According to a report just released by BRICdata, the health and accident insurance market in India is expected to keep up its trend toward massive growth, and will see an increase of 22 percent over a span of 5 years. The anticipated rise, along with the lower need for capital will form an appealing marketplace for new firms to start to take their place. The report also explained that the environment may also be quite attractive for new startups, as well. Though the market is currently dominated by insurance providers…
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Current Chinese insurance and reinsurance marketplace influx
There have been many changes to the Chinese insurance marketplace over the last few months, with the introduction of foreign insurers as well as the recent increases in the premiums for property and casualty insurance. Aon Benfield has just announced that those premiums had risen to $6.5 billion in 2011, which was a 67 percent increase over those in 2005. Furthermore, it has been forecasted that this growth will continue to rise as the China Insurance Regulatory Commission places its focus on premium increases and policies that will form a…
Read MoreAssociation of British Insurers says that cyclists are unaware of the severity of road cycling risks
The Association of British Insurers (ABI) has released a statement that urged cyclists to obtain insurance as inadequate coverage could lead them to face significant expenses if they are ever found responsible for causing an accident or if they are injured as a result of an accident. A spokesman for the ABI, Malcolm Tarling stated that it is quite likely that a cyclist will be injured if he or she is ever involved in an accident. He added that every month, there are 230 cyclists seriously injured or killed on…
Read MoreChina 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…
Read MoreBerkshire India announces intentions to sell either health or life insurance
A branch of Berkshire Hathaway – a firm owned by Warren Buffet – called Berkshire India has announced that it will be selling either Bajaj Allianz life or health insurance products to consumers in India. Bajaj Allianz corporate agent, Berkshire India is already providing retail customers with online travel and auto insurance products through its distribution website. However, according to Arun Balakrishnan, the CEO of BerkshireInsurance.com, within the upcoming six months, the insurer plans “to launch one more product which would be either health insurance or term life product.” Their…
Read MoreInsurers show tentative interest in New Zealand insurance market nearly a year after devastating earthquake
A devastating earthquake struck New Zealand early this year, causing widespread damage throughout the region of Canterbury. In the wake of the quake, insurance companies fled the nation, paying out policies and refusing to sell insurance in the region until recovery had been achieved. In the months following the disaster, the New Zealand government offered to purchase the properties that had been damaged, all of which were completely uninsurable. Recently, however, insurance agents and underwriters have been visiting Christchurch, the city most affected by the disaster, looking to assess the…
Read MoreIndian Insurance Regulatory and Development Authority announces stricter sales site guidelines
The Insurance Regulatory and Development Authority (IRDA) in India has announced that it is issuing tighter guidelines for policy comparison sites that are also selling insurance products for multiple insurers through an affiliate relationship. Third party affiliate insurance comparison websites earn a commission from the associated insurance company every time they sell a product through their site. Until now, there have been neither any regulations as to the allowable size of the commission, nor any pre-requisites regarding the candidacy to enter into the business of an insurance affiliate website. The…
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