AM Best: Nepal will not significantly impact global reinsurers
The devastating earthquake which resulted in thousands of deaths and injuries and has left many more homeless will not cause a major financial impact on global reinsurers. That’s the forecast from AM Best which expects local insurers in the region to suffer significant losses with a high level of property and auto claims but says that the global reinsurance sector will have minimal exposure. Nepal’s insurance market is small with just U$102 million in non-life premiums and U$175 million in life insurance premiums according to 2013 figures.
Manulife profits fall but dividend is boosted
Manulife Financial Corp has announced its first quarter results and revealed that tough times for investments have cut its profits. The insurer reported that its net profit was down to $723 million (36 cents per share) from $818 million (42 cents per share) a year ago. The company’s chief financial officer said that investments did not work out as expected due to market conditions especially gas and oil holdings. The core insurance activity of the company did increase profit though and Manulife shareholders will receive a dividend of 17 cents per share after a surprise 10 per cent increase was announced.
New data resource to be published on long term care insurance
A new resource providing data and facts about the long term care insurance sector is to be published by the American Association for Long Term Care Insurance. The Los Angeles-based organization will reveal information such as when people buy long term care insurance and how much they buy. Executive director Jesse Slome says: "There is no other single source that compiles independent research and summarizes key findings focused on long term care insurance.” The AALTCI will also be holding a summit in Washington this fall.
