Allianz reports spike in ship insurance claims from Black Sea region

Ship insurance - Cargo ship out at sea

The high-risk area has caused global insurers to see more filings and it’s expected to continue. A recent Allianz Global Corporate & Specialty (AGCS) report shows that ship insurance claims are on the rise and are only expected to continue rising due to the Russian war in Ukraine. The claims are expected to increase due to damaged and lost vessels as the conflict enters sea lanes. By the time of the writing of this article, there had already been two people killed and six merchant vessels struck by projectiles in…

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Motorcycle insurance companies recommend adequate protective clothing

Motorcycle insurance - first person motorcycle perspective

Insurers have underscored the importance of wearing the right gear for riders on the road. As riders head out onto the roads, motorcycle insurance companies are reminded of the importance of wearing the right protective clothing. Riders are vulnerable to severe injury while riding normally as well as in the case of a motorcycle crash. As the riding season gets underway, motorcycle insurance companies want their motorcycle policyholders to remember how to keep themselves safe as some of the most vulnerable road users. Riders face risks every day they’re on…

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EU places sanctions on Russian oil insurance for transport

Oil insurance - European Union

European Union members are going beyond an import ban and are now targeting its coverage. The European Union is moving beyond the previous Russian crude import ban and is now targeting oil insurance companies covering the transport of the fuel. This move could substantially impair Russia’s ability to ship its crude to locations worldwide. The oil insurance sanctions have to do with banning coverage for European vessels and companies linked with the transportation of Russian crude worldwide. This is one component of a broader sanctions package the EU has been…

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How to Run a Business as a Digital Nomad

how to be a digital nomad business

With flexible hours, and the chance to explore new places and live wherever you want, it’s no wonder that there is a huge increase of 9-to-5-ers turning to the digital nomad lifestyle. In fact, statistics show that there are around 35 million digital nomads worldwide, and this figure is expected to double in a few years. However, becoming a digital nomad is not as simple as the social media posts by self-professed DMs may lead you to believe. Running a business is hard anywhere in the world, and those who…

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Health insurance expansion headed to Oregon and Kentucky

Health insurance - ACA - Road Sign

The states have dug into a little-used Affordable Care Act policy to help close coverage gap. Kentucky and Oregon have grabbed hold of a little-used Affordable Care Act provision that will make it possible to create a health insurance plan for people with household incomes too high to qualify for the Medicaid programs in their states. The Obama-era policy makes it possible to create the new plan with the support of federal funds. Oregon and Kentucky are hoping that the introduction of these new health insurance plans through the application…

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These states generate the most hurricane insurance claims in the US

Hurricane insurance claims

State Farm released a list of the locations where the severe storms cause the most covered damage. State Farm received 119,000 hurricane insurance claims last year, and they all came from policyholders that had covered properties in 9 states. There was a total of approximately $1.2 billion in claims paid out to the affected policyholders. The hurricane insurance claims were paid for the repair and rebuilding of homes damaged by the storms. The State Farm data from last year include the storms called Henri, Nicholas, and Ida. They impacted 9…

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Auto insurance companies could face another wonky year in 2022

Auto insurance companies - Bumpy Road

According to a recent LexisNexis Risk Solutions report, the industry is showing “signs of revolution”. As 2022 reaches the point that its well underway, new analyses are starting to identify trends suggesting that auto insurance companies could be facing another bumpy ride. The trends appear to indicate that both shopping volatility and increased claims severity will continue. The analysis was conducted by LexisNexis Risk Solutions, which released a report indicating that auto insurance companies and the industry as a whole is facing a critical phase. Both heightened claims severity and…

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