Insurable Interest Canadian Insurance Blog

Cologne, Germany (Feb. 14, 2019) – Gen Re’s NOW app uses facial analytics technology to offer a quicker, easier – and fun – way to purchase Life, Hospital Cash or Accidental Death insurance. The prototype was just launched. The buying process begins by uploading a selfie from your smartphone. Powered by Lapetus Solutions’ JANUS facial… Read more » The post Gen Re’s NOW App Uses Facial Analytics to Let Consumers Buy Insurance in Minutes appeared first on Insurance-Canada.ca.

Net loss of $622 million, or $0.70 per share, for the fourth quarter of 2018, compared to net loss of $6.7 billion, or $7.33 per share, in the prior-year quarter. Adjusted after-tax loss of $559 million, or $0.63 per share, for the fourth quarter of 2018, compared to adjusted after-tax income of $526 million, or $0.57 per diluted share, in the prior-year quarter. Total net investment income of $2.8 billion in the fourth quarter of 2018, compared to $3.5 billion in the prior-year-quarter was significantly impacted by market performance. Full year 2018 net investment income of $12.5 billion compared to $14.2 billion in the prior year. Net pre-tax catastrophe losses in the fourth quarter of 2018 of $798 million ($630 million after-tax or $0.71 per share, at the statutory tax rate of 21%) consistent with the previously disclosed range. Full year 2018 net pre-tax catastrophe losses of $2.9 billion compared to $4.2 billion in the prior year. Net unfavorable prior year loss reserve development of $365 million in the fourth quarter of 2018. For the full year 2018, net unfavorable prior year loss reserve development of $362 million compared to $978 million for the prior year. Share and warrant repurchases...

Brighthouse Financial today launched Brighthouse SmartCareSM, an indexed universal life product with a long-term care rider. The combination ensures that even if customers don’t use the LTC benefit, they get value through the guaranteed death benefit, Brighthouse said in a news release. SmartCare “distinguishes itself from other hybrid products by offering policyholders the ability to grow cash value, death benefits and LTC coverage through the performance of major market indices,” Brighthouse explained. Brighthouse SmartCare arrives at the intersection of two key retirement trends: rising costs of long-term care and increasing life expectancies. It is estimated that 50 percent of Americans turning 65 today will require some form of long-term care, with average lifetime long-term care expenses of $266,000, Brighthouse noted. Yet, many retirement-age adults have a hard time envisioning and planning for the possibility of needing long-term care. “We designed Brighthouse SmartCare to address an increasingly important question in retirement today: What happens to my financial future if I suddenly require long-term care?” said Eric Steigerwalt, president and CEO, Brighthouse Financial. “We’ve responded with a flexible IUL product that provides multiple layers of protection for customers as they build for what’s ahead.” On Monday, Brighthouse reported fourth-quarter net income of $1.44...

VPs discuss AGEman deal and how this can help managers build their business

The individual denied overwhelming circumstantial evidence that she conspired with others to cheat

Even if the products offer sustained income benefits, one psychological bias holds people back from buying them

State insurance regulators debated risk and reward and how much of the former consumers should take on in pursuit of the latter when purchasing indexed universal life products. A National Association of Insurance Commissioners’ subgroup revealed the depths of  members’ disagreement during its first conference call Tuesday on IUL illustrations. The IUL illustration subgroup has a 2019 charge to “provide recommendations for modifications to AG 49 to the Life Actuarial (A) Task Force.” The issue involves IUL multipliers, which did not exist when AG 49 was adopted in 2015. AG 49 was developed to provide insurance carriers a more uniform method for calculating maximum illustrated rates on IUL products and to help consumers better understand index life insurance product illustrations. AG 49 states that: “If an insurer engages in a hedging program for index-based interest, the assumed earned interest rate underlying the disciplined current scale shall not exceed 145% of the annual net investment earnings rate.” Companies are using index performance multipliers on IUL products in order to skirt this requirement, said James Regalbuto, deputy superintendent for life insurance at the New York Department of Financial Services. “If you’re creating a product with these multipliers, or these bonuses, you’re not constrained by...

HAMILTON, Bermuda , Feb. 12, 2019 (GLOBE NEWSWIRE) — Bermuda’s long-term insurance and reinsurance industry is marking a banner year of increased company registrations, driving vital job growth in the jurisdiction. Members of BILTIR and the BDA joined Premier Burt and Ministers Dickinson and Caines for a lunch hosted by the government this month to discuss the long-term sector’s growth   The number of Bermuda-based companies in the sector, which provides global coverage of life, annuity and pension products, more than doubled in 2018, compared to the previous year. A total of 15 new long-term companies were licensed in Bermuda last year, compared to six registrations in 2017—marking the greatest year-on-year growth across all insurance sectors, according to recent figures released by the Bermuda Monetary Authority (BMA). “The growth in our insurance market’s long-term sector underscores Bermuda’s status as a centre of excellence and expertise in this industry,” noted Roland Andy Burrows, CEO of the BDA, which this week launched a video highlighting the industry’s expansion. “Importantly, the sector not only plays a critical role globally, but also contributes a growing number of jobs locally to strengthen our island’s economy.” The long-term re/insurance sector was responsible for the creation of...

The Mutual Fund Dealers Association of Canada has announced that a former advisor has been sanctioned with a permanent ban and a fine of $175,000 for misconduct.

RBC Global Asset Management Inc. has announced that Beutel, Goodman & Company Ltd. has been appointed as sub-advisor of RBC Private Canadian Growth & Income Equity Pool. The name of the Pool will also be changed.