Life insurance deal dropped by KB Financial

life insurance no deal

The bid that had been made for ING’s business in that sector in Korea has now been removed. Though ING Groep had received a bid on its Korean life insurance assets, that opportunity has now been lost as the sole buyer who had been involved in the deal has now withdrawn the offer that it had made. KB Financial Group was the would be buyer of the business that ING held in that market of Korea. Now, KB Financial, which is based in Seoul, has pulled out the bid that…

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Life insurance business shut down, cutting 139 jobs

Closed life insurance business

Scotland’s largest insurer will be eliminating its U.K. unit as it moves away from the sector. Standard Life Plc, the biggest insurer in Scotland, will be leaving the life insurance industry, leaving 139 people from its United Kingdom unit out of a job. The majority of the positions will be lost in Scotland, within several different divisions. Standard Life insurance jobs will be lost in the marketing and advising divisions, as well as in information technology, according to a statement from the company. The insurer has said that it has…

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Insurance news from MMI shows coverage laps rates will be increasing

Insurance news reports on cancelled policy trends

The third largest life insurer in South Africa has warned that this trend may be on the way. MMI Holdings, South Africa’s third largest life insurer, has released an insurance news announcement to warn the sector about a potential increasing lapse rate trend as consumers begin to feel the strain of trying to keep up their premiums payments. This trend refers to the cancellation of policies as the result of premiums nonpayment issues. The CEO of MMI Holdings, Nicolaas Kruger, explained that consumers are feeling a significantly larger amount of…

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Satmetrix benchmark study reveals loyalty leaders in American insurance industry

Net Promoter software company, Satmetrix, which is the customer experience program marketplace leader, has released its 2012 Net Promoter Industry Benchmarks for 22 different industries, including the insurance sector. As a whole, the study was broader than it has been in previous years, involving the participation of over 30,000 American consumers who provided their rating feedback about over 200 brands across the various industries. The benchmarks that it creates are based upon the survey responses from consumers across the United States who rated their various experiences with the top brands…

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Insurance industry sheds jobs in some sectors while adding to others, according to III report

The Insurance Information Institute (III) has released a new report drawing upon data from the U.S. Department of Labor. The report touches upon the volatility seen in the property/casualty insurance business in October of this year. According to the report, the property/casualty sector performed poorly in terms of employment while other sectors saw promising growth. Overall, the report highlights the turbulent year the insurance industry has faced as a whole and suggests that the trend can continue throughout next year depending on the economic climate. The III notes that 900…

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