Canadian insurance industry sees areas of growth throughout pandemic

Canadian insurance industry - Canadian Flag

While the COVID-19 crisis rages on, and insurers face challenges, some are thriving. The Canadian insurance industry has measured some pockets of growth in specific areas of coverage throughout the pandemic crisis. Insurers are struggling in the areas of coverage disagreements, particularly in business interruption policies. Business interruption and travel policies are often leading to disputes over coverage, lawsuits, angry clients and customers, and economic challenges among others. However, in other areas, some considerable opportunities have opened up for certain types of product lines to grow and developed. Among those…

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Tencent’s WeSure insurance platform faces misleading marketing fine

WeSure Insurance - Tencent Tower

The Chinese parent company behind WeChat and QQ is facing disciplinary action from Beijing. Chinese tech giant Tencent owns an insurer called WeSure insurance, which lets consumers purchase various forms of coverage online. They can make these purchases via QQ or WeChat, the company’s social media networks. That insurer has been slapped with a fine for running a marketing campaign that was misleading. The fine is a reflection of Beijing’s determination to firmly regulate the largest internet market in the world. That said, the fine against WeSure insurance was only…

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Amazon auto insurance is now available for drivers in India

Amazon auto insurance - Amazon building

The company has started selling coverage for two- and four-wheelers driven in the country. Amazon auto insurance has now rolled out in India, marking the first time the retail and tech giant has stepped into the global financial services category. The e-commerce company confirmed solidifying a deal with Acko General Insurance from Mumbai. The Amazon auto insurance sales are underwritten by Acko General Insurance and are available to car drivers and motorcycle riders in the country. Amazon is also an investor in that insurer. Amazon Pay chief executive and director…

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Chinese insurance industry takes moves away from centralized supervision

Chinese insurance industry - Office Buildings in China

The country is moving to decentralize the oversight of its $3.1 trillion industry. China is making the first moves to decentralize the oversight of the $3.1 trillion Chinese insurance industry as it seeks to enhance efficiency levels. The CBIRC has produced new guidelines granting local regulators more supervisory power. The China Banking and Insurance Regulatory Commission (CBIRC), the national Chinese insurance industry regulator, issued all new guidelines granting new supervisory powers to local regulators who will now be responsible for certain segments of the sector. This decision is expected to…

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Canadian life insurance has been too expensive for years, says new analysis

Canadian life insurance - Canadian Money

The findings indicate that people in Canada have been overpaying for coverage by 36 percent. Canadian life insurance is substantially more expensive than it should be, according to a recent PolicyMe study which showed that people in the country to our north are paying an average of 36 percent too much. This analysis was based on the data from 4,800 existing policies in Canada. The findings have shown that the Canadian life insurance industry may be ready for somewhat of an overhaul. The reason is that the traditional methods used…

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Lloyd’s of London insurance companies prepare for a September re-opening

Lloyd’s of London Insurance - Lloyd's building mirrored in other building

Following the pandemic lockdown, the insurers are preparing to bring their workers back to offices. Lloyd’s of London insurance companies will be re-opening their offices and bringing their workers back in September 2020. The insurers are preparing to make a range of changes in order to prepare for employee returns. Among the changes Lloyd’s of London insurance companies will use methods such as temperature checking thermal cameras, clear screens on underwriting boxes, and click and collect take-out catering services. These will be meant to help ensure workers will continue reducing…

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IOC pursues postponement insurance over Tokyo Olympics delay

Postponement insurance - Olympic Rings

The International Olympics Committee has event coverage, but it isn’t clear if delays are covered. The IOC is seeking a postponement insurance claim for the delayed Tokyo Olympics. That said, while the policy does provide coverage against cancellation of the games, it isn’t immediately obvious whether protection extends to a delay. The IOC is currently in “open discussion” with its insurance brokers over the situation. Pierre Ducrey, the Olympic Games operations director at the IOC said that they are currently in an “open discussion” with their insurance brokers. The goal…

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