The life insurance industry reported a 25.28% decline in new business premium income in November 2023 to INR26,494.83 crore from INR34,588.8 crore recorded a year ago. The fall in group premium and change in taxation norms for policies with a higher ticket size dragged down the premiums of the state-run Life Insurance Corporation of India (LIC) and private insurers, respectively.
Australian consumers are the big winners in a significant shake-up of financial advice laws that will allow life insurers to provide simple advice directly to their customers, says the Council of Australian Life Insurers (CALI).
Called MaxProtect, the latest addition to its range of customer-focused products is tailored to align with the dynamic lifestyles of customers. The product is designed to provide a cost-effective, inflation-adjusted solution to address the healthcare requirements of both individuals and families.
Latest research from Cigna Healthcare has found that Hong Kong's vitality levels have significantly deteriorated during the first half of 2023, as the city continues to be plagued by high stress and burnout levels.
Called Jeevan Utsav, it is a non-linked, non-participating, comprehensive form of life insurance providing lifetime coverage.
The life insurance sector in Australia has expressed strong support for the Federal Government's recent move to initiate a consultation paper aimed at gathering public opinion on the application of genetic test results in insurance policies.
In partnership with AIA Malaysia, TNG Digital has introduced Insure360, a comprehensive health insurance centre, accessible through its Touch 'n Go eWallet. This feature provides a selection of critical illness and medical insurance products.
The Insurance Association of China (IAC) has released an exposure draft of its proposed "Standards for Qualifying the Sales Capabilities of Personal Insurance Agents". The guidelines are currently at the feedback stage.
The monthly income of insurance agents in China is concentrated in the CNY3,000 ($423) to CNY20,000 range, accounting for about 70% of the total surveyed, according to a white paper released by the Risk Management and Insurance Research Centre of Peking University HSBC Business School and the Insurance Information Research and Development Centre of the Insurance Marketing Group.