Health insurance company, Cigna, has announced that it has completed a joint venture deal that will allow it to sell health insurance products in the fastest growing market, in India. In India, 85 percent of all people do not have health insurance. The joint venture which will bring Cigna into this marketplace will be with a company called TTK Group, which is better known for appliances such as its Prestige brand pressure cookers, but which also manufactures medical devices and drugs, and administers insurance policies. This announcement comes at a…
Read MoreTag: International insurance news
China is likely to allow foreign companies into its mandatory auto insurance marketplace
The Insurance Association of China’s chairman has announced that the country will likely be opening its doors to the largest auto market in the world to make it possible for foreign companies to enter into the mandatory auto insurance marketplace in 2012. Currently, this auto insurance market of $31.5 billion is entirely led by insurance companies from China, for example, Ping An Insurance and PICC Property and Casualty Co., but regulators are working to bring in a greater amount of competition. Jin Jianqiang, in Taipei, explained that insurers from other…
Read MoreChanges to insurance laws opens industry to greater freedoms
An amendment to the Insurance Act has been passed by the Legislative Yuan in Taiwan, which now makes non-investment foreign currency life insurance policies exempt from an existing quota for foreign investments imposed on insurers. Under the regulations that were in place, insurers had not previously been permitted to place more than 45 percent of their investments of their total funds into assets that are foreign-denominated. Insurance companies are now permitted by the Financial Supervisory Committee (FSC) to sell non-investment foreign currency life insurance policies without subjecting those policies’ funds…
Read MoreItaly turns to the insurance industry to help with crippling debt crisis
Italy is on the verge of a financial meltdown, which may have dire ramifications for the global economy. Investors and financial institutions have begun casting doubt on Italy’s ability to survive a financial disaster, and now the government is turning to the insurance industry for help. Italian officials are looking to adopt disaster insurance to help mitigate the impact of a potential economic catastrophe. The country’s debt – more than $2 trillion – could mean that it is beyond rescue, even for the insurance industry. The insurance industry in Europe…
Read MoreAIR Worldwide Launches Inland Flood Model for Germany
BOSTON, Nov. 7, 2011 – Catastrophe risk modeling firm AIR Worldwide (AIR) released an inland flood model for Germany that offers a fully probabilistic approach for determining the likelihood of flood losses from all types of storms. The model provides insurers and reinsurers with a robust tool for managing inland flood risk – allowing companies to make informed underwriting decisions, to monitor and quantify aggregate concentrations of flood risk across their portfolios, and to assess the potential impact of less frequent but large loss events. “To meet the challenge of…
Read MoreTurkey quake and the impact on the nation’s insurance market
Turkey was rattled by a powerful earthquake this past Sunday, which caused widespread damage in many populated areas. AIR Worldwide, a global risk modeling firm, has released initial estimates of the extent of the damage. According to the agency, the damage is modest when compared to previous quakes that have struck the region. Nonetheless, AIR notes that the quake has claimed more than 200 lives, but government officials say that the ultimate total could be as high as 1,000. AIR notes that most urban residencies and commercial buildings are reinforced…
Read MoreProperty maintenance neglect by landlords revealed in insurance claims
Simply Business, the biggest business and landlord insurance broker in the United Kingdom, has released data that showed that landlords’ tightening budgets are starting to affect their ability to maintain their properties, and that the number of insurance claims made for avoidable issues such as burst pipes, leaks, damage do to frost, and problems relating to wear and tear have risen by 5 percent since 2008. This information was drawn from the claims made by more than 3,500 private landlords and indicated that the largest cause of claims is water…
Read More