Consumers want an extra element to their retirement income
Retirees don’t want guaranteed income in retirement, they want the potential for a pay rise too.
A survey by
Allianz Life Insurance Company of North America shows that 80 per cent of respondents want a product that offers an income for life but 86 per cent said that they would like a product where income could rise over time.
With consumers concerned about the cost of living rising, 50 per cent of respondents said that it was “very” or “extremely” important to have the potential for increased income.
“Our study revealed that many people depend on an annual pay raise to cover various increasing expenses and even build long-term savings,” said Allianz Life Vice President of Consumer Insights Katie Libbe. “Consumers facing retirement will need to explore options that create a similar income strategy by using a portion of their portfolio to obtain guaranteed income for life with the chance for increases.”
Without possible rising income, 53 per cent of respondents said they would be very worried, or even panicked, over their ability to maintain their standard of living through retirement.
Chubb expands US trade credit insurance capabilities
Chubb Global Markets has opened a new US office and expanded its existing team as part of a growth plan for its trade credit insurance offering.
The new office is in Chicago and will focus on growing the firm’s presence and relationships in the Midwest especially in the industrial sector.
Peter Hunter is heading the new office as VP, joining from
AIG with 20 years of insurance industry experience. Yoon Koh will report to Hunter as senior underwriter and also joins from
AIG.
Meanwhile in New York, Brennan Elio joins as assistant VP, trade credit; he also joins from AIG.
Lincoln Financial Group insurance president to retire
The president of Insurance and Retirement Solutions at Lincoln Financial Group is retiring after a decade with the firm.
Mark E. Konen joined Lincoln as part of its merger with Jefferson Pilot in 2006; he had been with Jefferson for 12 years prior to the merger.
“I have greatly enjoyed my time at Lincoln and I am proud of what we accomplished during my tenure,” Konen said. “While making the decision to retire was not easy, I step away with confidence that the company's future is bright,” Konen said.
XL Group completes move to Bermuda
Global insurance and reinsurance firm XL Group has completed its re-domestication to Bermuda from Ireland. The holding company for insurer XL Catlin will now trade on the New York Stock Exchange and will be subject to the SEC reporting requirements.
