurance scheme which has been made mandatory for all the government…

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European insurance industry feels the pressure of new capital rules

Europe insurance industry Flooding and Heavy Rains

Insurers are facing stricter capital rules that may prove difficult to comply with The European insurance industry may be in for a shock from revised capital rules that will take effect in January 2016. ASR Nederland N.V., a Dutch insurance provider, announced last week that its available capital fell drastically below the standard imposed by the new rules. Other companies have reported similar issues, which may show that the European insurance industry is relatively ill-prepared to comply with the new rules once they go into effect. Insurers may be forced…

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Global commercial insurance rates dropped in Q2

Commercial Insurance rates

Property coverage saw the largest drops during that quarter with more moderate decreases in casualty. Customers in the commercial insurance market saw positive news upon the release of a recent August 2015 report from Marsh, called the “Global Insurance Market Quarterly Briefing,” which determined that rates had decreased worldwide in nearly every business line. That report indicated that this was the ninth consecutive quarter in which there were decreases. It also explained that this trend of commercial insurance rate decreases is a reflection of the competition within the market. It…

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Great American insurance company headed for Singapore launch

insurance Company

This insurer has now received its preliminary approval from the Monetary Authority of Singapore. The Great American Insurance Company, the lead insurer of the Great American Insurance Group, has now received its preliminary approval to be able to do business in Singapore, by that country’s Monetary Authority. This gives the company the opportunity to be able to establish a branch of operation in that Asian country. Great American now intends to bring its insurance company to Singapore, where it will start underwriting risks as soon as the licensing pre-conditions have…

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Indian government approves ordinance for the insurance industry

india flag insurance industry

Ordinance aims to allow foreign companies to hold a stronger position in the Indian insurance industry The Indian government has been mulling over an ordinance concerning the insurance industry for some time. The issue involves allowing foreign insurance companies to hold greater ownership over local domestic insurance endeavors. Some lawmakers had suggested that this would be a bad move for the domestic market, making it more difficult for domestic companies to compete in India or changing how these companies operate altogether. Supporters of the measure suggested that foreign companies could…

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