Allianz reveals self insurance products blockchain prototype

Allianz blockchain self insurance products prototype

The global insurer has unveiled a new type of prototype designed for up and coming forms of coverage. Allianz has unveiled a brand new type of blockchain prototype which has been designed for self insurance products. It was first announced yesterday and reflects a new form of insuring customers that many predict will be a defining way for the industry to move ahead. The prototype makes it possible for a company to create a self insurance or captive type of policy. Using this form of blockchain prototype, Allianz can equip…

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Wholesale insurance brokers face investigation conducted by UK FCA

Wholesale insurance brokers market investigation

The Financial Conduct Authority held a much anticipated examination of that brokering market. The United Kingdom’s Financial Conduct Authority (FCA) started an investigation into wholesale insurance brokers. This long anticipated examination of the insurance brokering market is expected to find answers regarding a number of reports. This includes claims from a top executive that there is “abusive behavior” going on. The FCA said the review’s terms of reference would be published today at 7:00 GMT. The FCA promised that it would look into the wholesale insurance brokers market as early…

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Wells Fargo auto insurance product scandal will now lead to $130 million in payments

Frustrated Auto insurance product Wells Fargo

The financial giant released a securities filing at the end of last week with its updated estimates. The Wells Fargo auto insurance product scandal has received a fresh update as the bank updated its payment estimates in a recent securities filing. The document revealed the financial giant’s intentions to pay a total estimated $130 million to affected customers. That new figure represents an amount that is $50 million greater than previous estimates it released. The auto insurance product in question has since been discontinued. The premiums associated with its coverage…

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Munich Re profits likely to suffer as a result of 2017 hurricanes

Munich Re profits - Thunderstorm Rolling in

Harvey, Irma and Maria will take their tolls on the insurance and reinsurance giant. One of the largest insurers in the world has stated that hurricanes would cause it to suffer a loss as Munich Re profits prove inadequate. The company said its 2017 third quarter would record a loss as a result of Hurricanes Harvey, Irma and Maria. The insurer predicts that the hurricanes would cost $3.1 billion in its covered insured damages. These damages occurred in the United States and the Caribbean and the size of the losses…

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California Department of Insurance estimates suggest $1.05 billion in wildfire damage

forest fire California wildfire loss

Official estimates indicate that the devastating wildfires that plague the state will create billion dollar losses. The California Department of Insurance has released an estimate for the damages left behind by the catastrophic wildfires that have left historic damages in the state. The department believes the insured wildfires losses will reach at least $1.05 billion. This estimate is based on the claims received so far from the eight largest Californian insurance companies. Following that estimate, the California Department of Insurance also revealed that it expects the figure to grow. By…

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Lloyd’s insurance claims see rapid response and payments following storms

Lloyd’s insurance claims - Home office building

The massive marketplace has reported quick customer service for customers affected by Harvey, Irma and Maria. Hurricanes Harvey, Irma and Maria left catastrophe and devastation behind, and Lloyd’s insurance claims are being rapidly processed, says the market. The company says it is responding quickly and has even made some advance payments. The storms left behind an estimated $738 million in insured damages to properties and possessions. “It is heartening to see the Lloyd’s market swing into action in this way,” said Inga Beal, the market’s chief executive, when addressing the…

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Wells Fargo auto insurance scandal escalates with accusation of lying to Congress

Wells Fargo insurance scandal

Senator Sharrod Brown put forth the allegations against the bank during a recent Senate hearing. The Wells Fargo auto insurance scandal has just escalated to a new level after accusations of lying to Congress last year. At a Senate hearing this week, Senator Sherrod Brown alleged that the bank failed to disclose a growing problem within the bank’s car insuring business. This has only worsened the situation for the bank which is already facing considerable scandal. “The company pure and simple lied to this committee — and lied to the…

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2017 catastrophes will send global insurance and reinsurance losses over $100 billion

hurricane harvey damage global insurance and reinsurance

Fitch forecasts showed that this could be a record year for losses and they could be as great as $190 billion. Catastrophe global insurance and reinsurance losses are likely to break previous records, says Fitch Ratings. Its current predictions suggest that losses could be greater than $100 billion and may even rise to nearly $190 billion. Should the damage from Hurricane Maria be as great as expected, it could lead to rating downgrades. Fitch cautioned that the hurricane season is only just past half over and global insurance and reinsurance…

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AIG requests more time before Bill Cosby legal fee payout

bill cosby legal insurance

The insurance company is seeking more time because its appeal about an April ruling is still pending. AIG has asked for more time before being required to pay the Bill Cosby legal fees associated with the controversial lawsuits launched back in 2015. At the moment, AIG is required to pay over $675,000 to the celebrity to cover his legal costs. AIG Property Casualty Company says it is entitled to more time before the Bill Cosby legal costs are settled as an appeal to a previous ruling on the subject is…

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Wells Fargo insurance customers seek credit repair for auto policy scandal

Frustrated Auto insurance product Wells Fargo

Borrowers forced to pay for unnecessary auto policies now want the damage to their credit scores fixed. New developments have arisen as a result of the Wells Fargo insurance scandal as customers seek to put right the damage done to their credit. Many of the customers have already filed a class action lawsuit to be compensated for the money they lost, but they are concerned about their credit histories. The bank’s own investigations found hundreds of thousands of customers were charged for unnecessary auto insurance. The added Wells Fargo insurance…

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