Chubb insurance strategy braces for Brexit through corporate structure conversion

Insurance strategy - Brexit

Chubb European Group S.E and Ace Europe Life S.E have both converted to Societas Europaea. As of July 19, 2018, both Chubb European Group S.E and Ace Europe Life S.E have been converted to Societas Europaea as a part of the insurance strategy for coping with Brexit. The move makes it possible for the insurers to shift their E.U. jurisdiction out of the United Kingdom. At the same time, this insurance strategy still makes it possible for the insurers to continue to operate and do business within both the United…

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Banks are selling customized cryptocurrency insurance packages to businesses

Cryptocurrency insurance - digital information

According to a recent Bloomberg Report, several insurers are offering these custom products. A number of large insurers are now quietly selling cryptocurrency insurance packages to businesses. Despite the association with thefts and hacks, Allianz, AIG and others are offering customized deals to cover the digital currencies for digital asset businesses. Providing cryptocurrency protection is increasingly commonplace despite the lack of publicity. Insurers are acting quite quietly regarding the cryptocurrency insurance they sell. Aon currently holds more than 50 percent of the total cryptocurrency insurance market. The London-based insurer appears…

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Insurance industry hiring to hit record levels in 2018, survey

Insurance industry hiring - Leaping for Job

A new outlook survey predicts this year will see insurers working to fill more jobs than ever before. Insurance industry hiring is taking off at a powerful rate, causing insurers to face a number of challenges. They are working to fill positions such as actuaries, underwriters and in claims and sales. A new survey shows that these employers are facing a string of challenges bringing in new hires. The 2018 Insurance Industry Employment and Hiring Outlook Survey predicted a trend toward record insurance industry hiring this year. However, experienced talent…

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IBM and ANZ combine efforts to develop insurance blockchain solution

Insurance Blockchain Solution - cryptocurrency

The Australia and New Zealand Banking Group intends to improve insurance industry efficiency. IBM has teamed up with the Australia and New Zealand Banking Group (ANZ) to create an insurance blockchain solution. Its purpose is to enhance insurance industry efficiency levels. Also involved in this partnership is Suncorp New Zealand, a financial services firm. The insurance blockchain solution is meant to make it possible for premium payments and data to transfer more easily between insurers and brokers. This could result in a more transparent and much faster process overall. The…

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Unfair insurance practices earn Wells Fargo a $1 billion fine

Unfair insurance practices - Fine - Law - Gaval

The banking giant’s latest penalties are for having sold unnecessary auto insurance to customers. Wells Fargo has been slapped with a $1 billion fine for its unfair insurance practices. Thousands of the bank’s vehicle loan customers were sold additional unnecessary auto insurance policies. Those car owners ended up paying much more for their vehicles than was necessary. Among those Wells Fargo customers, thousands ended up having their vehicles repossessed as a result of the unfair insurance practices. The fine was laid down by the Consumer Financial Protection Bureau as well…

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Idaho kids health insurance system may have been overpaid

Kids Health Insurance - Doctor, child, stethoscope

The federal government claims it paid $3.1 million too much, thought the state disagrees. A federal agency claims it overpaid the Idaho kids health insurance program by $3.1 million from 2010 through 2013. This, according to an Office of Inspector General (OIG) of the U.S. Department of Health and Human Services audit. Idaho completely disagrees and says that all the payments it received were fully justified. The kids health insurance audit suggested that there was an overpayment and that it was Idaho’s fault. The report indicated the state should be…

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California insurance market third largest in the world

California insurance market - Flag of America and of California

The state’s insurers collect $332 billion in premiums every year, said the commissioner. The California insurance market now has an annual premium volume higher than ever before. The volume has now reached $332 billion, said Insurance Commissioner Dave Jones. This figure brings the state to the position of being the third largest market in the world. The California insurance market is the largest in the United States. That said, while that figure from the California Department of Insurance (CDI) does sound impressive, knowing what that represents on a global scale…

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Walmart health insurance acquisition talks underway with Humana

Walmart Health Insurance - Insurance Company Acquisition - Business

The largest retail chain in the world is reportedly in early-stage negotiations with the insurer. A new Walmart health insurance company may one day form if its acquisition of Humana is successful. The Wall Street Journal reported that the retailer was in talks with the insurer for precisely that purpose. Reuters soon after reported that the companies were working on a possible partnership without ruling out an acquisition. Humana’s shares skyrocketed by up to 13 percent during the trade hours following the reports. The Walmart health insurance talks also gave…

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Nestle thinking of selling off its Gerber Life Insurance

gerber life insurance nestle phone elderly senior baby

The company’s board of directors is looking into options for that business, including its sale. Nestle’s board of directors is looking into various different options concerning its Gerber Life Insurance business. The company has not ruled out selling off the business as it works to try to adjust its product portfolio. The purpose of Nestle’s efforts is to enhance the effects of a broader organic sales growth strategy. The portfolio management which includes the decision of whether or not to sell the Gerber Life Insurance business is meant to help…

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The Wells Fargo scandal continues to bite with 38,000 erroneous letters mailed

wells fargo scandal letter

The auto insurance scam involved selling unnecessary coverage and now includes sending letters containing mistakes. The Wells Fargo scandal that rocked the financial services company in the second half of last year just became more unpleasant. As the bank attempts to recover from the latest damage to its reputation in which auto loan customers were sold insurance policies they didn’t need, they’ve now made another mistake they didn’t need. The bank accidentally sent out letters about the auto insurance scam containing erroneous information. The Wells Fargo scandal involved requiring car…

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