Two groups comprising of French mutual and traditional insurers have officially merged into the French Insurance Federation, Reuters reported recently. Bernard Spitz, former president of the French Insurance Association was elected president of this organisation. The newly created association covers 280 insurance companies, or 99 percent of the market, at...
AXA has signed a strategic deal with China’s e-commerce giant Alibaba. The deal would allow AXA to promote its insurance products on various e commerce platform owned by Alibaba Group. As per the deal, AXA would promote its various insurance products on Alibaba’s online platforms such as Alibaba.com, 1688.com, and...
CD Howe Institute, a non-profit policy research organisation, has warned in a recent report that the insurance industry would be a major casualty of a large, uninsurable natural disaster. Around 40 percent of Canadians currently live in areas with a moderate to high risk of an earthquake, according to the...
Aetna, the nation’s third largest health insurer, announced recently the most significant departure yet from the marketplaces set up by US president Obama’s signature health care law. The company, citing USD430 million in losses selling insurance to individuals since January 2014, will slash its participation from 15 states to four,...
The British Insurance Brokers’ Association (BIBA) has welcomed the Insurance Act 2015 which was recently implemented. The Act is designed to increase professionalism in the placing of commercial insurance and aims to provide fairer outcomes for customers but will also bring new considerations for brokers and businesses when arranging insurance....
After a spate of announcements of large mergers and acquisitions (M&A) in the early part of last year, the number of completed M&A transactions in the insurance industry worldwide has fallen from its three-year high point in the first half of 2015. According to Clyde & Co’s Search for Growth...
European Central Bank policy has increased the likelihood that interest rates will stay low for longer, requiring insurers and occupational pension funds to focus more closely on risk management, the EU’s insurance regulator EIOPA said recently. “Monetary policy and low crude oil prices imply a protracted low yield environment in...
The Illinois Department of Insurance has approved Aetna Inc’s proposed USD34 billion acquisition of Humana Inc provided it is approved by the US Department of Justice, according to an order posted on the department’s website. Aetna announced the deal a year ago and it is under review by the Justice...
Barclays has completed the sale of its Italian insurance business to CNP Assurances, the British lender said recently. The deal will see Barclays transfer EUR700 million (USD782 million) worth of assets under management to the buyer, Barclays said, as the bank continues to dispose of assets under a plan to...
Chubb announced that it has enhanced its casualty policy wording for businesses in the UK and Ireland, as it continues to expand its offering in this key business line. The enhanced wording is designed to meet the needs of UK and Ireland businesses of all sizes, from small and medium-size...
