Live Insurance News

Insurance news from India ensures Iran crude coverage

February 14, 2013February 13, 2013 H. Cutner

Indian refiners that are running Iranian oil will be able to cover themselves through the government. The Indian government made insurance news on Wednesday that refiners will be able to find coverage for plants that are running crude that was sourced in Iran, helping to assuage some of the concerns that imports made from that Middle Eastern country would need to cease. The worry has been based on the sanctions that have been applied to coverage of Iran’s crude. Hindustan Petroleum Corp, a refiner run by the state in India,…

Insurance industry in Azerbaijan predicts considerable growth this year

February 6, 2013April 30, 2013

The market in the Eurasian country is expected to grow by 15 to 20 percent in 2013. According to a statement that was issued by Namiq Khalilov, the head of the State Service for Insurance Control of the Azerbaijan Finance Ministry, the insurance industry in the country is expected to experience considerable growth again this year. He explained that it should grow by another 15 to 20 percent in 2013 alone. Khalilov feels that the insurance industry in Azerbaijan will continue this growth, regardless of the fact that it already…

Insurance market in Canada deemed stable for this year

February 1, 2013April 30, 2013

At the same time, a Marsh outlook report predicts possible rate increases in the third or fourth quarter. According to a new outlook report issued by Marsh, the Canadian insurance market should continue to remain stable throughout 2013, though the second half of the year may bring about some modest increases in the rates. Overall, the industry in Canada performed better than other markets last year, said the report. This data was provided in the Marsh document called the Canada Insurance Market Report 2013, which offered a breakdown of the…

Vienna Insurance misses mark on profit estimations

January 29, 2013January 28, 2013 S.Vagus

Vienna Insurance profit predictions derailed Vienna Insurance Group, the largest insurance organization in Eastern Europe, has missed its own profit estimations for the 2012 fiscal year. Several factors have come together to derail the insurer’s predictions, with fourth quarter earnings showing signs of struggle as these factors culminated toward the end of the year. While the insurer did see gains, they were not as promising as had been previously expected, thus leading Vienna Insurance to revise its approach to 2013. Pre-tax profits reach $780 million in 2012 The company’s pre-tax…

Life insurance stake at Vysya sold by ING

January 25, 2013April 30, 2013

The 26 percent share in the company was expected to sell and has finally gone to another insurer. ING, the Dutch banking group, has sold its 26 percent share of Vysysa Life Insurance to another insurer in the Asian marketplace, Exide Industries, a local company. This makes ING the second foreign business to step out of India within the last year. This is a notable occurrence as the life insurance sector within India is considered to be competitive. ING made the initial announcement on Wednesday, stating that this decision to…

Insurance industry in China broke $1.18 trillion last year

January 25, 2013January 25, 2013 H. Cutner

Largest insurers in China have legal problems

The total assets within that country for that sector rose by 22.3 percent last year. According to data from the China Insurance Regulatory Commission, the total assets of the insurance industry in the country rose last year by 22.3 percent. The assets in 2012 increased to the point that they reached $1.18 trillion. This is the equivalent to 7.36 trillian yuan worth of assets in the Chinese insurance industry. The achievement that has just been announced represents the first time that the sector in the country broke the CNY 7…

Insurance news from Sun Life announces joint purchase of Malaysian business

January 19, 2013April 30, 2013

The financial giant will join with Khazanah for Aviva’s Malaysia business. Sun Life Financial Inc., a Canadian company, and Khazanah, a Malaysian state investor, are making insurance news by joining forces to purchase the Malaysia business of Aviva Plc., the second largest insurer in the United Kingdom, and from lender CIMB Group. This deal would considerably expand the Southeast Asia business of the third largest insurer in Canada. Southeast Asia is making regular insurance news, lately, as its appeal continues to rise for insurers who are watching its high savings…