Czech Republic: get insured by mobile phone
Written on 10 September 2008 by adminAlready two Czech insurance companies - Generali and Česká podnikatelská pojišťovna (ČPP) offer their clients to buy tourist insurance by means of mobile phone.
For signing the contract only the surname, name, the address and term of insurance is required. It is necessary to send SMS with specified information. Cost of the insurance will be included in payment for services of mobile communication. Action of the contract extends on all the countries of the Europe and some states of the African continent. Thus the client can sign the contract directly ahead of departure, say, on a way to the airport. According to the ÄŒPP press-secretary, new service enjoys the raised popularity despite even the fact that it has been offered only one month ago.
Foreign insurers face obstacles in China
Written on 4 September 2008 by adminAbout 45 foreign insurance companies, which have united with the Chinese partners for activity in territory of the country, have collided with the rigid restrictions, established by the state on structure of joint ventures, opportunities of branches’ accommodation and the list of services, offered to clients.
The share of joint ventures makes 6 percents in the market of insurance services of China. The foreign insurance companies expect increase in sales in life insurance market on 30-50 percents, in the market of property and accidents insurance is parameter is expected to rise on 20-40 percents. The Majority of the interrogated analysts assume that the share of the foreign insurance companies in the market of China will reach 10 percents in 2011.
However, both foreign, and the Chinese insurance companies collide with a strong competition from powerful Chinese banks. Recently banks were allowed to buy shares in the insurance companies and to expand the offer of banking-insurance products.
Negative influence on development of foreign insurance business in China is also provoked by factor. The low level of a professional training and high fluidity of the personnel do not allow companies to reach to the desirable results.
Fitch has confirmed Lloyd`s ratings
Written on 31 August 2008 by adminInternational rating agency Fitch has confirmed Lloyd`s ratings. Also the agency has confirmed a long-term credit rating at the level “A” of Society of Lloyd `s and rating of financial stability at the level “A+” of Chinese reinsurance companies Lloyd`s Reinsurance Company (China) Limited. The forecast concerning the given ratings is stable.
Ratings reflect high parameters of Lloyd`s for 2007, high level of incomes and investment profit, and also the low combined factor. All this has led to increase in actives and increase of capital stability at the level of the Central Fund. Analysts of agency assumed, that because of a small number of large accidents, Lloyd`s parameters will be high. Thus Fitch’s analysts mark, that Lloyd`s parameters surpass parameters of some other market participants.
Japanese insurer Dai-ichi Mutual Life Insurance will redeem 30 % of Tower Australia Group’s shares
Written on 25 August 2008 by adminSecond insurance company Dai-ichi Mutual Life Insurance - the largest in Japan company - has agreed to get 30 % of Tower Australia Group’s shares and to enter on the Australian market of services of insurance.
The price of the transaction will presumably make 376 million Australian dollars (341 million US dollar).
Dai-ichi Mutual Life Insurance has already got 50,3 million shares of this group at the price of 3,75 Australian dollars per share and is planning to get 50,1 million shares under the same price as soon as approval from regulators will be met from shareholders.
The largest world insurer incurs losses
Written on 18 August 2008 by adminIn April-June, 2008, American International Group (AIG), the largest insurance company of the world has fixed the pure loss in $5,36 billion.
The insurer fixes huge losses the third quarter successively on a background of crisis in the real estate market of the USA, which has led to a collapse of cost of many financial actives, and also because of deterioration of a conjuncture in many segments of the USA insurance market.
On average analysts were much more optimistic, expecting from the company profit in 63 cents per share, but thus their estimations were in unusually wide range from the loss in 31 cent up to profit in $1,3 per share.
Besides, write-off of investments, on parameters of the company deterioration of a conjuncture in a number of sectors of economy has also affected. So, because of recession in the housing market and growth of a level of defaults under mortgages loss has incurred the division, engaged in hypothec credits insurance.
Last year AIG has already suffered losses in $14 billion.
