Trapped Suez Canal ship Ever Given insurance providers face millions in claims

Ever Given Insurance - Image of Cargo Ship

The owner of one of the largest container ships in the world is making massive insurance industry news. The Ever Given insurance claims following the container ship’s disastrous blockage of the Suez Canal are expected to total millions of dollars. In fact, insurance industry news sources were already predicting that total even if the massive ship had been rapidly refloated. The 247,000-ton, 1310-foot ship ran aground last Tuesday morning after it lost its steering. A dust storm and high winds contributed to the container ship’s loss of control, according to…

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Zurich Insurance Group shares 2020 performance results

Zurich Insurance Group - Business - Results

The Swiss firm has become the latest insurer to unveil its data from a unique time last year. Zurich Insurance Group has joined several other insurers in sharing its insurance industry 2020 performance. The chief executive of the group, Mario Greco, has expressed confidence moving forward, despite seeing dropping results across all the insurer’s primary business lines. The insurer’s net income attributable to shareholders fell by 8 percent in 2020 compared to 2019. That said, despite the fact that it saw an 8 percent year over year reduction, it still…

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Chinese regulator makes moves to alter rules for foreign insurance companies

Foreign insurance companies - Beijing China

A draft decision has already been issued to help clarify the changes that may take place. China’s insurance regulator has released an exposure draft regarding the rules applied to foreign insurance companies doing business in the country. The draft is meant to provide clarification of the access standards for insurers from other countries. The standards apply to foreign insurance companies in addition to overseas financial institutions. The details of the draft were released in a document with the title “Decision on Amending Regulations on the Administration of Foreign-funded Insurance Companies…

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Lloyd’s unveils new vaccine shipment insurance coverage initiative

Vaccine shipment insurance -nurse with vaccine

The massive marketplace is collaborating with insurtech Parsyl and others in this effort. Lloyd’s of London and insurtech Parsyl have announced the launch of the new vaccine shipment insurance coverage initiative. Called Global Health Risk Facility (GHRF), it will provide coverage worth billions of dollars for COVID-19 vaccine distribution. The coverage will be for the transportation of supplies related to the distribution of the inoculation. The comprehensive vaccine shipment insurance initiative aims to cover supplies related to distribution, including the personal protective equipment and other materials needed for distribution. The…

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EIOPA watchdog seeks insurance company capital regulations overhaul

Insurance company capital regulations - EU flags

The EU organization is aiming to establish a more hands-on approach to the rules. The European Union’s insurance company capital regulations require an overhaul that would provide a closer reflection of low interest rates, said the EU insurance watchdog. It also stated that stronger authority for intervention were required, such as banning dividends in order to maintain solvency throughout market shocks. The EU’s Solvency II capital requirements from insurers is currently in a review process. The Solvency II insurance company capital regulations impact insurers throughout the EU, including Allianz, Generali,…

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Lemonade renters insurance rolls out to French tenants

Lemonade renters insurance - homes in Paris, France

The industry disrupting insurer is now entering its third country in the European Union. Lemonade renters insurance is now moving into its third European market as it takes its first steps into France. The insurer has already entered into the Netherlands and Germany in the European market. Though Lemonade renters insurance is entering a growing number of European countries, it originally from the United States. It is now a public company with a current market capitalization near $4 billion. The insurer will be in direct competition with a local firm…

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Lloyd’s of London insurance marketplace acknowledges historic ties to slave trade

Insurance marketplace - Lloyd's of London Building

The 334-year-old firm and Greene King have pledged to make amends for their pasts. The massive Lloyd’s of London insurance marketplace and Greene King have announced their intentions to make amends for their involvements in racist history, particularly the slave trade that took place in the 18th and 19th centuries. The firms have been forced to take a hard look at the disturbing portions of their company histories. The insurance marketplace and the owner of a string of pubs and breweries are both taking a closer look at the role…

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