Hannover Re’s Post

How will your family's experience be when it's time to make a claim? One great way to gauge that is by checking the Claim Complaints Percentage! This metric shows the number of complaints an insurer gets about claims, compared to the total number of claims they process. BajajCapital Insurance Broking Ltd. is here with some insightful infographics! Today, we’ve gathered data from 22 Life Insurance Companies. Source: Public disclosure of insurers, L-41 (FY 2022-2023). Can you spot your insurer? Let us know in the comments below! #infographic #dataanalysis #datavisualisation #visualdata #healthinsurance #claims #india #statesofindia #insuranceindustry #insurancecompanies #incredibleindia #financeinfographic #lifeinsurance #healthinsurance

The mortality assumption for declined risks requires more thought than initially anticipated. Read more about all the various considerations to take into account when designing and pricing your AUW programs.

While the significance of decline mortality is clear, it has often received limited attention in the life insurance industry. Ehren Nagel, FSA, MAAA, Head of Actuarial Innovation, US Life, examines the changing landscape of accelerated underwriting and its effects on the industry in our new whitepaper. Read the key insights and access the full whitepaper to learn more: https://lnkd.in/ep3fVSt6 #YourReinsurancePartner

Gone-aways has been on the FCA agenda for a while, and received another mention in the latest letter to Life Insurer CEOs. It will be interesting to see where the FCA focuses its attention following the July Consumer Duty closed product deadline. Perhaps it will be on with-profits funds' treatment of gone-aways, where there has been mounting pressure to distribute dormant assets to avoid a tontine as funds run-off. The other item that piqued my interest was the reference to taking "proportionate steps ... to work around [data] limitations". Firms will need to think about limitations that cannot easily be resolved and the alternative actions available to them. There was a glimmer of hope for firms previously worrying that the duty would be applied retrospectively, as the FCA reaffirms this is not the intention. Although, I do expect firms to uncover long-standing issues, some of which may be deemed non-compliant with prior expectations. I expect firms to ponder the guidance on 'vested contractual rights' over the coming months and read between the lines.

In a recent study, it was found that many women worry about being a burden on loved ones financially, yet only 1 in 2 women have life insurance. Empowering women with financial confidence and providing advice for future planning is critical. Discover more here- https://spkl.io/604740R71 #FinancialEmpowerment #FinancialSecurity #ZurichAustralia Source: Zurich Australia's Life Insurance norms research, May 2023

Once you have Standard Valuation Law and the Universal Life Insurance Model Regulation down, the next step is making sure you understand the Valuation of Life Insurance Polices Model Regulation. Or for short, XXX for some reason -- still not sure why. If you know why it has that nickname please let me know! Model regulation https://lnkd.in/ecKnqg3X AAA practice note https://lnkd.in/e7Ns43Vs ⚡⚡⚡And some fun older reads ⚡⚡⚡ 2001 SOA panel discussion https://lnkd.in/ek8mmdUq 2000 Valuation Actuary symposium https://lnkd.in/eTeNDXJW #actuary #actuarial #lifeinsurance #insurance

The Financial Conduct Authority (FCA) published their latest Dear CEO letter on 16 May 2024 which looks at implementing the Consumer Duty for closed products and services within the life insurance industry. It sets out five priority areas for firms to consider before the 31 July deadline this year, along with action prompts for firms relating to each of the areas. These five areas are based on the FCA’s supervisory insights and feedback they have received. While the themes are not unique to closed products and services, they are likely to be more significant areas of consideration for closed business. Read our latest newsflash, in which Siobhan Lough and Kara Scott summarise these five priority areas and associated action prompts set out in the Dear CEO letter. Read more here: https://okt.to/DlNZnV #consumerduty #insurance #financialservices

As Consumer Duty compliance for closed products and services draws closer, the FCA's latest Dear CEO letter points to 5 priority areas to focus on for the life insurance market. Kara and I summarise these priorities in this short article.

The devil is in the details and we know where to find them with our independent Stratus Policy Assessment℠. Here are a few reasons why life insurance policies become problematic: --> Changes in underwriting rules, regulations, and standards. --> Deteriorating financial stability or reputation of the insurance provider. --> Changes in circumstances including health, lifestyle, and intended beneficiaries. --> Impending, and often forgotten deadlines, including policy expiration or renewal. Policies can change over time — along with the policyholder’s needs and circumstances. Our independent policy review provides a valuable check-up to ensure your insurance portfolio is addressing today’s real needs. Learn more about our services and schedule your free consultation. https://lnkd.in/gMqqucNu #LifeInsurance #PolicyReview #InsuranceBeneficiaries George Salmas Robert Lemen

In 2024, life looks different. So does our advice. Let's talk about building a comprehensive protection plan. https://bit.ly/3wb20yD #Insurance #Permanentinsurance #Terminsurance #Healthinsurance #Criticalillnessinsurance #Disabilityinsurance #Longtermcare #Supervisa insurance #Invertments #RRSP #TFSA #RESP #FHSA