Live Insurance News

Munich Re Licenses AIR’s Updated Crop Insurance Models for the United States and China

August 7, 2013 Guest Author

BOSTON, Aug. 7, 2013 — AIR Worldwide (AIR) today announced that it has updated its Multiple Peril Crop Insurance (MPCI) Models for the United States and China. These are weather-based models that estimate underwriting gains and losses based on crop yield probabilities in the context of current conditions. Munich Re, a leading global reinsurer, has licensed the updated models to enhance its risk management capabilities for its catastrophe-exposed agricultural treaties. “The risk associated with agricultural insurance portfolios is extremely complex, which makes them challenging for insurance and reinsurance carriers participating…

Life insurance business in Taiwan being sold by Manulife

August 6, 2013August 3, 2013 G. Turner

The company has announced that it will be ending the relationship that they have had in the country for 11 years. Manulife Financial Corp. has now announced that it will be ending an 11 year life insurance business relationship in Taiwan, and that it will be selling this business for about $25 million. The company has already found a buyer for this unit, and the acquisition processes are underway. CTBC Life Insurance Co., Ltd., will be purchasing this business from Manulife. It is the insurance arm of a large Taiwan…

Life insurance industry in Thailand should grow 17 percent

July 17, 2013July 15, 2013 H. Cutner

This is expected to occur this year even despite the indication of a slowing economy. Though predictions are suggesting that the economy in Thailand will slow during the second half of the year, the Thai Life Assurance Association still believes that the life insurance market will continue its growth by about 17 percent in 2013. Insurers have been designing new products that are better suited to customer demand, allowing them to continue selling. According to the president of the association, Sara Lamsam, “The market growth follows the introduction by all…

Insurance industry in Kenya continues to struggle despite income

July 11, 2013July 9, 2013 G. Turner

Even though insurers in the African country have been bringing in billions, they are still bleeding money. The Kenyan insurance industry has always faced struggles in selling to the majority of the residents of the country, but despite the fact that it has been bringing in billions, money is still being lost in every direction. The sector continues to have a penetration beneath 4 percent, as has been the case for over 60 years. This has been the case since the first insurer established the insurance industry. That company was…

Insurance fraud continues in Jamaica amid insurer fear

July 3, 2013July 1, 2013 H. Cutner

A senior police has said that insurers are too afraid to provide the information required to stop the scams. The lack of cooperation from insurers is now being blamed for the inability of police to be able to crack down on the personal injury insurance fraud that has exploded in Jamaica over the last few years. The senior official said that insurers have not been giving investigators data that would be required to pursue scammers. Senior Superintendant Radcliffe Lewis, the head of the police Traffic Division, explained that insurers have…

Life insurance companies in Asia being snatched up by Japan

June 28, 2013June 26, 2013 H. Cutner

Wealthy Japanese financial firms are setting their sights on the Southeast and are purchasing heavily. The latest trend in the life insurance industry is in Southeast Asia, where Japanese companies have already spent $6.6 billion this year – much of it in that sector – as they purchase one firm after the next. The latest reports have indicated that another massive acquisition of this nature is about to be made. These reports are indicating that Meiji Yasuda is looking into making an offer of $700 million for Thai Life insurance,…

Insurance industry changes required in Malaysia

June 26, 2013June 24, 2013 H. Cutner

The companies in the country need to have a closer look at their performance standards so they may be raised. According to Datuk Syed Moheeb Syed Kamarulzaman, the Malaysian Insurance Institute deputy chairman, the insurance industry in the country requires considerable changes in order to increase its performance standards. At the moment, the gap between best practices and performance standards are too great. He stated that the performance of the Malaysian insurance industry are not close enough to the standards that it upholds. Moreover, he pointed out that the gap…