Insurance News
U.S. company hiring 3,000 in North America
State Farm Insurance of the United States announced Friday the company plans to expand their employment force across the U.S. and Canada by 3,000 in customer service-based sectors, as well as the addition of 900 insurance agents. State Farm...
China Records 40% Rise In Inter-bank Card Transaction In 2011
China's inter-bank card transaction was valued at 15.9 trillion yuan (US$2.52 trillion) in 2011, growing more than 40 per cent from a year earlier, said China UnionPay on Tuesday. Meanwhile, numbers of merchants, POS system and ATM machines...
PICC Reaped CNY 290.74bn Total Revenue 2011
According to the latest data released by The People's Insurance Company (Group) Of China Limited (PICC), the group reaped CNY 290.74 billion total revenue as of the end of 2011, up 9.8% year on year. The insurer in 2011 harvested CNY 248.41...
China, Possible Solvency Risks And Insurance Industry
China will keep an eye on potential solvency risks as it expands the insurance industry after the country's two-day national financial work conference that closed on January 7 proposing to vigorously nurture the insurance market and enhance...
Aust Insurer Qbe's U.s Business Under Probe
QBE Insurance (ASX:QBE) shares are in a trading halt after reports its United States business is being investigated by regulators. New York's Department of Financial Services reportedly is investigating banks and insurance companies over al...
Insurer Qbe's Shares Hit Eight Year Low
Shares in QBE Insurance (ASX:QBE) have plummeted to eight year lows after the company issued a surprise profit downgrade due to a record level of claims from natural disasters. The insurer expects its profit after tax for calendar 2011 to b...
Indonesian Govt Injects Us$88.8 Mln Into Credit Insurance Firm
The Indonesian government has injected Rp800 billion (US$88.8 million) into PT Asuransi Kredit Indonesia (Askrindo)to strengthen the capital of the state insurance firm. The fund will be used to increase the capacity of Askrindo to provide i...
S.korea In Talks With China Over Social Insurance Payments
South Korea is in talks with China to exempt its nationals from paying social insurance fees while working in the neighboring country, a Seoul official said Tuesday. The move comes after China introduced a law in October, requiring foreign...
Australian Insurer Suncorp Hopes To Benefit From Flood Payouts
Australiae's Suncorp Insurance is hoping its feel-good public image will be further buoyed by a report that shows its flood claim payouts have helped stimulate the Queensland economy. Suncorp Insurance Group was among the few companies to p...
China's Insurance Co.s Post 2.7% Investment Return In Jan-sept
China's insurance companies made 135.38 billion yuan (US$21.31 billion) of income from investing insurance funds in the first nine months of the year, with an average rate of return of 2.7 per cent, the China Insurance Regulatory Commission...
Malaysia's Hlm Takaful Eyeing Us$3.2mln From Mbsb Tie-up
Malaysia's Hong Leong MSIG Takaful Bhd (HLM Takaful) expects to net RM10 million (US$3.2 million) in gross premiums in the first year following the signing of a memorandum of understanding (MOU) with Malaysian Building Society Bhd (MBSB) fo...
China's Ping An Insurance Sees Profit Rise 13.8 Pct In Q1-q3
Ping An Insurance (Group) Co. (SSE:601318, SEHK:2318), China's second-largest insurer, said Thursday its profit rose 13.8 per cent year-on-year to reach 14.52 billion yuan (US$2.28 billion) for the first three quarters of 2011. However, the...
Queensland Floods Inquiry To Probe Insurance Payout Denials
The Queensland floods inquiry will on Tuesday investigate claims Brisbane residents were denied insurance payouts after their homes were flooded when sewage systems overflowed. In a written statement to the inquiry, Westlake resident Judith...
Australian Insurer Nrma Leads Calls For Return Of Services
It's been years since bowser boys filled up Australian cars or shop assistants carried bags. But Australia's largest general insurer says it's time to return to the good-old-days with some quality customer service. For a week starting on We...
China To Standardize Web Sales Of Insurance Intermediaries
The China Insurance Regulatory Commission (CIRC) has released a document to provide a framework for insurance intermediaries' online products selling and related risk control. The document provides detailed regulations over insurance interm...
Canada's Manulife Opens New Marketing Office In Jakarta
Canadian insurance company Manulife is to strengthen its investment relationship with Indonesia by opening a new marketing office in Jakarta, a Canadian official said. Indonesia is one of the fastest growing markets in the world for Manulif...
Chinese Insurance Co.s Cut Us$2.34bln From Ent. Bonds In August
Chinese insurance institutions continued to slash enterprise bonds by a total of 14.937 billion yuan (US$2.34 billion) in August, after a large cut of enterprise bonds in July. In last month, insurance firms accumulatively reduced their bon...
Ceo Of Australian Insurer Suncorp In For Long Haul
Australian insurer Suncorp Group's chief executive Patrick Snowball says he wants to stay in the position until at least 2015 after a change to his contract terms that includes a pay rise. Mr Snowball's contract was due to end on August 31,...
Insurance Australia Group Triples Fy Profit
Insurance Australia Group Ltd (ASX:IAG) has nearly tripled its full year profit to A$250 million (US$261.27 million) and the owner of NRMA and CGU expects insurance margin growth in the year ahead. The net profit for the 12 months to June 3...
Sri Lanka's Aviva Ndb Insurance Back In Black In June
Sri Lanka's Aviva NDB Insurance earned profits of 34 million rupees (US$309,706) in the June 2011 quarter returning from a loss of 46 million rupees a year earlier, with revenues growing from unit linked products, interim accounts show. The...
Bidv Insurance To List 66mln Shares On Hcm Stock Exchange
Vietnam's BIDV Insurance Corporation will list 66 million of its shares, valued at VND660 billion (US$32 million), on the Ho Chi Minh Stock Exchange on September 6 under the code BIC. The reference price will be VND11,500 (US$0.56) per share...
First Local Insurer to Debut in Hunan Province
China Insurance Regulatory Commission (CIRC) on August 4 approved of the establishment of a life insurance company in Changsha city, the first local-incorporated insurer of Hunan province. With CNY 1.15 billion registered capital, the life...
Malaysia Expected To Implement Rbct In First Half Of 2012
The Risk Base Capital for Takaful (RBCT), a takaful risk management framework in Malaysia, is expected to be implemented by the first half of next year. Malaysian Takaful Association president, Datuk Syed Moheeb Syed Kamarulzaman said the f...
Belgian Group To Pay Us$220 Mln For 31% Stake In Turkish Insurer
A Belgian insurance group will pay US$220 million for a 31 per cent stake in Turkish conglomerate Sabanci Holding's Aksigorta insurance unit, the holding's CEO said on Wednesday. Sabanci Holding CEO Zafer Kurtul said that Belgian insurance...
China Insurance Return in Investment Hit 2.1% in H1
Wu Dingfu, chairman of the China Insurance Regulatory Commission (CIRC) disclosed at the meeting on July 15 that average return in investment of China insurance sector achieved 2.1% in the first half of 2011. Wu said that insurance capital...
Best's Rating Notification - Southeastern US Insurance Company
A.M. Best Company has made the following rating update: Company: Southeastern US Insurance Company AMB Number: 12507 Current Rating: NR Previous Rating: F To obtain more information about this company, please visit: http://www3.ambest.com/f...
Tata Consultancy Services Posts First Quarter 2012 Financial Results
Tata Consultancy Services, a IT services, consulting and business solutions firm, reported its consolidated IFRS (International Financial Reporting Standards) financial results for the first quarter ended June 30. In a release on July 14, t...
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