by joiseyshowaa

Insurance Information: Feb 15-Feb 22 2013

North America

1. Benmosche Says AIG to Create Non-US Daily life Insurance (Bloomberg)

Feb 23 2012: AIG plans to rebuild life-insurance revenue outdoors the US after divesting operations in Asia and Europe to help repay a taxpayer bailout, Chief Executive Officer Robert Benmosche explained.Benmosche, who grew to become CEO in 2009, is now focusing on emerging markets like China and Turkey for growth and seeking to improve income to buyers as the company scales back from some far more capital-intensive business coverage.

2. National Insurance Crime Bureau: Sandy-Damaged Vehicles Surpass 250K Mark (Insurance Journal)

Feb 21 2013: The recent estimate of cars broken as a outcome of Sandy is now set at 250,500 based mostly on claims processed by insurance coverage firms, according to The Nationwide Insurance Crime Bureau (NICB). New York’s quantity elevated from a previous level of 130,000 to 150,000.

three. AIG Q4 Operating Benefits Beat Expectations (Insurance Journal)

Feb 21 2013: Insurer American Global Group (AIG), reported fourth-quarter results that beat Wall Street expectations, although Chief Executive Robert Benmosche mentioned some employee bonuses will be smaller sized this yr since the firm did not meet all of its functionality targets.

All round, the organization reported a USD4 billion loss, due primarily to the sale of aircraft leasing business, ILFC, as effectively as losses incurred from Superstorm Sandy.

4. AIG to Purchase Excellent Interest in AIG Israel (Insurance coverage Journal)
Feb 18 2013: American International Group (AIG) announced that it has reached an agreement with Aurec Gold Investments Constrained to obtain Aurec’s 49.99% curiosity in AIG Israel Insurance coverage Organization Ltd.

AIG at present owns 50.01% of AIG Israel and upon completion of the transaction AIG Israel will grow to be wholly-owned by AIG. The transaction is subject to approval by Israel’s Insurance coverage Commissioner. AIG mentioned that it had agreed to a joint venture with Aurec to kind AIG Israel in 1996. The operation mostly writes individual lines as properly as accident and health and life insurance by means of a direct distribution platform, and it encompasses some business lines products by means of brokers.

Europe

five. Allianz Reports Revenue, Working Revenue and Net Income Growth for 2012 (Insurance coverage Journal)

Feb 22 2013: Germany’s Allianz Group, Europe’s biggest insurer, reported powerful outcomes for the monetary year 2012. Revenues reached EUR106.4 billion [USD140.66 billion] for the 12 months, an boost of 2.7% in contrast to EUR103.six billion [USD136.96 billion] in the prior yr.

Allianz beat expectations with fourth-quarter net profit of EUR1.22 billion (USD1.63 billion), that was aided by strong gains in insurance coverage and asset management.

Operating profit rose twenty.eight% in 2012 to EUR9.5 billion [USD12.56 billion] from EUR7.9 billion [USD10.44 billion] in 2011.

6. Generali Gross Premiums Climbed three.2% Last Year on German Growth (Bloomberg)

Feb 22 2013: Assicurazioni Generali SpA, Italy’s biggest insurer, said gross premiums climbed 3.2% to EUR69.6 billion (USD91.8 billion) last year, driven by growth in Germany and central and eastern Europe.

Lifestyle premiums elevated three.one% to EUR46.eight billion, while non-existence enterprise rose 3.3% to EUR22.8 billion.

7. Axa Net Falls .9% on Fewer Gains Operating Revenue Rises (Bloomberg)

Feb 21 2013: Axa SA, Europe’s second-largest insurer, said revenue fell .9% in 2012 as yr-earlier gains from selling organizations weren’t repeated. Net earnings fell to EUR4.15 billion (USD5.5 billion) from EUR4.19 billion in 2011. Revenue improved five% to EUR90.one billion.

eight. Swiss Re Posts USD4.2 Billion 2012 Net Income Premiums &amp Charges up 15% (Insurance Journal)

Feb 21 2013: Swiss Re reported powerful 2012 benefits with net income for the 12 months of USD4.2 billion for complete-yr 2012, in contrast to USD2.6 billion in 2011. The report said the end result was driven by powerful premium and fee cash flow growth of 15% from USD22.two billion in 2011 to USD25.four billion in 2012 and by favorable prior yr advancement in the P&ampC businesses.

Asia Pacific

9. Cost of Asia takeovers unreasonable -Allianz CEO (Reuters)

Feb 22 2013: Allianz mentioned it noticed prices for insurance coverage takeovers in Asia as as well substantial, underpinning its selection to distribute insurance products in partnership with HSBC. The deal Allianz struck to distribute its insurance products through HSBC offices in Asia and Turkey was much better and a cheaper opportunity, in accordance to Allianz.

10. Ideal Reports Thailand’s Non-Lifestyle Sector Moving to New Regulatory Era following Floods (Insurance coverage Journal)

Feb 21 2013: A new report from A.M. Ideal says that , regulatory reform and the 2011 floods proceed to create pressure for Thailand’s non-life insurance coverage market as it contends with uncertain loss improvement, stricter capital specifications and a stagnant investment marketplace.

Very best added that nonetheless the market sees the require for a more powerful construction that will improve its competitiveness within the approaching Association of Southeast Asian Nations (ASEAN) totally free-trade agree­ment.

11. China to push compulsory insurance for polluting industries (Reuters)

Feb 21 2013: China will force heavily polluting industries to participate in a compulsory insurance program to ensure they can adequately provide compensation for injury, the government mentioned.

Firms that should participate in the scheme contain mining and smelting industries, lead battery makers, leather products companies and chemical factories, the Environment Ministry and China Insurance coverage Regulatory Commission said in a joint statement. Petrochemical firms and firms that make hazardous chemical compounds and hazardous waste would also be encouraged to participate, it extra.

Particular environmental safety funds would be allocated to organizations taking out the insurance coverage, and they would be offered priority for bank lending, the statement said.