Despite EU auto insurance rates regulations, male drivers still pay more

EU auto insurance rates stress men male driver

Men are still paying an average of 25 percent more than women, half a decade after the ruling’s implementation New EU auto insurance rates data revealed that men are consistently paying more for their policies than women. This, despite the fact that the European Union introduced a rule to stop gender price discrimination five years ago. The gender directive was meant to stop insurance companies from automatically charging women better premiums. The EU auto insurance rates regulations had been meant to stop the common practice which was costing men hundreds…

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Insurance company Brexit takes Liberty Specialty Markets out of London

Insurance company brexit strategy

The specialty insurer announced the city that will become its new home after the U.K. splits from the E.U. The insurance company Brexit strategy announcements have begun, and among the latest is the new Liberty Specialty Markets headquarters. The specialty insurance company has been seeking a new home following the British exit from the European Union and recently made its decision. The company announced that it will be remaining in London for now but will leave as Brexit occurs. The insurance company Brexit move has launched an effort to move…

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London tower block fire wasn’t without warning from the insurance industry

Grenfell London tower block fire

The Grenfell Tower building was completely destroyed in a massive blaze, killing at least 79 people. The London tower block fire that led to the death of at least 79 people and injured many others did not occur without warning. The insurance industry in the United Kingdom had previously warned the British government that the external surfaces like the one on Grenfell Tower and several other buildings are flammable and dangerous. The insurance industry’s warning was issued a month before the killer blaze that shook the city and shocked the…

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Smart contract insurance partnership launches between AIG and IBM

IBM Supercomputer - smart contract insurance

The insurer and tech giant will use blockchain for managing complex forms of international coverage. American International Group (AIG) and International Business Machines (IBM) are partnering to create a form of smart contract insurance policy. This coverage will employ blockchain for the management of highly complex forms of international insurance protection. The two companies recently completed the smart contract coverage policy pilot project. The smart contract insurance multi-national policy pilot provided Standard Chartered Bank PLC with coverage. The pilot used blockchain’s digital leader technology for what IBM and AIG called…

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Cyber insurance policies will likely achieve a standard in the near future

Cyber Insurance policies commissioners industry

A CIFF speaker described the evolution of the market and the direction data breach coverage is taking. Despite the growing popularity of cyber insurance policies, there remains a lack of consistency from one company’s offerings to the next. That said, recent industry forecasts suggest this trend may soon change. The MSA Research Inc. CIFF panel discussion predicted a trend toward a more standard coverage. The Canadian Insurance Financial Forum (CIFF) from MSA Research Inc. panel discussion recently held in Toronto showed that cyber insurance policies are headed within a consistent…

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Canadian flooding may leave homeowners paying out of pocket

canadian flooding overland insurance

Heavy rains soaked huge portions of Ontario and Quebec as well as British Columbia and New Brunswick. The Canadian flooding from last week’s record level rains caused water levels to rapidly rise and enter thousands of homes. The lack of flood insurance among homeowners now means that many Canadians will be paying for cleanup and repairs out of their own pockets. Residential flood insurance only recently became available to homeowners in the country. Only between 10 and 15 percent of insured homeowners have overland flood insurance, says Insurance Bureau of…

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Australian insurance companies may face massive payouts from Cyclone Debbie

australia insurance companies cyclone debbie

The country’s Insurance Council has cautioned that damage could cost billions of dollars. The Insurance Council of Australia (ICA) has cautioned Australian insurance companies, businesses and residents that the damage from Cyclone Debbie is extensive and will be costly. In fact, the ICA declared it a catastrophe. There has yet to be a final estimate of what the damage total will be but previous ones have been in the billions. Over 90 percent of the residents of North Queensland are covered by some form of insurance policy. The majority of…

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Lloyd’s of London EU subsidiary will be in Brussels

Insurance company brexit strategy

As Great Britain triggered Article 50 in order to formally begin Brexit, the massive insurance marketplace plans ahead. The largest specialty insurance market in the world, Lloyd’s of London, has selected Brussels as its intended European Union subsidiary. The decision was made on the eve of the day British Prime Minister Theresa May triggered Article 50 of the Lisbon Treaty with the E.U. This has launched Great Britain’s official intention to leave the E.U. The insurance market made this decision in order to ensure a subsidiary will be in place…

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Best insurance company for ethics title once again goes to Allstate

Allstate best insurance company

For the third consecutive year, the insurer was deemed the 2017 most ethical company by the Ethisphere Institute. For the third year in a row, the Allstate Corporation was named the most ethical company by the Ethisphere Institute, making it the best insurance company for ethics for many consumers. The Ethisphere Institute has recognized the insurer as a global leader in establishing and improving ethical business practice standards. The designation was granted to the insurer in the form of the 2017 World’s Most Ethical Company. Allstate continually strives to be…

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Cyber insurance market growth is fast and healthy, says Swiss Re

cyber insurance market

As worries over the impact of a hack, data breach or other similar risks, firms are insuring themselves. Swiss Re released a statement describing considerable growth trends in the cyber insurance market. The reinsurance firm pointed out that businesses are starting to see the importance of coverage in an environment where risks are skyrocketing. The Zurich-based giant it pointed out that the cyber risks are rapidly rising in their complexity and frequency. The Swiss Re Sigma report titled “Cyber: Getting to grips with a complex risk,” provided considerable insight on…

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