Category: International Insurance News

News from around the world and how change in this industry affects other lines of business globally.

Allianz CEO says no US insurance market expansion on the way

Logan B.
US Insurance Market - Truth - Paper

Chief executive officer Oliver Bäte denied the rumors of a move to the United States in a recent interview. Rumors Allianz taking its first steps into the US insurance market have been officially denied. The insurance giant’s chief executive officer, Oliver Bäte spoke in an interview with the Financial Times and explained that the company had no intentions to head to the United States. Bäte explained that the American market is too different in its valuations, reducing its appeal for the firm. “Buying something in the US for us is…

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Lloyd’s of London insurance market will write online for the first time in 2020

G. Turner
Lloyd’s of London - London Buildings

The industry’s largest market will finally begin writing electronic business next year. Lloyd’s of London, the largest insurance market in the world, has finally announced that it will be taking its first steps into writing online. It will write its first business electronically beginning in 2020. The first online-only policy writing will begin operations as of January 1, 2020. The largest reinsurer in the world, Munich Re, will start writing policies by way of an online-only syndicate at the beginning of next year. This, according to statements issued by both…

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

G. Turner
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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Thai uninsured drivers now have a unique affordable auto insurance policy option

H. Cutner
Uninsured Drivers - Driver - Steering Wheel

Thaivivat and AIS partnered to attract these motorists with coverage exclusively while driving. Thaivivat, an insurance company in Thailand, has partnered with telco AIS to draw uninsured drivers in the country. The idea is to provide a type of coverage that is affordable through a unique product that is a first of its kind in the world. This auto insurance coverage is unique in that it applies only when the vehicle is in operation. This program to appeal to uninsured drivers is the first on the planet that automatically covers…

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Oil insurance affected by skyrocketing risk levels in Persian Gulf

Marc
Oil Insurance - oil rig

The Joint War Committee of London’s Lloyd’s Market Association said the risk is highest since 2005. The oil insurance companies are reacting to the risks spiking in the Persian Gulf that are affecting tankers that must travel through that region. The risk of danger to oil tankers in the Persian Gulf hasn’t been this high since 2005. A new report from the Joint War Committee of London’s Lloyd’s Market Association stated that it would increase its “listed areas.” Those listed areas are the regions in which the highest shipping risks…

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Alleged Allstate whistleblower sued for $700K over insurance discrimination accusations

G. Turner
Insurance discrimination - Law - Court

Mehda Joshi claimed that the insurance company sought to deny coverage to visible minorities in Canada. A former Allstate employee in Canada sued the company for wrongful dismissal and publicly accused the company of insurance discrimination. The company has now launched a counterclaim against the woman, Mehdi Joshi, for over $700,000 in damages. The legal battle between Joshi and Allstate Insurance Canada began in a Toronto court last week. This court battle is in Canada’s national spotlight and is also being watched by many other countries around the world due…

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Two Lloyd’s of London automated exchanges to launch for cheaper, faster insurance

G. Turner
Lloyd’s of London Automated Exchanges - Lloyd's building in London

The highly traditional insurance market has planned to use technology to improve efficiency. Two Lloyd’s of London automated exchanges are slated to launch in order to make it possible for the traditional market to conduct business more quickly and inexpensively. Lloyd’s is a massive market but is known for conducting its business in a highly traditional way. There are currently 99 syndicate members to Lloyd’s, comprising both British and international insurance companies. That said, the majority of the company’s business is conducted in-person. This has caused it to experience two…

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