Insurance Sector

FCA to probe 30 million insurance policies

FCA to probe 30 million insurance policiesFinancial Conduct Authority (FCA) has indicated that it is planning to launch an investigation into some 30 million policies that were sold by insurance companies from the 1970's to the year 2000.

The shares of insurance companies fell significantly after the report were released prompting the FCA to issue a clarification into the investigation. Some experts had accused the FCA of breaching its own rules by releasing information that is sensitive to the market.

Miffed by Obamacare success, Bobby Jindal offers own plan

Bobby-JindalWashington, April 3 : Making light of the huge success of President Barack Obama's signature healthcare law, Louisiana's Indian American Republican Governor Bobby Jindal, offered his own rival plan for healthcare.

Obama scored a major victory as an estimated 7.1 million people signed up for health insurance under the Affordable Care Act passed in 2010 in the teeth of bitter opposition from the Republican Party, which has since made at least 50 attempts to repeal it.

$140 bn lost in natural, man-made disasters in 2013: Report

Swiss ReGeneva, March 27 - Global natural catastrophes and man-made disasters had brought as much as $140 billion economic losses in 2013, according to the latest report released by Swiss Re Group Wednesday.

The Zurich-based insurance company noted that last year's total loss was down from the $196 billion in 2012 and well below the 10-year average of $190 billion, Xinhua reported.

The report said global insured losses reached around $45 billion last year due to large contributions from flooding and hail disasters, down from $81 billion in 2012.

Government to sell holding in Medibank through IPO

Government to sell holding in Medibank through IPOThe central government has said that it is planning to sell its holding in the nation's biggest health insurer Medibank Private through an Initial Public Offering.

The country's Finance Minister Mathias Cormann has said that the company, which is owned by the government, will launch an initial public offering in the next financial year, 2014-15. Cormann also said that a study has showed that the insurance premiums are not likely to rise due to the privatisation.

Fall in payouts from private insurance

Fall in payouts from private insuranceAs stated by investigation from the University of British Columbia, Canadians paid $6.8 billion more in private medicinal services premiums than they accepted in profits in 2011.

People who purchased private health protection fared the most exceedingly awful, illustrated report creator Michael Law of UBC's Center for Health Services and Policy Research, accepting just 38 per cent of their premiums back in profits.  Little and medium-estimated organizations - a bigger bit of the segment - saw 74 per cent of their premiums returned.

Unnamed billionaire buys most expensive life policy

Unnamed billionaire buys most expensive life policyAn unnamed billionaire from Silicon Valley has purchased the world's most expensive life insurance policy.

His agent described him as a ``well-known billionaire'' and said that it took seven months and 19 insurance companies to finalise the deal that surpassed the earlier record $100 million policy of David Geffen in 1990.

Regulator's order to SBI Life puts focus on banks as brokers

Regulator's order to SBI Life puts focus on banks as brokersChennai, March 14 - The insurance regulator's direction to the SBI Life Insurance Company Ltd. to refund Rs. 275.29 crore to policy holders for the absence of informed choice has turned the focus on allowing banks to continue as agents rather than brokers, said experts.

"The spotlight is now on banks being allowed as corporate agents. Banks should ideally be insurance brokers, technically representing the policy holders. Agents, on the other hand, represent the insurers," a senior life insurance official in Mumbai told IANS.

Irda probes ICICI Lombard for irregularities in govt.-sponsored schemes

Irda probes ICICI Lombard for irregularities in govt.-sponsored schemesThe Insurance Regulatory & Development Authority (Irda) has launched a 'focussed inspection' into alleged fraud in some government-sponsored insurance schemes by ICICI Lombard Insurance.

The four insurance schemes in question are: Rajiv Gandhi Shilpi Swasthya Bima Yojana, Rashtriya Swasthya Bima Yojana, Weather Insurance Scheme, Shetkari Apghati Durghatana Bima Yojana, and Panjikrut Kishan Durghatana Bima Yojana.

Aviva records 6% rise in operating profit

AvivaAviva, a leading global insurance giant, has said that it has recorded 6 per cent rise in operating profit on Thursday, which is higher than market expectations.

Aviva is in the middle of a turnaround plan that has seen 2,000 lay-offs and sales of underperforming businesses in various countries in Asia. The company said that its operating expenses fell 7 percent and cost saving targets for the year was ahead of plans, indicating that the company might restore the confidence of its investors.

Authorities rolling in inmates into Obamacare

Authorities rolling in inmates into ObamacareThe authorities in the US have said that they are planning to enrol inmates in health care coverage that is available to them under the new Affordable Care Act.

The Affordable Care Act, which came into effect from 1 January, 2014, offers health coverage to the people in the US. Jail officials in San Francisco will enrol inmates in health care coverage and experts have said that former convicts with health coverage will be less likely to repeat offenses. The Department of Public Health said that the inmates with health insurance are likely to return to normal life.

