Types of insurance

Critical Illness Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030 - ResearchAndMarkets.com

Retrieved on: 
Monday, July 12, 2021
Health, Other Health, Insurance, Types of insurance, Critical illness insurance, Health insurance, Underwriting, ICICI Prudential Life Insurance, Insurance in Australia

The "Critical Illness Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "Critical Illness Insurance Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
  • The critical illness insurance market consists of sales of critical illness insurance by entities (organizations, sole traders, and partnerships) that are engaged in directly underwriting critical illness cover or a dread disease policy, which is an additional insurance coverage to cover those overruns where traditional health insurance may fall short.
  • The critical illness insurance market covered in this report is segmented by type into individual insurance, family insurance.
  • Lack of awareness about critical illness insurance is hindering the growth of the global critical insurance market.

Best's Market Segment Report: As Government Backstops End, Trade Credit Insurers are Well-Prepared

Retrieved on: 
Monday, July 12, 2021
Professional services, Insurance, Finance, Types of insurance, International finance, International trade, Trade credit insurance, Insurance

A number of European government backstop schemes, put in place to ensure the availability of trade credit insurance during the COVID-19 pandemic, expired at the end of June, 2021.

Key Points: 
  • A number of European government backstop schemes, put in place to ensure the availability of trade credit insurance during the COVID-19 pandemic, expired at the end of June, 2021.
  • A new Bests Market Segment Report, entitled As Government Backstops End, Trade Credit Insurers are Well-Prepared examines the impact the schemes had on commercial trade credit insurers, and assesses the road ahead for the carriers.
  • The report finds that Europes trade credit insurers have generally weathered the pandemic much better than expected but notes that a surge in insolvencies linked to COVID-19 factors remains a threat, even as the main schemes are discontinued.
  • AM Best believes that trade credit insurers are well placed to manage this future uncertainty.

Highlights - Insurance against civil liability - Committee on the Internal Market and Consumer Protection

Retrieved on: 
Thursday, July 8, 2021
European Union directives, Directive (EU) 2021/555, Insurance, Types of insurance

Insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to ensure against such liability (Motor Insurance Directive)

Key Points: 
  • Insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to ensure against such liability (Motor Insurance Directive)
    On 12 July 2021, IMCO will vote the provisional agreement resulting from the interinstitutional negotiations on the proposal to amend the Motor Insurance Directive.
  • The amended rules will better protect injured people when accidents occur in any EU Member State, including domestic victims of an accident caused by a driver from another EU country.
  • The new rules harmonise minimum amounts of cover across the EU and introduce more clarity for pricing and claims history.
  • The agreement introduces mandatory use of a Single Claims History Statement and obligations to inform citizens how they can apply for compensation.

Church Mutual® Names Chief People Officer

Retrieved on: 
Thursday, July 8, 2021
Insurance, Professional services, Insurance, Types of insurance, Mutual insurance, Mutual organization, Liability insurance, Vehicle insurance, Liberty Mutual

Pamela Stampen has been named chief people officer of Church Mutual Insurance Company, S.I.

Key Points: 
  • Pamela Stampen has been named chief people officer of Church Mutual Insurance Company, S.I.
  • Most recently, she served as chief people officer for Total Administrative Services Corporation (TASC), a nationwide administrator of tax-advantaged health benefit plans.
  • Church Mutual markets most lines of commercial property and liability insurance, including multi-peril, workers' compensation and commercial auto insurance.
  • Church Mutual holds the following honors:
    Wisconsin 75 Top Private Company by Deloitte US, 2016, 2017, 2018, 2019 and 2020
    1Church Mutual is a stock insurer whose policyholders are members of the parent mutual holding company formed on 1/1/20.

Marita Zuraitis Appointed to the CopperPoint Insurance Company Board of Directors

Retrieved on: 
Thursday, July 8, 2021
Insurance, Types of insurance, Mutual insurance, Sampo Group, General insurance

PHOENIX, July 8, 2021 /PRNewswire/ -- CopperPoint Insurance Companies, a western-based super regional commercial insurance company, announced today that Ms. Marita Zuraitis has been appointed to the CopperPoint Insurance Company Board of Directors.

Key Points: 
  • PHOENIX, July 8, 2021 /PRNewswire/ -- CopperPoint Insurance Companies, a western-based super regional commercial insurance company, announced today that Ms. Marita Zuraitis has been appointed to the CopperPoint Insurance Company Board of Directors.
  • With a career spanning over 30 years, Ms. Zuraitis is a proven leader in the property and casualty insurance industry.
  • "We are excited to welcome Marita to the CopperPoint Board of Directors," said Ken Kirk, Board Chair.
  • CopperPoint Mutual Insurance Holding Company is the corporate parent of CopperPoint Insurance Companies, Pacific Compensation Insurance Company and Alaska National Insurance Company.

