Canadian car insurance company discovers “pervasive” scams in Toronto auto shops

Car insurance company - Scam Alert

An insurer north of the border has investigated a string of fraud cases regarding deliberately damaged cars. A Canadian car insurance company recently held an investigation into auto body shops within the country’s largest city. Aviva Canada determined that a tremendous number of auto repair businesses are involved in scamming the insurer. The insurer determined that auto body shop workers were billing for unnecessary work or work not done. The Aviva car insurance company determined that half of the total expenses it received for crashed vehicle repairs were fraudulent. The…

Read More

Women hold only one in five top insurance industry jobs

Top insurance industry jobs - Women in Business

A recent UK study showed that despite an overall industry gender balance, top jobs belong mainly to men. Of every five top insurance industry jobs four are filled by men and only one is filled by a woman. This, according to a recent study in the United Kingdom. This reveals a gender imbalance within this industry that was not entirely obvious to spot. The reason is that when looking at the employment data across the entire insurance industry, women and men fill nearly the same total number of jobs. However,…

Read More

Health insurance complaints rise 30 percent, breaking previous records

Health Insurance Complaints - Frustrated Woman

The Private Health Insurance Ombudsman recorded a striking spike in the number of complaints filed. The total number of health insurance complaints rose by 30 percent from 2016 to 2017, says the Private Health Insurance Ombudsman in Australia. The Ombudsman recorded the massive rise in the number of filings it received, bringing the total to 5750 in 2016-2017. There were many issues involved in the complaints, but the majority were driven by Medibank. The Ombudsman’s most recent State of the Health Funds report said that the “increase of over 1300…

Read More

Home insurance premiums can rise due to nearby fracking

California earthquake insurance sales skyrocketed last year

Thousands of homeowners across Yorkshire are concerned as the operations prepare to begin. Many residents in areas surrounding upcoming fracking sites are concerned about rising homeowners insurance premiums. This is the case in a number of regions around Yorkshire where the operations may soon begin. Industry experts have cautioned homeowners in those areas that they should expect to pay more. The Yorkshire Post reported that experts in home insurance premiums believe fracking may affect the amount people pay. That said, precisely how the insurance rates will be affected has yet…

Read More

Average 2017 travel insurance policy covered far cheaper trips

travel insurance policy suitcase vacation

A recent Generali Global Assistance study showed travelers spent 19 percent less on covered trips. Among travelers who purchased a travel insurance policy last year, coverage was being applied to trips that cost an average of 19 percent less than they had the year before. The data was published by Generali Global Assistance, through its Travel Insurance division. The travel insurance analysis used the insurer’s proprietary data throughout the 2017 season. Throughout 2017, the average cost of a trip covered by a travel insurance policy was $1,883. This represented a…

Read More

Berkshire Hathaway insurance expands commercial offerings into the Middle East

Warren Buffett Berkshire Hathaway insurance business

Warren Buffet’s company has announced its intentions to establish a new office in Dubai. Berkshire Hathaway insurance business is headed for expansion into the lucrative Middle East market. It will be opening a new office in Dubai in order to manage the operations of its commercial products there. Berkshire Hathaway Specialty Insurance (BHSI) released an official statement regarding the decision. The new Berkshire Hathaway insurance office is located in the Dubai International Finance Center (DIFC) and will finally be able to open. The office had been awaiting approval from regulators…

Read More

Bitcoin theft insurance becomes growing product worldwide

bitcoin theft insurance cryptocurrency

Major insurers worldwide are offering policies to help investors protect against cryptocurrency heists. Bitcoin theft insurance is becoming a growing business as global insurers offer cryptocurrency investors and business coverage against theft. Providers are taking on a number of different challenges as traders pour billions into buying and selling these barely regulated and highly volatile digital currencies. At the moment, only a handful of insurers are selling the policies, but many more are coming soon. Among the Bitcoin theft insurance companies currently selling include Chubb, XL Catlin, and Mitsui Sumitomo…

Read More

Caitlyn Jenner crash settlement requires star to pay $800,000

caitlyn jenner crash auto insurance payment settlement

The celebrity’s auto insurance is expected to cover part of the payment for the fatal car crash from 2015. The Caitlyn Jenner crash that resulted in a fatality in New Zealand in 2015 now requires the celebrity to pay out NZ $1 million (about US $800,000). The settlement surrounding the car accident was expected to come with a hefty payment. The massive settlement was reached following a fatal car crash two years ago on the Pacific Coast Highway. The Caitlyn Jenner crash occurred when she rear-ended a vehicle in traffic.…

Read More

Auto insurance refund on the way to many customers who bought via car dealer

auto insurance refund Senior Man Driving A Toy Racing Car

Suncorp and Allianz will be repaying $63 million to customers who purchased through dealerships. Allianz and Suncorp are required to pay an auto insurance refund total of $63 million to customers who purchased coverage through their car dealers. The repayment is a part of a crackdown from a corporate watchdog worth $120 million regarding financing and insurance add-ons at dealerships. An investigation was conducted regarding many questionable practices such as car dealer sales tactics. Australian Securities and Investments Commission (ASIC) senior exec, Michael Saadat, is responsible for overseeing insurance companies,…

Read More

IDRA drone insurance policy receives much needed streamlining

drone insurance policy

The International Drone Racing Association has condensed its liability coverage into a single policy. The International Drone Racing Association (IDRA) has created a new condensed version of its drone insurance policy. This makes it possible for pilots to purchase a single policy regardless of the number of drones they have. This new policy has worldwide coverage for IDRA members and does not have a deductible. The new drone insurance policy provides $1 million in coverage for $265 per year. Upon purchasing the coverage, the insurance becomes active within 24 hours.…

Read More