insurance companies


Cathay Life Insurance nabs fifth Celent Model Insurer award

  • May 14, 2023

Cathay Life Insurance nabs fifth Celent Model Insurer award | Insurance Business Canada

Applications were received from 170 financial institutions across 50 countries

Cathay Life Insurance nabs fifth Celent Model Insurer award

Insurance News


Cathay Life Insurance has been awarded its fifth Model Insurer Award by global consulting and research company Celent.

The award recognizes insurance companies, reinsurers, and MGAs that have demonstrated exceptional results in technology usage across various critical areas in insurance.

Cathay Life stood out from 260 submissions from 170 financial institutions in over 50 countries, claiming the prize in the category of Data, Analytics, and AI for its Cathay Eye Intelligent Risk Control Model.

The Cathay Eye Intelligent Risk Control Model offers a new risk classification method for the life insurance industry, allowing for the expansion of application to other areas such as personal health risks.

By leveraging substantial amounts of data, Cathay Life simplifies the processes of marketing, underwriting, product design, and more. The new model is one of the few in the global insurance industry that can control and manage multi-faceted risks, providing customers with a better insurance experience.

“We hope to use data analysis and new technologies to provide customers with a new insurance experience. Cathay Eye allows us to view Taiwan’s insurance industry in a more innovative way, which is also a catalyst for change,” said Sun Zhide, senior vice president of Cathay Life Insurance.

The multi-disciplinary approach of using risk models to solve business challenges, demonstrating innovative applications in the insurance value chain, and showcasing the commercial value of AI models in the insurance industry were some of the winning aspects considered by the awards panel.

“The Model Insurer Award aims to commend insurance companies for using technology to change the face of the

Read the rest

State Life: The outlier in Pakistan’s insurance industry – Business

  • May 6, 2023

How many people around you have ever willingly bought an insurance policy? It can’t be a lot, at least if you exclude the Sehat card that the citizens of Khyber Pakhtunkhwa and Punjab are entitled to. That’s because Pakistan has one of the worst insurance penetration rates among regional or economic peers — at just 0.91 per cent (life and general insurance combined).

It’s sort of ironic because the country has no shortage of events for which one needs insurance against — reckless drivers on the road that risk your life, contaminations that harm your health, or workplaces that offer no pensions. You would imagine more people wanting to protect themselves from such uncertainty, right?

There are multiple reasons why insurance as an industry has failed to take off. From religious perceptions to distribution, nothing seems to have really worked out in the past.

Surprisingly, the only outlier which outperformed the market has been a public sector entity: State Life Insurance Corporation. To put its scale in context, it is among the largest employers in the country with around 5,500 staff and 130,000 sales personnel registered, according to Chairman Shoaib Javed Hussain.

You’re probably thinking what’s the big deal about that since public sector organisations are almost always bloated. That’s not necessarily the case here because unlike others, it is a profitable entity that recorded a net income of Rs9.32 billion in the first nine months of fiscal year 2022 (9M2022).

For insurance companies, a better indicator of financial health is probably the premium revenue, the collections from policyholders, which reached Rs279bn in 2022. This was 64pc higher compared to the previous year and puts it among some of the biggest organisations in the country in any sector.

In insurance specifically, State Life is by far the largest player.

Read the rest

Life insurance companies ready for analysts to pick apart Q1 earnings – Insurance News

  • May 2, 2023

First-quarter earnings will reveal how well insurance companies are adapting to higher interest rates and taking advantage of a strong annuity sales environment.

Earning season takes off this week with some major life insurance companies reporting results, including Prudential and American International Group. Earnings calls with insurance executives should shed further light on sales trends, as well as changing investment decisions and the industry’s growing technology commitment.

But the underlying economic indicators remain troubling to some degree.

