More than half (54%) of high-net-worth individuals are concerned that they are underinsured, with many worried they are buying insurance that may be inadequate for their needs, according to new research published today by Chubb. In spite of this, the research of 500 HNWIs in the UK, Ireland and France, reveals that only three in 10 (30%) of respondents look for insurers or brokers that are experts in high-net-worth insurance, and fewer than a fifth (19%) buy from a specialist broker. Findings of the research suggest that HNWIs look for service excellence in their insurance cover, identifying three main "pillars"…

A.M. Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb+” and the Mexico National Scale Rating of “aa-.MX” of Bupa Mexico Compañía de Seguros, S.A. de C.V. (Bupa Mexico) (Mexico). The outlook of these Credit Ratings (ratings) is positive. The ratings of Bupa Mexico reflect the importance and integration of the local subsidiary to its parent company, Bupa Insurance Company (BIC), and the operational and capital support from the ultimate parent organization, The British United Provident Association Limited (Bupa), a global health and care company. The ratings also consider the parent’s creditworthiness…

A.M. Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Delvag Versicherungs-AG (Delvag) (Germany). The outlook of these Credit Ratings (ratings) remains stable. Delvag is the captive insurer for Deutsche Lufthansa Aktiengesellschaft (Lufthansa), a global aviation group domiciled in Germany. In October 2016, Delvag Luftfahrtversicherungs-AG merged with its subsidiary, Delvag Rueckversicherungs-AG (Delvag Rueck). The merger was retroactively enforced as of 1 January 2016. Concurrently, the merged entity changed its name to Delvag Versicherungs-AGfrom Delvag Luftfahrtversicherungs-AG. The rating affirmations reflect Delvag’s strong risk-adjusted capitalisation following the merger and its track record…

Following The UK Supreme Court’s decision to immediately abolish employment tribunal fees, which were declared to prevent an individual’s right of access to justice, award-winning Insurtech leaders, Qdos Underwriting of The Qdos Group, has warned that this ‘historic moment in employment law’ will inevitably lead to a rise in employment tribunal applications, and in turn, even insurance claims. The move will also see the Government reimburse up to £32million paid by claimants since the introduction of the fees in 2013, which can reach up to £1200. Jeremy Butler, Managing Director of insurance intermediary company, Qdos Underwriting, which specialises in providing…

World of America and Grupo Protg, two of the largest insurance brokers serving the US and Latin America have joined forces. We are pleased to present the “Globalitas Group”, a dynamic company that opens up business opportunities by multiplying its commercial strength in the market throughout offices in the United States, Mexico, Brazil, Ecuador, Costa Rica and Guatemala. More than a new company in the market, it is a fresh new approach to doing business globally. “Globalitas Group” is the solution that everyone was waiting for, to increase their sales and expand their reach in the insurance industry. The group…

A.M. Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa” from “aa-” and affirmed the Financial Strength Rating (FSR) of A+ (Superior) of Allianz SE (Allianz) (Germany) and most of its A.M. Best-rated subsidiaries. The outlook of the Long-Term ICR has been revised to stable from positive. The outlook of the FSR remains stable. [See below for a detailed listing of company Credit Ratings (ratings)]. The rating upgrades reflect Allianz’s strong financial performance, coupled with an excellent level of risk-adjusted capitalisation, despite adverse economic conditions in recent years. Furthermore, actions taken by the group in response to…

A.M. Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long Term Issuer Credit Ratings (Long-Term ICR) of “a” for the majority of the insurance subsidiaries of UnitedHealth Group Incorporated(UnitedHealth Group) (Minnetonka, MN) [NYSE: UNH]. Concurrently, A.M. Best has affirmed the Long-Term ICR of “bbb+” and the Long-Term and Short-Term Issue Credit Ratings of UnitedHealth Group. The outlook of these Credit Ratings (ratings) is stable. Additionally, A.M. Best has upgraded the FSR to A (Excellent) from A- (Excellent) and Long-Term ICR to “a” from “a-” for Neighborhood Health Partnership, Inc. (Miami, FL). The outlook of these…

Leading health care benefits provider, Aetna International (www.aetnainternational.com) has launched a new service approach for organisations with over 1,500 employees overseas. Aetna International brings extensive US and international health care management capabilities to the large-group market. Following detailed broker consultations, a fully flexible solution has been developed to meet the needs for the largest organisations with international operations. Aetna International’s proposition is comprised of four main pillars: Member Support Focusing on the member means covering core inpatient and out-patient needs and adding layers of additional flexible benefits in line with customer stipulations. A full suite of wellness and security benefits…

Pacific Prime is has released their latest annual report, Cost of International Health Insurance Report - 2017. The new report presents a ranking of the average premiums in 100 countries, which spans from USD 19,724 to USD 7,027. These findings are based on combined data from 10 major insurers, who each offer three levels of health insurance plan: inpatient only, inpatient + outpatient, and inpatient + outpatient + maternity. The four demographics used to generate the premium data for this report are: individuals, couples, families, and retirees. RELATED READING: The Rising Cost Of Global Healthcare: iPMI Providers Talk Medical Inflation…

Sompo International, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has announced that it has launched a new Accident & Health insurance unit. Mr. Dale Willetts joined Sompo International as Executive Vice President, Head of Accident & Health, to lead the new team which comprises six experienced underwriters located in the company’s London office. The new team will write a broad portfolio of global A&H business written primarily through the company’s Lloyd's Syndicate 5151. Mr. Willetts was Head of Underwriting Accident & Health at ANV since 2012 and, prior to that, was in a similar role at…

ADNIC CEO Mr. Ahmad Idris talks about the company’s preparedness to adapt to the changing insurance landscape in the region and investing in innovative technologies and services for enhanced customer experience.

The Dubai Health Authority (DHA) will be launching the Damani project at all its hospitals and primary health care center this year, the project aims to ease patient’s health insurance procedures through launching Damani Offices across DHA facilities. The offices will aid insurance holders by contacting their insurance companies and helping them complete their procedures. Taha Abdul Rahim Ketait, Director of Health Insurance System Management at DHA said Damani would help aid customers at emergency departments and outpatient clinics of Rashid, Dubai, Latifa and Hatta Hospitals as well as all primary health care centers—in completing their health insurance procedures. All…

In a submission to a Senate Committee Inquiry Bupa is calling for the removal of waste and inefficiencies in the health system, improving transparency, empowering consumers, and changing the way people with chronic and complex health conditions are cared for. Bupa would like the Government to establish a Productivity Commission review of the health system and develop a 10-year roadmap for structural reform of the health system. “The Productivity Commission should be tasked with developing a 10-year roadmap to move to a ‘values-based’ health system, focused on sustainability, improved quality and greater efficiency, driven by a more effective market.” Hospitals…

Britons’ sense of personal well-being has declined sharply over the past three years as financial pressures mount and put a strain on family health, new research from Cigna International Markets reveals. The findings, part of the 2017 annual Cigna 360° Well-being Survey, reveal that well-being has deteriorated in the UK compared to the 13 countries surveyed. The UK’s ranking in Cigna’s 360 well-being index has fallen from 3rd place in 2015, to 5th in 2016, with the UK ranking in 8th place in the latest survey released today. In terms of well-being, Britain now ranks behind India, Thailand, China, Spain,…