This insurance market is set to hit $167 billion by 2020
The private health insurance market in China is set to hit $167 billion in the next few years as wealthy Chinese look for an alternative to the public health system.
Although many Chinese now have critical illness policies, it is the reimbursement sector that is expected to see the fastest growth.
A joint study by BCG and
Swiss Re shows that the typical purchaser of this type of coverage is aged 35-55, married with children and a household income of at least $30,000.
"Purchases by individuals remain rare, and pure reimbursement players in China simply haven't been able to make money due to the small size of the market. This is set to change," said John Wong, head of BCG's healthcare practice in China.
Alberta, Saskatchewan storms cost insurers $65 million
Storms which swept through Southern Alberta and Saskatchewan from July 15-16 caused an estimated C$65 million in insured losses.
The Insurance Bureau of Canada reports that the estimate, from Catastrophe Indices and Quantification Inc, includes damage to vehicles and buildings from hail and flooding. Alberta suffered most of the damage.
"This is yet another example of severe weather events causing extensive damage in our region," said Bill Adams, Vice-President, Western and Pacific, IBC. "This has been an active summer across the Prairies and it reinforces the need for Canadians to understand their insurance policies and to have an emergency preparedness plan for when bad weather strikes."
Allied World appoints US cyber head
Jason Glasgow has been appointed head of Allied World Assurance Company’s US cyber platform. He joins the insurer from
Travelers where he most recently held the position of Vice President and Cyber Risk Product Manager.
Glasgow’s new role as Vice President, Practice Lead – Technology, Privacy & Network Security Professional Liability for Allied World U.S; means that he will be responsible for the firm’s US cyber platform’s strategy, management and underwriting.
Allianz golf day raised $220k for Alzheimer’s Association
A recent event held by Allianz Life Insurance Company of North America has added $220,000 to the funds of the Alzheimer’s Association MN-ND.
The Driving to Donate Charity Golf Tournament has now raised in excess of $1 million in its seven year run and has become one of the top charity golf events in the Twin Cities.
“Year after year, Allianz Life employees and our vendors contribute their time and resources to raise awareness and provide support to help combat this disease,” said Allianz Life General Counsel Gretchen Cepek. Cepek serves on the Alzheimer’s Association MN-ND board. “I’m incredibly proud that we’ve given more than $1 million to the Alzheimer’s Association and that our donations directly help those coping with memory loss.”
