LIC’s share in life insurance was dwindling, pandemic only sped the decline & more…Keep up with what has been happening this week in our latest insurance news round-up…
India’s biggest insurer is losing market share and faltering on growth like never before, as it prepares to go public through an IPO. Life Insurance Corporation of India, a 65-year-old company run by the government of India, which has also been the market leader in its space ever since, is currently in the process of readying itself for an initial public offering.
Bosses at QBE said the centre in Leeds is a European leader for innovation using technology which has been developed in-house by its Yorkshire-based staff. A spokesman said: “We’ve increased our staff numbers in Leeds from 114 in 2014 to 301 today with plans to recruit a further 40 people.”
Based in Liverpool, insurance broker Butterworth Spengler has acquired Gloucester-based Brunsdon Insurance in its first deal since becoming part of the JMG Group. Brunsdon Insurance’s existing team of 17 will join Butterworth Spengler’s team of 30 employees.
Polar Capital’s Nick Martin and Jupiter’s Guy de Blonay explain what this year’s record-breaking losses mean for the sector. The insurance industry is likely to see more volatility and will come under increasing pressure, as the ongoing effects of climate change escalate the frequency and intensity of extreme weather.
WHILE the insurance industry record books may show 2020 was a year in which reported financial results were well below expectations, the industry did show its resilience, while at the same time it positively impacted the lives of its customers in a time of great financial need, according to the Deloitte South African Insurance Outlook 2021 publication.