Bailed-out South African lender African Bank Ltd (Abil) appointed Guardrisk Life on Monday to underwrite its new insurance products after its agreement with Standard General Insurance lapsed. Guardrisk, which is controlled by South African financial services group Alexander Forbes, started underwriting for African Bank with effect from Sunday. According to […]
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Fraudulent insurance claims rising
JOHANNESBURG – Fraudulent insurance claims are on the increase and insurance companies and banks want to put a stop to it. In 2014, 7,360 fraudulent insurance claims of over R400-million were blocked – a significant increase from 2,093 cases the previous year. And irregular claims for deaths tripled between 2013 […]
89 new jobs at Caerphilly insurance firm Moorhouse Group
A Caerphilly-based insurance broker is to create 89 new jobs in an expansion that will see its workforce doubled. Moorhouse Group, trading as Constructaquote.com, is an online insurance quote comparison service and broker network business. The new jobs will help develop an underwriting service and expand its van and commercial […]
China’s life insurance market to become world’s third largest: McKinsey
China’s life insurance market is poised to become the world’s third largest after two decades of unprecedented growth, with an expected two-digit growth in the next five years, a new report released by McKinsey & Company said. The life insurance industry in China has been through three stages from a […]
UK motor insurance premiums see biggest rise since 2011
By Sangameswaran S Jan 14 Comprehensive car insurance premiums in Britain rose 13.2 percent in 2015, the biggest annual rise since 2011, according to Confused.com’s car price insurance index. The increase, following a jump of 6.9 percent in the fourth quarter, pushed the average premium for an annual comprehensive car […]
Man cuts off hand for insurance money
A Spanish court sent a farmer to prison for four years after he cut off his hand and faked a car wreck for insurance money. Investigators said the farmer had run short on cash in 2007 when he concocted the plan. He started by hacking off his right hand and […]
CBN: Insurance companies, others in N790bn bank debt
Insurance companies’ total assets and liabilities increased by 3.2 percent to N817.6bn in the third quarter of 2015 According to the Central Bank of Nigeria (CBN)’s 2015 Quarterly Statistical Bulletin, a number of insurance companies and other financial institutions are indebted to commercial banks to the tune of N790billion as […]
Obama will propose new wage insurance program next month
The Washington Post President Barack Obama will include a new wage insurance program in his budget next month that would provide supplements to workers who lose their jobs and end up taking new jobs at lower salaries. The president’s budget proposal will also include new protections for others who lose […]
‘Insurers get only 25% in oil and gas’
By: Omobola Tolu-Kusimo Despite the legislation on the Nigerian Oil and Gas Industry Content Development Act, significant high-value insurance risks worth 75 per cent and 60 per cent continue to flow into the international markets, A. M. Best, an international rating agency, has said. This was made known in a […]
Nigeria’s insurance contribution to GDP among the least in the world
By Babatunde Less than 1% of Nigerians have life insurance The Director-General of the National Insurance Commission, Mr. Sunday Thomas, has decried the general apathy for insurance by the Nigerian government and the citizens. Thomas noted that less than one percent of Nigerians voluntarily subscribe to life insurance. According to […]
