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China life insurance (Group) Company (hereafter China Life) saw CNY 357.849 billion consolidated insurance premium (non-audited, and the same below) and CNY 1.96 trillion combined total assets in 2011, and the premium increased steadily. In terms of the itemized data, China life insurance Co., Ltd. (NYSE: LFC, SEHK: 2628, SHSE: 601628) saw a steady increase [...]
Archive for January, 2012
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Aust Insurers ‘gouging’ Since Queensland Floods
Posted by gary on January 17th, 2012
Australian insurers who have dramatically raised their premiums since the Queensland floods are guilty of `gouging’ customers, Premier Anna Bligh says. In one case, the North Burnett Council was asked to pay 65 per cent more to insure its property – a rise of almost A$100,000 (US$102,605) compared to last year. The Premier said some [...]
PICC Health OKed to Up Registered Capital
Posted by gary on January 13th, 2012
China’s Insurance Regulatory Commission (CIRC) yesterday gave PICC health insurance Co., Ltd. green light to lift its registered capital to CNY 3.97 billion from CNY 3.65 billion. PICC Health, a modern joint-stock insurance firm sponsored by PICC Group, DKV, and other companies in China, has an initial registered capital of CNY 3 billion. The company [...]
Blow-out in health insurance gap fees
Posted by gary on January 8th, 2012
Australian private health insurers have been permitted to provide gap cover since mid-2000. Some 89 per cent of medical treatment in hospitals is now provided without patients having to pay gap fees, compared with 65 per cent in 2000. Nevertheless, the Private health insurance Administrative Council has noted that many medical practitioners still impose gap [...]
INSURANCE AUSTRALIA GROUP RAISES CATASTROPHE REINSURANCE COVER
Posted by gary on January 8th, 2012
Insurance Australia Group (IAG, ASX:IAG) has increased its catastrophe reinsurance cover by 12 per cent for 2012 following a year that included cyclones and flooding in Australia and earthquakes in New Zealand. The general insurer said it finalised its catastrophe re-insurance program starting January 1 with protection of up to A$4.7 billion (US$4.86 billion), compared [...]
