Insurance News – auto insurance, health insurance quotes

Chinese insurance industry, which volume makes $440 billion, faces great problems now.
And even intervention of authorities does not rescue Chinese insurers and in terms of world financial crisis, growth of profit of these companies is not expected.
One of the largest insurance companies of China Ping An Insurance Co has lost $2,3 billion on investments in shares of Belgium-Netherlands financial group Fortis NV.
Shares of insurance company China Life have already decreased on 50 %, and Ping An’s shares have lost more than two thirds of cost for the same period. Moreover, Ping An has informed on losses on results of III quarter at the rate of $1,15 billion, that is connected with the western operations of the company.
Since October 2007, Shanghai Composite index has lost more than 70 %, and the majority of the insurance companies incur losses because of problems in the market. And it is obvious that in the nearest years the profit, which the companies receive from the share markets, will remain low.

According to the Latvian Insurers Association within ten months Latvian insurance companies’ premiums have increased by 13%(Ls35,2 million ) in comparison with the similar period of the last year.
In general from January till October insurers have signed premiums for the sum Ls304,6 million.
The sum of paid during this period premiums has grown much quickly – on 48 % or Ls52,7 million. Within ten months period the sum of premiums has made Ls161,8 million or Ls532 thousand a day.
The quantity of the premiums signed by companies on insurance risks, has grown on 16 % or Ls36,7 million, the sum of paid premiums has increased  by 41 % or Ls40,8 million.
In life insurance the volume of the signed premiums has decreased for 3 % or on Ls1,6 million – up to Ls44,9 million.
The share of life insurance premiums has made 15 %, and the share of risks insurance makes 85 %.

Insurance company American International Group Inc. (AIG) has come to agreement with company Aabar Investments PJSC, which headquarters is located in the United Arab Emirates, upon sale of affiliated division AIG Private Bank Ltd.
Under the Aabar Investments’ management of AIG Private Bank will become independent financial company, its main office will be located in Switzerland, and branches will be located in Hong Kong, Shanghai, Singapore and Dubai. AIG Private Bank will carry out the activity (mainly services in management of the finance of physical persons) under the new name in such regions, as Western and the Eastern Europe, Asia and the Near East.
AIG Group, which cost of shares has fallen approximately on 98 percents, is one of world leaders in sphere of insurance and financial services and the largest insurer of the USA. Its divisions are located in 130 countries of the world. AIG’s shares are registered at stock exchanges in New York, Tokyo and Dublin. In September AIG appeared on the verge of bankruptcy, and the state assistance in exchange for a controlling interest has been offered to it, and in the middle of November the volume of assistance has been increased almost up to 150 billion dollars.