RSA planning to sell Canadian unit Noraxis

RSA planning to sell Canadian unit NoraxisRSA Insurance Group, a leading insurance firm in the UK, has indicated that it might be planning to sell the Noraxis Capital Corp, which includes a range of regional insurance brokers in Canada.

According to estimates the company could raise as much as $369 million from the sale of the Canadian business. RSA spokeswoman said a business review is underway and the management will announce its decision on 27 February, 2014. The company has not commented on the reports suggesting that it is planning to sell the Canadian business.

Low value annuities affecting pensioners

Low value annuities affecting pensionersAccording to a new report, the poor value of annuities is affecting earnings of pensioners in the UK and they are losing thousands of pounds each year.

The Financial Conduct Authority (FCA) said in a new report that annuities market is performing poorly for the savers in the country. The regulator has said that it will launch an investigation into competition in the sector. Annuities are an insurance contract that pays out a set income until death and these are purchased with pension on the person's retirement.

88,000 Illinois residents select Obama backed insurance plan

insurance planAccording to the latest figures released, more than 88,000 Illinois residents have selected a private health insurance plan under the new insurance marketplace system during the first four months of the programme.

The enrolment under the new platform is mostly in line with the projections by the federal officials for the state. A federal report released Wednesday stated that 88,602 Illinois residents have selected a plan between 1 October,
2013 and 1 February 2014 under the new system. About 75 percent of those enrolled in the state qualified for tax credits, according to the report.

RSA Insurance rise after Hester joins as new head

RSA InsuranceThe shares of RSA Insurance rose significantly after appointment of former Royal Bank of Scotland boss Stephen Hester as its new chief executive.

Mr Hester is joining the insurance major at a time when the company is required to clean up its Irish business. Barclays has also upgraded the shares of the company following the appointment of Mr. Hester as he is expected to revive the business of the company. Simon Lee had stepped down from the top job due to scandal involving the company's unit in Ireland.

Health claims rising among youngsters in NCR: Survey

health-insurance-claimsNew Delhi, Dec 26 : Frequency of health claims is on the rise among the younger age-groups -- six-18 years and 19-25 years, reveals a survey conducted over the last three years by an insurance company.

According to the survey, fever and common infections saw high incidence rates in the national capital region (NCR), rising from 19.5 percent in 2011-2012 to 26.3 percent in 2013-2014 (April-September).

Except Noida, where the trend shows a decline in claims among younger age-groups, areas like Delhi, Faridabad and Gurgaon have recorded a steady rise in health-related ailments.

Government extends enrolment deadline by one day

Government extends enrolment deadline by one dayThe US government has extended the deadline for signing up for the health insurance under the new healthcare law.

The Obama administration announced that it will keep accepting applications today for signing up for the new system. The White House officials have said that there was high demand for one day extension of the health insurance.

Reliance Life to launch 25 products, targets Rs.4,000 crore premium

Reliance-Life-InsurancePanaji (Goa), Dec 5 : The Reliance Life Insurance Company will launch 25 new policies starting January next year and file more products for approval with the regulator, and close the fiscal with a total premium of around Rs. 4,000 crore, a top company official said Thursday.

He said the company would focus on increasing agents' productivity, persistency of its existing policies, launch of new products, and expansion of its new face-to-face channel, among others.

US government announces another delay in enrolment

US government announces another delay in enrolmentThe US government has said that there will be a delay for small firms for enrollment in the newly launched HealthCare. gov insurance scheme.

The government said on Wednesday that small businesses will not be able to enroll in the new health insurance exchanges until November 2014. The online enrolment was expected to begin this month in the country. The Affordable Care Act, which is popularly known as Obamacare, is aimed at avoiding such problems for consumers.

Max Life Insurance forays into e-commerce

Max-Life-InsuranceNew Delhi, Nov 20 : Max Life Insurance has forayed into e-commerce, launching Max Life Online Term Plan Wednesday, a company statement here said.

The plan is designed to provide comprehensive protection through three different death benefit options -- the tax-free level or increasing monthly income in addition to one-time sum assured and the traditional option of one-time tax-free sum assured.

The plan also offers a "comprehensive accident benefit" rider, which provides added benefits not only for death but also on dismemberment due to an accident.

Anthem Blue Cross offers brief extension on policies

Anthem Blue Cross offers brief extension on policiesAnthem Blue Cross of California has said that it will offer a brief extension on polices to some of its customers as the country faces issues relating to terminated health insurance policies.

The company said that it extended the time period of the customers after failed to issue timely notices allowing around 104,000 consumers with expiring policies to continue having their polices until 28 February, 2014. Customers who purchased policies before the March


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