Global insurer sets out its big plan for growth
French-based global insurance firm
AXA has set out its vision for expansion with a strategy titled “Ambition 2020.”
The plan was presented to investors at a conference in Paris Monday and highlighted the need to “adapt and grow in a challenging economic environment.”
Along with many global insurers, AXA intends to expand its operations in Asia; as well as to make cost efficiencies and to focus on customer expectations in a digital world.
There will be focus on its Protection & Health business, especially in mature markets, while property & casualty commercial lines will be expected to grow in high-growth countries.
Canadian lawmakers reach pension plan agreement
The Canadian federal and provincial governments have reached a preliminary agreement to expand the Canada Pension Plan.
Discussions ended late in the evening and the proposal is that premiums would be increased over a 7-year period starting in 2019, subject to formal approval by the provinces.
"While we look forward to more details, we are pleased that the Federal and Provincial governments have committed to a modest increase in CPP," noted Canadian Life and Health Insurance Association (CLHIA) President and CEO Frank Swedlove. "However, we continue to believe any CPP enhancement should be targeted to those sectors of the population that need to increase their savings for retirement, and that they will be available to all Canadians no matter where they work or live."
With fewer employers offering workplace pensions, Canadian finance ministers are concerned about the cost of supporting an aging population if premiums are not increased.
Berkshire Hathaway expands global reach
Berkshire Hathaway Specialty Insurance Company has announced its expansion into the Accident & Health market in Asia.
Based in Singapore, the new business unit will focus initially on broker-distributed Group Personal Accident and Business Travel products, and will strategically expand its suite of A&H products over time.
The operation will be headed by Phillip Brain who joins from
Chubb, where he was vice-president and accident & health group manager in the region. Previously he was with
AIG in a similar role.
Brit brokers consider Brexit risk
The professional body for insurance brokers in the UK has urged its members to carefully consider the benefits of remaining in the EU.
With just two days to go until Britain goes to the polls in the historic in/out vote, the British Insurance Brokers’ Association says its members should make their vote count.
The apolitical organization has publicly expressed views that staying in the bloc would be better for the industry and consumers for reasons including the ability for brokers to sell across borders and the large pool of talent and knowledge available across Europe.
BIBA chairman Lord Hunt of Wirral commented: “I believe that remaining in the EU would be a vote for business stability over uncertainty. A ‘remain’ vote would stimulate investment and boost confidence that we will be able to continue to trade freely under the EU freedom of services provision.”
Meanwhile, 21 leaders of insurance and long-term savings associations across Europe have signed a letter urging the UK to remain a member of the EU.
