Farmers in China receive a bump in health care coverage

In Beijing, China, the Ministry of Human Resources and Social Security recently announced that the urban basic health insurance will provide coverage to around eight million Chinese for 2011. The said insurance program will increase the number of covered urban residents to 90% or 440 million. This number was only 432 million back in 2010. This was announced by the ministry during a press conference that was held on Wednesday in Beijing. This health insurance program will include the basic health insurance for those who are residing in urban areas…

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International insurance business reports good outlook

Ageas, a Belgium based insurance company, is predicting financial gains in 2011 after experience severe declines in profits in the previous year. The company cites the sale of its non-core businesses and clever investments in growing sectors as key contributors to improved financial performance this year. Ageas operates as AG insurance in Belgium and provides insurance to Tesco, the prominent supermarket chain in Britain. The insurer reports that earnings on life insurance fell by 9% in 2010. This is due, in part, by a tax benefit established in 2009. Non-life…

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Queensland flood insurance investigation reveals that nature wasn’t the only culprit

According to experts that were hired by insurance companies to do a further check into the damages that occured during the Queensland floods, found that the Wivenhoe Dam  was a contributing factor.   The owner of NRMA and CGU, Insurance Australia Group reported in detail how the water that was released from Wivenhoe including the heavy and continuous rainfall contributed to the flooding of the homes and businesses in the said Australia state. However, it was not reported how much of the damage can be blamed on Wivenhoe during the flood that…

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Bershire Hathaway opens doors in India

Berkshire Hathaway Inc., a U.S. based insurance company run by Warren Buffett, has announced that they will be entering the insurance market in India. The insurer will make its entrance into the Indian sector as a corporate agent of Bajaj Allianz General Insurance. Berkshire Hathaway will provide general insurance products via online distribution. They will focus their efforts mostly on auto insurance and branch out from there. The Indian insurance market is experience rapid evolution and Berkshire Hathaway is committed to providing the products that are needed most. According to…

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Australia’s disability program gets a shot in the arm

The Australian government’s Productivity Commission launched an inquiry into the nation’s disability insurance schemes and has release their findings in a report published this week. The commission found that the country’s current support system is unsustainable and does not provide enough support to the great amount of people suffering from disabilities. The commission is proposing a $12 billion a year insurance scheme. Currently, the government spends $6.2 billion per year insuring the disabled. An additional $6.3 billion will be needed to help another 360,000 disabled Australians. The insurance coverage would…

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So you think insurance is wasted money, think again!

While insurance may seem to be a burden to most people, it does have moments of significance that is usually only noticed when certain situations arise. Five important insurance claims are explored, including car problems, fine arts, pet insurance, natural disasters and the 9/11 financial burden. Auto insurance holds a huge significance that should not be taken for granted. Back in 2007 in the UK, a car shopper took out a Pagani Zonda for a test drive which is worth £500,000, with only ten of the cars produced in a…

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New Zealand insurance companies are rallying after major earthquake

Insurance companies are rallying together on the heels of a devastating earthquake that rocked the New Zealand city of Christchurch. They are expected to pay millions in claims. Chris Ryan, the chief executive for the Insurance Council of New Zealand, says that it is difficult to estimate the total cost of the quake as the buildings that collapsed were damaged by a previous earthquake in September of last year. A powerful earthquake struck Christchurch during its lunchtime rush. The magnitude 6.3 quake toppled office building, flattened homes and at least…

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Forced place insurance for businesses in Austrailia

In light of the recent disasters befalling the nation, the Australian government may be setting up an inquiry to determine whether states should be forced to purchase commercial insurance policies to cover natural disasters. Legislators are currently pushing to pass a $1.8 billion deal that would help reconstruct levees. The possibility of an inquiry was raised when Treasurer Wayne Swan suggested that there “legitimate questions” about what states had done regarding insurance. Swan said that “it is probably timely for us to evaluate all of those questions, to have a…

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Mayhem on the high seas

An attack by Somali pirates came late last week when the maritime bandits hijacked an oil tanker over one thousand miles from the Somalia coast. The seizure of the Greek oil tanker, Irene SL, occurred Wednesday about 200 miles east of the Gulf of Oman; a region that was thought to be safe. This was the second hijacking in this area; causing insurance underwriter’s to re-evaluate the current premiums that ship owners are paying for marine kidnap and ransom coverage. Brokers stated,  “a study last month estimated the total cost…

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Is travel insurance becoming a necessity?

Having suffered through the worldwide economic recession and a year marred by disruptions, the travel insurance industry is finally seeing an increase in business. More people bought travel insurance last year as people became aware of the potential for calamitous situations to arise during travel. With earthquakes, floods, volcanic eruptions, blizzards, and civil disturbances, people have begun to see the value of such policies. Dean Sivley, chief executive of Travel Guard, a travel insurance provider, has said that more people are buying policies, but that the company is also paying…

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