“Corporate America faces some of the same headwinds it did during fourth-quarter earnings season, including slow global economic growth, cost pressures from still-elevated (but easing) inflation, some currency drag from a stronger U.S. dollar last quarter compared with the year-ago quarter, and geopolitical instability, particularly in Eastern Europe and China, that has put some upward pressure on costs,” wrote Jeffrey Buchbinder, chief equity strategist for LPL Financial.

Rate hikes help bottom line

The Federal Reserve is expected to raise its benchmark interest rate for the 10th time on Wednesday. Another quarter-point rate increase on Wednesday would leave the Fed’s key rate at 5.1%, a 16-year high and a full 5 percentage points higher than in March 2022.

A significant portion of insurance companies’ investment portfolios are interest-rate dependent. An investment asset base, couple with secondary investments in real estate, hedge funds and other sources, means insurers are could see substantial earnings from the interest rate hikes to date.

Life insurers are tailoring offerings to take advantage of the consumer rush to protection-focused products. Likewise, they are tailoring products to cover a variety of living benefits such as critical illness and long-term care.

As a result, LIMRA is forecasting record-level sales in the $300+ billion range for the next several years.

Several insurers are also in the midst of expense-cutting efforts. Increasing investments in

Read the rest

Insurance companies request 28.4% rate increase for auto insurance in North Carolina

  • March 7, 2023

Insurance companies want to raise drivers’ rates for car insurance.

The North Carolina Rate Bureau represents insurance companies in their dealings with state leaders. The bureau submitted a filing to the North Carolina Department of Insurance to increase prices on auto policies statewide by 28.4%, North Carolina Insurance Commissioner Mike Causey announced Thursday.

Any change would become effective on Oct. 1.

Causey is set to review the request to determine whether the requested increase is justified and to negotiate with the rate bureau.

If the department does not agree with the requested increase, it can negotiate a settlement or call for a hearing.

North Carolina law requires the bureau to submit auto rate filings with the department each year by Feb. 1.

A ValuePenguin study cited an S&P data report showing North Carolina’s annual car insurance rate changes compared to the previous year:

2017: 4.1%

2018: -0.8%

2019: 0.7%

2020: -1.3%

2021: -0.3%

2022: 3.7%

In 2022, consumer financial services company insurance/car/average-cost-of-car-insurance-in-northcarolina/”Bankrate found the average North Carolina car insurance cost is $1,392 each year for full coverage and $431 annually for state minimum coverage limits.

More On This

Rate hike, inflation contribute to rising cost of home insurance

Proposal Would Give Auto Insurers Rate Control


Copyright 2023 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Read the rest

Car insurance premiums are on the rise

  • February 26, 2023

Some Ontario insurers have received approval for rate hikes as high as 15 per cent

THUNDER BAY — Many drivers can expect to experience sticker shock when their car insurance policies come up for renewal this year.

In Ontario, the Financial Services Regulatory Authority has already approved insurance companies’ applications for rate increases as high 11 to 15 per cent, while others have been granted smaller hikes.

“Insurance rates are going to go up in the near term, because we’ve already seen rate approvals at FSRA come in. An insurer operating in Ontario has to apply to FSRA if they want to raise rates. It will look at the application and say ‘Yes, that makes sense based on your numbers. Your costs have gone up,’ ” explained John Shmuel of 

In interviews with TBnewswatch, Shmuel and a spokesperson for the Insurance Bureau of Canada cited multiple reasons for the rise in premiums.

Some of the recent increases are “the biggest ones I’ve seen in a long time,” said Shmuel, managing editor of the website that allows consumers to compare rates for a variety of financial products.

“If nothing else changes in the next few months, most people who are renewing will probably see an increase from their car insurance company.”

This may come as a surprise to many drivers, as during the COVID-19 pandemic over the past three years, insurers were offering rebates or discounts on existing premiums because people weren’t driving as much and the frequency of collisions declined.

According to the Insurance Bureau of Canada, premiums in Ontario actually fell by an average of 4.5 per cent from July 2021 to July 2022.

