UK insurance industry sees $75 billion shift as Brexit sends business out of London

UK insurance industry - Brexit - Map of Europe

Firms are shifting their centers out of London and into rival EU locations as the UK readies to leave. As much as $71 billion from the UK insurance industry is stepping out of London and is headed into locations throughout the European Union. The shift away from the capital city and into the EU is occurring as a direct result of Brexit. The EU’s insurance and pensions regulator has issued an order to every underwriter across the UK insurance industry. Those firms are required to transfer policies held by clients…

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Fitch labels General Electric insurance “risky”, sending share prices tumbling

General Electric Insurance - long term care

A new report called the long term care insurance backer the riskiest one in that sector. A new Fitch Rating report referred to General Electric insurance as one of the riskiest backers of long term care coverage. It pointed to the company’s substantial claims exposure and comparatively small cash reserves for paying those claims. As a result of the new designation, G.E. saw its shares take a nose dive at the start of the week. The Fitch Ratings report is issued annually. The credit ratings agency underscored concerns outlined by…

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Scandal insurance is taking off to protect against celebrity disgrace

Scandal insurance - Man Covering his Face

Famous people suffering reputation disasters can cause entire projects and brand deals to collapse. Celebrities are always in the spotlight, driving brands, studios and projects to purchase scandal insurance to an increasing degree. After all, when most of us do something foolish or naughty, the worst we will typically suffer is embarrassment. A celebrity could face career-ending catastrophe from the wrong slip-up. This can bring down everything they’re connected with, in the process. The larger a celebrity’s poor judgment in a circumstance, the greater the threat exposure. As a result,…

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SeaWorld parking lot flooding leaves guests with auto insurance nightmare

SeaWorld Parking Lot - Orca jumping at SeaWorld

Last month, a number of guests experienced flooded cars from a sudden Orlando downpour. A number of unlucky park guests returned to the SeaWorld parking lot after their visit in July only to find that they had an auto insurance struggle on their hands. Part of the lot had flooded, damaging their cars and the contents of those vehicles. Only now are they discovering what insurers will provide. The vehicle owners have been informed that they need substantial evidence to prove the cause of the damage. The vehicle owners who…

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Bernie Sanders is returning donations in violation of private insurance pledge

Private insurance - Hand holding US dollars

After calling on 2020 Democratic opponents to do so, he will also return donations against his pledge. Bernie Sanders’ campaign has announced his intention to return donations violating his pledges regarding private insurance and pharma money. The move was made after Sanders called on his Democratic 2020 opponents to do the same thing. In Bernie Sanders’ pledge regarding private insurance and pharma, he called for 2020 Democratic campaigns to decline or return donations involving: “contributions over $200 from the PACs, lobbyists, or executives of health insurance or pharmaceutical companies.” He…

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NFIP improvement bipartisan flood insurance bill in the works in Louisiana

Bipartisan flood insurance bill - Hurricane Katrina New Orleans

In the wake of Hurricane Barry, state senators are working on a strategy to improve the flawed program. Hurricane Barry may not have been a worst case scenario in Louisiana, but the damage it left behind has driven senators to push harder for a bipartisan flood insurance bill overhaul. NFIP has been problematic for quite some time, but the senators are hoping to make it better. Despite some flooding and damage left behind by Barry, Senator Bill Cassidy pointed out that Louisiana could have fared much worse. The storm corrected…

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Top US cities for speeding tickets identified in recent report

Speeding tickets - Fast Car

A new Insurify study revealed the top 20 cities across the country where speeders tend to drive. Driving over the speed limit is far from a rare occurrence in most cities, but new data regarding speeding tickets has pointed to the cities where it happens most. There isn’t a driver on the road who hasn’t seen another vehicle go zipping by above the marked limit. The Insurify study didn’t take into account the reason for the excessive speed. That data was not available for analysis. The recipients of the speeding…

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