Global News Post: Life insurance

INDIA'S LIFE INSURANCE INDUSTRY AMONG FASTEST GROWING - ASSOCHAM

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</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">MUMBAI (NNN-IBNS) -- India will continue to be one of the fastest growing life insurance markets with annual gross written premiums of Rs 2.68 lakh crore set to grow by 13 to 14 per cent and reach Rs 5.17 lakh crore by 2015, industry body ASSOCHAM said on Monday.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">The country will contribute 10 per cent of total global premium growth in this period and be one of the few major markets to grow at double digit rates, said The Associated Chambers of Commerce and Industry of India (ASSOCHAM).</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">The life insurance industry grew by 28 per cent during 2000 and 2010 in new business premiums, 27 per cent in annualised premium equivalent (APE) and 25 per cent in gross written premiums, catapulting India to top ten markets globally.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">“But the level of protection as measured by sum assured to GDP is about 55 per cent relative to benchmarks in developed markets of 150 per cent to 250 per cent,” said secretary general D.S. Rawat.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">The relentless focus on growing new business premiums has led to several inefficiencies in business practices, he said. Creation of short-term products, incentivisation of front-line managers and agents primarily on new business and limited profiling of customer needs resulted in low levels of profitability.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Between September 2010 and March this year, the industry registered negative growth of 13 per cent in APE. In the private sector, the negative growth was even higher at 32 per cent. In the first quarter of 2011-12, the slowdown continued with the industry registering negative APE growth of 23 per cent and private sector registering negative APE growth of close to 40 per cent.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Going forward, the focus of industry will broaden beyond growth to include two important aspects which has been largely ignored in the past – providing long-term savings and protection to consumers, and driving profitability in the core life insurance business through sustainable business models.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Rawat said the market is likely to witness continued regulatory action in line with trends which are being seen among regulators across the world. Secondly, the Indian consumer is evolving rapidly.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">“Consumers are increasingly becoming multi-channel. Studies show over 80 per cent of consumers across Asia use more than one channel across the purchase and usage process – especially for buying insurance products.”</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">With India on the cusp of a digital revolution, mobile and internet driven transactions are estimated to grow three to four times over the next five years. So the paradigm for success is likely to change, driven by discontinuities in regulation, customer behaviour and technology adoption.</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;"><br />
</span></div><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif;">Emerging winners will have to redefine their business models with careful consideration to strategic issues around agency, bancassurance, innovation, geographic footprint and value of existing customer franchise. -- NNN-IBNS</span></div><div style="text-align: justify;"><br />
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INDIA'S LIFE INSURANCE INDUSTRY AMONG FASTEST GROWING - ASSOCHAM

MUMBAI (NNN-IBNS) -- India will continue to be one of the fastest growing life insurance markets with annual gross written premiums of Rs ...

Life Insurance: Possibilities in A New and Complex World

<div dir="ltr" style="text-align: left;" trbidi="on"><br /><div style="text-align: justify;"><span class="Apple-style-span" style="font-family: 'Trebuchet MS', sans-serif; font-size: 16px;">(NewsUSA) - <b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="color: red;">According to a recent study published by the Life Insurance and Market Research Association, last year only</span></i></b></span></div><div class="MsoNoSpacing" style="text-align: justify;"><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="color: red; font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">44 percent of U.S. households had individual life insurance, and 30 percent of U.S. households had no coverage at all. <o:p></o:p></span></i></b></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;"><o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">These statistics come at a time when using life insurance for both its protection benefit and as a way to build cash has never made more sense. Once pillars of financial stability, home equity, defined benefit plans, 401(k) matches and social security are now under threat. Under these circumstances, funding a college education, launching a new business or meeting an unexpected health emergency are daunting and cannot easily be resolved with many of yesterday's financial solutions.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;"><o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">A permanent life insurance policy that is reviewed and updated on a regular basis protects more than just assets. It brings stability and can help you take advantage of so many of life's possibilities.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">If you are thinking about buying life insurance or increasing the amount of coverage you already have, here are some common misperceptions you should know:<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">Life insurance is a death benefit only. In addition to a death benefit, permanent life insurance offers cash value accumulation.<span style="mso-spacerun: yes;">  </span>This money can be used to cover all kinds of life expenses for you and your family, or, small business.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">Buying term insurance with a minimum amount of death benefit and putting the rest of your money in other investments is the way to go. While death protection is important, permanent life insurance offers that protection and cash accumulation, thereby meeting your needs as they evolve throughout your lifetime.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">Life insurance matters only when you have children. Life insurance can fulfill many different needs aside from protecting children. For instance, you can access the cash value of a permanent policy to help grow a business or fund a favorite philanthropy.<o:p></o:p></span></div><div class="MsoNoSpacing" style="text-align: justify;"><br /></div><div class="MsoNoSpacing" style="text-align: justify;"><span style="font-family: "Trebuchet MS","sans-serif"; font-size: 12.0pt;">Life insurance is a monthly bill. Premium payments on a permanent life insurance policy are an investment in your future. A permanent policy is like paying yourself, as the policy accumulates cash value over time that can be used when and however needed.<o:p></o:p></span></div></div>

Life Insurance: Possibilities in A New and Complex World

(NewsUSA) - According to a recent study published by the Life Insurance and Market Research Association, last year only 44 percent of U.S. h...