“That’s changed in the past six months,” Shmuel said. “We’ve seen traffic come back to pre-pandemic levels and exceed them in some cities,

Read the rest

Centre asks insurance companies to reduce piling up of consumer cases

  • February 21, 2023

The Consumer Affairs Ministry, at a meeting with stakeholders in the insurance sector including the IRDAI, flagged key concerns to reduce the number of pending cases at various consumer commissions. Some of the issues that were flagged by the Centre included ambiguity in terms of insurance policies, repudiation of health insurance claims due to pre-existing diseases, lack of information regarding eligibility conditions for insurance policies besides issues regarding crop insurance.

Speaking to mediapersons, Rohit Singh, Secretary, Department of Consumer Affairs said, “We analysed the cases that are pending in various consumer commissions. Out of the 5.78 lakh pending cases, nearly 1.61 lakh pertain to the insurance sector. This indicates that there is a systemic issue and the deliberations were held to discuss measures to address key consumer concerns.”

He said simplification of the insurance documents is required so that consumers can better understand the terms and conditions  especially regarding exclusions and inclusions.

Pointing to health insurance policies, Singh said that pre-existing disease disclosure conditions are often not properly understood by consumers leading to rejection of claims. The Ministry officials also raised concerns about lack of awareness among consumers regarding crop insurance rules which are linked with government schemes.

Authorised personnel

“One of the key concerns discussed was also the fact that often the representatives of insurance companies delegated for mediation and out-of-court-settlement proceedings, are not empowered to make decisions. We have asked insurance companies to ensure their representatives are authorised to make such decisions so that such cases can be resolved in a timely manner,” Singh explained.

The Ministry also raised concerns regarding quality of engagement of intermediaries or agents with consumers. “Often the agents and intermediaries, do not give consumers complete information when selling the insurance policies,” he added.

“During the deliberations it was suggested that technology tools

Read the rest

Car insurance rates going up, ways to save

  • February 18, 2023

TULSA, Okla. — There’s no doubt the price of gas is a huge factor in the cost of owning a vehicle these days.

But as the 2 News Oklahoma Problem Solvers found out, another cost is becoming another factor for families to consider, cost increases an average of nearly 14%.

Just like everything else, inflation is driving up the price of driving.

“Eggs are $10 a carton so I mean everything else is going to be insane,” Randy Holman halfway jokes.

Even the insurance for his car is costing more and more. 2 News caught up to Holman as he was heading to the tag office to drop off some cash for another vehicle expense.

“It seems like every corporation is trying to raise prices so I don’t see why insurance wouldn’t do the same.”

And the increasing cost for insurance causes some folks to make tough decisions. Heather told us, “When I got the notice my insurance premium was going up a couple hundred dollars, it caught me off guard. I wasn’t expecting it. Now my family will have to cut back at the grocery store.”

Insurance analysts tell us inflation is impacting insurance.

According to a recent report by Insurify the national average cost rose 9% in 2022, and is projected to rise another 7% in 2023. says nationally, the average cost of full coverage is $2,014 a year, which is 2.93% of the average household income. But inflation isn’t the only thing impacting prices.

“Drivers are getting into more traffic accidents, and those accidents are getting more expensive to remediate,” says Chase Gardner, a data analyst for Insurify.

Gardner says the cost of repair parts, labor shortages, and supply chain disruptions are making claims more expensive for insurance companies to pay out.

“Even if you got

Read the rest

Insurance companies dropping new Kia, Hyundai policies

  • February 15, 2023

At least two major insurance companies are not issuing new policies in some areas for certain Hyundai and Kia vehicles. Here’s what drivers need to know.

If you own a vehicle from two manufacturers, you may not be able to have it insured by some major companies, a social media post claims. 

“Major car insurance companies plan to drop Hyundai and Kia from their plans due to thefts!” the poster claimed in a viral tweet on Jan. 30.

