Axis Capital Group Review: Global Mutual Insurance Continuou

Analysts have recently released a warning on the possible recurrence of the great recession which affected a lot of industries and was the reason for numerous downfalls of economies all over the world in 2008. As much as it had caused panic to some sectors and caused a major belt tightening to others, insurance industry does not seem too fazed.

Economic conditions remain challenging but the global mutual insurance still increased by 3% on the second quarter of the year.

In Europe, there is even a greater possibility to interact with customers. Since global mutual insurance is defined as insurance also owned by the clients, communication gap has been bridged, loyalty has been strengthened and clients had been aware of product design, pricing, underwriting, claims and reporting. Regulatory initiatives requires greater transparency regarding the information provided to customers, revisions to relationships with distributors and greater governance and oversight over new and existing products.

It is also the same for Asian countries.

Emerging Asia was the main contributor to insurance growth, accounting for 29 percent of all global growth. This reveals a shift in growth distribution between emerging and mature markets over the past decade. Developing cities such as Kuala Lumpur, Malaysia and Jakarta, Indonesia have even emphasized on the importance of health insurance and have implemented schemes to provide equal distribution of health care, life insurance and casualty insurance. Since natural disasters are also constantly occurring in the recent times, governments have been more cautious and paid more attention to property insurance which can compensate on the loss experienced during flood, fire and other natural phenomenon.

According to reports, in real terms, premium growth in Asia & Oceania accelerated in 2012 (+9%), compared with the previous year (+1%), as the three largest regional markets (Japan, China and the Republic of Korea) all saw an upturn in real growth rates.

Data security has also been incorporated to most, if not all of insurance system which provides protection from identity fraud and insurance scams.

The United States shows the greatest increase in mutual insurance.  As many consumers turn to online banking and investment services to manage their finances, the leader country has taken advantage of its lead to stir more and more people into insurance. Since private insurance can also be expensive, mutual insurance has provided fortress for quality insurance and the need to meet the required insurance imposition. Members had sought similar opportunities from providers of life insurance and annuities, presenting opportunities for insurers that develop online advice and transactional models.