All UAE drivers know that car insurance is mandatory, but not all insurance is created equal. A recent investigation by QIC Insured and MoveSouq.com spanning over 45,000 cars has revealed that roughly 20 per cent of Dubai cars are under-insured. What makes an under-insured car? Under-insured cars are those covered […]
Spotlight
Insurers stop policy sales in over 60 localities to prevent fraudulent claims
MUMBAI: Recent frauds in small towns such as Ganjam in Odisha and Kubernagar in Gujarat have prompted insurers such as LIC, ICICI Prudential Life and HDFC Life to ban their agents from selling policies in over 60 localities to prevent fraudulent claims. Scores of agents and hospitals have also been […]
Allianz, AXA in final offers in CIMB insurance deal
CIMB could fetch about US$200 million (RM842 million) from the deal. The so-called bancassurance agreement will allow an insurer to distribute products through CIMB outlets for more than 10 years. – Reuters pic, February 20, 2016.CIMB could fetch about US$200 million (RM842 million) from the deal. The so-called bancassurance agreement […]
NAICOM Approves IGI’s 2014 Accounts
Chuks Udo okonta The National Insurance Commission (NAICOM) has approved the 2014 accounts of Industrial And General Insurance Plc (IGI). This was disclosed in a statement by the company’s management, which described NAICOM’s approval of the financial statements as a positive development and a huge boost to IGI’s restructuring effort. […]
Zurich Insurance says may sell South Africa business
(Reuters) — Zurich Insurance Group A.G. may sell its South African business as part of a strategic review, the Swiss group said on Friday. “In recent years, Zurich has successfully turned around our South African insurance business, which includes our operations in Botswana. The group is now evaluating whether it […]
South African insurer to enter Australian retail market
South African insurance company Professional Provident Society SA is set to enter Australia’s retail life insurance market with a focus on targeting professionals through the advice channel. According to a statement, the new business, PPS Mutual – to be headed by former Centric Wealth CEO Michael Pillemer – will look […]
Pension and National Insurance hikes to hit academics hard
Extra contributions are likely to cost many university staff more than £1,000 a year, analysis shows By Jack Grove Thousands of university staff will soon see their take-home pay fall by about £100 a month when changes to state and occupational pension schemes take effect, an analysis has shown. Almost […]
Beauty Queen plans big for insurance
Miss Insurance 2016 winner Adaeze Okeke on Wednesday pledged that she would persuade Nigeria’s 170 million population to take up insurance policies before the end of this year. Okeke made the pledge on Wednesday when she paid a courtesy visit to Linkage Assurance Plc at Lekki, Lagos. She said that […]
Kenya lacks talent in insurance industry – EY report
By RICHARD MUNGA A large number of Kenyan insurance agents and marketers are unqualified holding back growth opportunities for the local insurance industry, according to EY’s study on insurance opportunities in sub-Saharan Africa. The report states the agents and marketers lack specialisation and sophistication in insurance products, leaving insurers to […]
Namfisa investigates Lewis for selling insurance
The Namibia Financial Institutions Supervisory Authority (Namfisa) says it is aware of complaints against South African furniture franchise, Lewis. Lewis has been accused of acting as an intermediary for products regulated by the Long-Term Insurance Act, while it is not registered under the Act to do so. Namfisa says investigations […]
