What´s Up
Government´s proposed overhaul of SA´s current retirement funding model is a positive step given the alarming lack of retirement savings among the majority of South Africans. More…
- Xiang Junbo, the head of the China Insurance Regulatory Commission (CIRC), had strong words for the Chinese insurance industry recently, warning that they would indeed face major challenges this year despite the continued double-digit growth in premiums reported for 2011. Insurance companies will need to adapt to changes in the Chinese economy, adjust their business models and increase both their equity investments and bank deposits, all while making sure to maintain a healthy solvency ratio. According to the latest industry data presented, Chinese insurance companies wrote CNY1.43 trillion (US$226.4 billion) worth of premiums last year, a 10.4 percent increase on 2010’s results.http://www.globalsurance.com
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S&P observes that despite stubbornly low interest rates and a more crowded protection market with increased international attention, Saudi insurers should be able to maintain profitability going forward on the back of the Kingdom’s continued overall socio-economic development and the accompanying demand for more protection and savings solutions. With a population now exceeding 27 million people, Saudi Arabia represents the largest insurance market in the GCC and has witnessed considerable growth since the insurance business was first allowed in the 1990s. http://www.globalsurance.com
- Cigna & CMC Life Insurance Co, Cigna’s Chinese JV company, is adding a new product to its portfolio. The new health management product Cigna & CMC CARE+ will afford policyholders of their high-end health insurance plans access to a number of new services and benefits: These are the International Employee Assistance Programme, Expert Second Opinion services and a health and wellbeing assessment. http://www.globalsurance.com
- International medical insurance company Cigna is planning on opening a JV in India in the next couple of years with local Indian Conglomerate TTK Group in forming a stand-alone Indian medical insurance company. According to the WHO’s World Health Survey 2011, around 74.4 percent of private healthcare costs are paid out of pocket in India. Given that India’s middle class is growing at about 10 percent pa, alongside the historically low penetration of medical insurance products in the country, analysts believe that the private health insurance industry in India will see robust growth in the near future with a projected compound annual growth rate of around 30% for the next 5 years. http://www.globalsurance.com
Short and sweet
Using our underwriting expertise, Resolution Insurance Company Ltd (RICL) provides a wide range of niche and specialist insurance solutions enhancing the offering of brokers while adding value to our underwriting partners. But we’re also experts at developing risk transfer models. In short, our years of expertise in niche markets have enabled us to add value to any risk management strategy.
RICL is licenced to underwrite the following insurance categories: accident and health, transportation, motor, liability, guarantee and property.
Backed by A-rated reinsurers who carry the bulk of the risk, RICL has a BBB rating from the Global Credit Rating Company. And with many of South Africa’s leading underwriting agencies on board, we’re justifiably proud of our premier specialist insurance partners.
Offering some gems
