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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 [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
Aust Insurers ‘gouging’ Since Queensland Floods
January 17th, 2012 
gary 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
January 13th, 2012 gary 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
January 8th, 2012 gary 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
January 8th, 2012 gary 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 [...]
China’s Circ To Increase Equity Investment Cap For Insurers
November 1st, 2011 gary The China Insurance Regulatory Commission (CIRC) is working on plans to widen insurers’ fund investment channels and moderately lift ceiling for insurance companies investing in stocks and funds, said Chen Wenhui, vice president of CIRC on Monday. Chen made the remarks during 2011 Golden Kirin Forum organized by SINA (SINA.NY). According to current regulations, the [...]
Insurance Aust Group On Track To Reach Guidance
November 1st, 2011 gary Insurance Australia Group (IAG, ASX:IAG) says it is on track to deliver on its full year financial guidance after an encouraging performance in the first quarter. Chief executive Mike Wilkins told the insurer’s annual general meeting on Wednesday that gross written premium growth in the first few months of the financial year was encouraging, while [...]
Foreign Insurers To Operate Compulsory Motor Insurance In China
November 1st, 2011 gary Foreign funded insurance companies in China are expected to operate business on compulsory traffic accident liability insurance for motor vehicles, according to an article published by Shanghai Securities News. The China Insurance Regulatory Commission has submitted plans to a higher regulator and is waiting for its decision. Foreign insurance companies are likely to expand their [...]