United Kingdom Health and Medical Insurance Market Report 2021: Growth, Trends, COVID-19 Impact, and Forecasts to 2026 - ResearchAndMarkets.com

Retrieved on: 
Thursday, July 8, 2021
Insurance, Professional services, Types of insurance, Bupa, Dentistry in the United Kingdom, Insurance, Health insurance, Health, Companies, Bupa Arabia

The "United Kingdom Health and Medical Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "United Kingdom Health and Medical Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
  • The health and medical insurance market is expected to register a healthy CAGR of 5.05%, during the forecast period (2021-2026).
  • According to the data published by the Association of British Insurers (ABI), 1.7 million people in the United Kingdom had private medical insurance (PMI).
  • Bupa continues be the market leader in the UK health and medical insurance market, holding more than 50% of the market share.

Beneva Selects the FINEOS Platform for Group Benefits Life & Disability Claims Management

Retrieved on: 
Thursday, July 8, 2021
Professional services, Technology, Other Professional Services, Insurance, Finance, Software, Types of insurance, Health insurance, Insurance, La Capitale, Accidental death and dismemberment insurance, Finance, Financial services, Organizations, SSQ Insurance

FINEOS Corporation ( ASX:FCL ), a leading provider of core systems for life, accident and health insurers globally, and Beneva , the largest mutual insurance company in Canada, have jointly announced a partnership agreement for Beneva to use the FINEOS Platform as its Group Benefits claims management solution for Disability, Life, AD&D, and Critical Illness.

Key Points: 
  • FINEOS Corporation ( ASX:FCL ), a leading provider of core systems for life, accident and health insurers globally, and Beneva , the largest mutual insurance company in Canada, have jointly announced a partnership agreement for Beneva to use the FINEOS Platform as its Group Benefits claims management solution for Disability, Life, AD&D, and Critical Illness.
  • Beneva will deploy the FINEOS Platform across their group insurance coverages, including Disability, Life, Critical Illness, and Accidental Death & Dismemberment, providing their staff with a unified view of the customer across all types of claims.
  • The FINEOS Platform is the leading claims processing software for the Life, Accident and Health insurance industry.
  • Used globally by over 60 insurance organizations, the FINEOS tracking software supports both group and individual claims on a single SaaS platform.

Recent sales of indexed universal life and variable universal life insurance outpaced those of universal life insurance according to annual Milliman survey

Retrieved on: 
Thursday, July 8, 2021
Types of insurance, Insurance, Life insurance

During YTD 9/30/20, sales of chronic illness riders as a percent of total sales were 7.7% for UL products and 46.3% for IUL products.

Key Points: 
  • During YTD 9/30/20, sales of chronic illness riders as a percent of total sales were 7.7% for UL products and 46.3% for IUL products.
  • During the same period, sales of policies with long-term care riders as a percent of total sales were 66.1% for UL products and 10.3% for IUL products.
  • Of the six survey participants that do not currently have an accelerated underwriting program, five indicated they plan to implement one.
  • The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits.

NYCM Insurance Receives First Ever "Culture Creator" Award by Commerce Chenango

Retrieved on: 
Wednesday, July 7, 2021
Types of insurance, Insurance, Casualty insurance

NORWICH, N.Y., July 7, 2021 /PRNewswire/ -- On June 17th, 2021, NYCM Insurance was recognized as this year's "Culture Creator"at the Celebration of Commerce Chenango Gala.

Key Points: 
  • NORWICH, N.Y., July 7, 2021 /PRNewswire/ -- On June 17th, 2021, NYCM Insurance was recognized as this year's "Culture Creator"at the Celebration of Commerce Chenango Gala.
  • NYCM recognizes the importance of a healthy, balanced company culture, and providing a space that facilitates growth.
  • NYCM Insurance is a property and casualty insurance carrier that has been providing coverage to residents and businesses in New York since 1899.
  • Aside from the Edmeston headquarters, NYCM Insurance has three additional offices in Sherburne, Canajoharie and Orchard Park.

BBSI Announces a New Insurance Program that Materially Reduces its Workers’ Compensation Exposure Resulting in Better Financial Predictability

Retrieved on: 
Tuesday, July 6, 2021
Actuarial science, Types of insurance, Financial law, Workers' compensation, Underwriting, Financial risk, Exposure, Articles, Academic disciplines, Economy, Insurance

This structure limits potential downside while continuing to allow BBSI to benefit from its best-in-class underwriting, risk mitigation and claims management practices.

Key Points: 
  • This structure limits potential downside while continuing to allow BBSI to benefit from its best-in-class underwriting, risk mitigation and claims management practices.
  • Approximately 82% of BBSIs workers compensation exposure is covered through this new program.
  • This transaction primarily includes claims incurred in 2018 and reduces BBSIs outstanding workers compensation liabilities by approximately 15%.
  • BBSI has no exposure to unfavorable development on these claims, but the agreement allows for participation in future favorable development.