Life insurers have a good year

The Australian life insurance industry ended the 2010 financial year with good growth for net premiums and increased after-tax profits, according to the latest Australian Prudential Regulation Authority (APRA) figures.

The figures also show the life industry has bounced back from the global financial crisis that slowed growth during 2009.

Long-term care insurance struggling to survive

Long-term care insurance, a product once seen as an obvious purchase for aging Americans, is under extreme pressure in its current form as the economics become increasingly difficult for underwriters.

Insurers like Genworth Financial Inc. and Manulife Financial Corp.'s John Hancock, which dominate the market, are under pressure as a result. Even as they generate revenue from new policies, they face losses from books of older business, plus headwinds from a new competing government program.

No silver lining for US property insurance

Market predictions for the US property and casualty insurance sector are “unlikely” to change in 2011, according to Fitch Ratings.

A Fitch outlook report says with competition in the US market continuing to promote inadequate pricing, signs of a “meaningful shift” in underwriting capacity isn’t apparent.

Home prices are down, so why not insurance?

If you’re a homeowner, chances are your house is worth less than it was five years ago. But you could still be paying more to insure it.

Despite the deep housing bust of the last few years, the cost of rebuilding a damaged home - in other words, what you pay insurance for - has not changed much, according to industry experts.