Barclays sells Swiss Rе division on life insurance for 1,5 billion dollars
Written on 10 August 2008 by adminBritish financial group Barclays Plc sells division on life insurance Barclays Life Assurance Company Ltd Swiss Swiss Re for 753 million pounds sterling (1,5 billion dollars).
With purchase of Barclays Life Assurance Company Ltd. the Swiss company will get about 760 thousand policies of life assurance and pension insurance. The transaction should be completed by November of this year.
The volume of premium Barclays Life makes nearby 350 million pounds year, actives - 6,5 billion pounds.
Swiss Re is the world’s largest reinsurance company and has offices more than in 25 countries of the world.
British have lost 100 million keys from their houses
Written on 5 August 2008 by adminAccording to insurance company Sainsbury’s Home Insurance, for last years the British house owners have lost nearby 100 million of complete sets of spare keys from the houses.
About one million British proprietors of habitation recognize that they have forgotten to take away spare keys from former beloveds, cleaners, builders and even the previous tenants.
Approximately 500 000 of British does not know exact quantity of spare keys, which unlock locks in their houses.
In researchers’ opinion, average British householders have four complete sets of spare keys.
The main owners of these keys are children, including those, who have already left the parental house (27 %), other member of family, who are not living in this house - for example, the second parent (25 %), and neighbors (11 %).
Besides, nearby 1,42 million keys are at windows watermen, 1,62 million - at builders and 10,45 million - at former partners or spouses of house owners.
Insurance company Pasa Sigorta (Azerbaijan) has won tender of Azdemiryolbank
Written on 19 July 2008 by adminOn results of corporate tender process insurance company Pasa Sigorta has been declared the winner of competitive selection to destination corporate medical insurance for Azdemiryolbank.
The contract of medical insurance of Azdemiryolbank is one of the largest bank insurance projects in the country in segment of medical insurance service and will capture the basic part of the personnel of the bank, including various category bank and administrative employees.
At the initial stage project includes the personnel in quantity of more than 300 employees, living in Baku and other basic administrative areas of the country on a site of a filial network of bank. Signing of the contract was preceded with presentation and participation of staff-administrative personnel of Azdemiryolbank on model of execution of the contract.
Mirax Group has opened office in Geneva
Written on 12 July 2008 by adminIn the end of June Russian building corporation Mirax Group has opened office in Geneva (Switzerland).
The office is located in historical city centre on quay Gustav-Ador, from windows of which view on the historical center of Geneva opens.
Originally the office will carry out functions of headquarters of the project of mounting skiing resort Le Village Royal sold by corporation in Aminone (commune Mollen). In the further, it will, probably, become the center of all Mirax’s European projects.
In August, 2008 opening second office Mirax Group in commune Mollen, in immediate proximity from a building site of the project - for operative management building, is planned.
Comarch will introduce complex IT-decision in the insurance company «PZU SA»(Poland) - Comarch NonLife Insurance
Written on 29 June 2008 by adminComarch has signed the contract with the largest insurance company of Poland, PZU SA, on delivery and introduction of the complex IT-decision for automation of processes of financial insurance. The contract covers introduction of the author’s systems Comarch, offered by the company in the global insurance market, and also the adaptation of the given decisions to PZU SA requirements.
The contract foresees introduction the complex system intended for service of processes of financial insurance in PZU S.A., including sales support, service both for insurance applications and policies, and calculations with clients. The most important element of system is the functionality, which is allowing to estimate the risks, connected with concluded contracts, and also to trace invoices and to collect debts. In addition, the decision automates processes of the insurance, operational and administrative reporting.
Comarch - is the leading Central-East European supplier of complex business-decisions, serving management of attitudes with clients and automating, both operational activity, and business-processes. The main advantage of the company relies in the extensive branch knowledge, given to clients in the form of the integrated information systems for telecommunications, financial services, the state administration, and also the small and average enterprises sectors. Comarch specializes in ERP and CRM systems; it also supports sales, electronic exchange of documents and management of the knowledge given together with professional services and activity on researches and development. From the moment of the basis of the company Comarch develops the network of divisions in the Europe, the USA and in the Near East, in which 2500 highly skilled experts work.