Recent online search data also show that Hyundai and Kia drivers are looking for information about insurance policies. 


Have some car insurance companies stopped covering Hyundai and Kia models due to thefts?



This is true.

Yes, some car insurance companies have stopped covering Hyundai and Kia models due to thefts. The change applies to new policies, not those for existing customers

Sign up for the VERIFY Fast Facts daily Newsletter!


Progressive and State Farm are not issuing new policies in some areas for certain Hyundai and Kia vehicles due to an uptick in thefts involving the cars. 

Both insurance companies say they will continue to insure existing customers who own these types of vehicles. 

Scott Holeman, a spokesperson for the Insurance Information Institute (III), also confirmed the institute is only seeing the suspension of new customer applications in some states, not the dropping of existing customers.

The insurance companies did not provide a list of vehicles that they will not insure right now. But a spokesperson for Kia said the impacted models include “2011 to 2021 Kia vehicles equipped with a steel ignition key for turn-to-start operation.”

Hyundai didn’t provide information about impacted models, but a spokesperson said in a statement that the company “regrets this decision by insurers and

Read the rest

These Upgrades May Shrink Your Home Insurance Costs

  • September 10, 2022

Along with food, gas, and many other essentials, home insurance costs are on the rise in Canada.

Issues like climate change and increased rebuilding costs mean insurance companies are paying more to settle claims — an expense they pass on to customers.

It’s unwise to be without home insurance, or to be underinsured. So if you’re looking to shrink your home insurance premiums, improvements that make your home safer or less damage-prone may be the better route.

How are home insurance premiums determined?

Insurance companies consider a variety of factors when determining the cost of home insurance. They start by estimating your home’s value. Then, they calculate how much it would cost to repair or replace the structure and its contents based on numerous factors, including:

  • Location and type of house.

  • Size and age of your home.

  • Proximity to a fire hydrant (the closer the better).

  • History of previous claims, if any.

  • Type of electrical wiring and heating.

  • Whether or not you have a finished basement.

  • Level of finishes.

  • Replacement cost of contents.

Homeowners who make property alterations that reduce their chances of filing a claim are sometimes rewarded with discounts. It’s very similar to the way that a violation-free driving record and a vehicle with extra safety features can sometimes earn you cheaper car insurance — they’re indications that you’re less likely to have a costly accident.

6 home upgrades that may shrink insurance costs

Each home insurance company, policy and property is different, so there’s no guarantee the following upgrades will result in a smaller bill. Read your own policy carefully and reach out to your insurance company before doing renovations to confirm what discounts are possible, if any.

1. New roof

Getting a new roof could help decrease your insurance payments, especially if the existing

Read the rest

How can kids impact your car insurance rate?

  • August 27, 2022

In some situations, you might find that having kids is helping you save on auto insurance, and in others, it might be costing you more.

Article content

Much like being married, having kids is one of those family status changes that has the potential to affect your car insurance rate. In some situations, you might find that having kids is helping you save on auto insurance, and in others, it might be costing you more.

Advertisement 2

Article content

Here are some of the ways children can impact your car insurance rate for better or worse.

Article content

No more work commute could mean cheaper insurance

Especially in the first year after a baby’s arrival, new parents might be driving less if they’re on parental leave and no longer commuting to work. This means less exposure to risk, as well as less opportunity for a collision, so insurance companies should lower your rate if you let them know you’re driving fewer kilometers annually.

During this time, most trips are short — to the doctor or parent-and-baby play groups — and not long-distance road trips. If one parent is staying home with baby for a year or longer leave, that’s one half of your household’s commute eliminated.

However, you might find as you return to work and your kids get older that you’re driving more kilometers — to soccer practices, school, dance competitions, etc. This could cause your rate to creep back up. Be upfront with your insurance company so your policy accurately reflects how many kilometers you’re driving annually.

Advertisement 3

Read the rest