Driverless cars may be a problem for the auto insurance industry

auto insurance car transportation hybrid

Self-driving vehicles need legislative attention Driverless vehicles could be a disruptor for the auto insurance market, but they will have to overcome several legislative hurdles before they can do so. When it comes to the law, self-driving cars become a very complicated matter. For instance, when such a car is involved in a collision, where the blame can be placed for the incident can be difficult to determine. This is something that auto insurance companies and lawmakers are grappling with. Insurers are forming a better understanding of self-driving cars and…

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Airline insurance for crashed AirAsia plane likely to be well over $100 million

AirAsia airline insurance plane

The jet is the third major airline accident that has happened in 2014, two of which have been in that part of the world. The AirAsia jet that had gone missing and that was recently found crashed in the sea off the coast of Borneo could bring about claims that will be at least $100 million, and this exposure will be placed on Allianz SE, which is the reinsurer for the airline insurance. Tragically, the flight had 162 people on board when it went missing off the Indonesian coast. Allianz…

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Pet insurance partnership begins between Petplan and AARP

pet insurance

The insurer has now announced a new deal with the American Association of Retired Persons. Petplan and the American Association of Retired Persons (AARP) have been in negotiations for “many years” but the pet insurance company and organization with 38 million+ members has now come to their “first exclusive” multi-year marketing deal. The pet health insurance company revealed that its strategy together will go into effect in October. According to Chris Ashton, a co-founder of the pet insurance company (the other being his wife Natasha Ashton), being able to communicate…

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Long term care insurance premiums allowed to rise 75 percent in Texas

caregiver long term care insurance senior

Regulators in the state have given permission for the increase to stand, frustrating some consumers. The Texas Department of Insurance is taking fierce criticism from two families regarding the 75 percent increase that was allowed to stand for premiums being paid for long term care insurance coverage in the state. The question that they has raised is whether the department is on the side of the customer or the insurance industry. They have also asked about the true power of the agency and whether it actually has the power to…

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Industrial insurance on the rise due to cyber threats

industrial insurance

This, according to a recent announcement made by Allianz, the largest insurer in Europe. Allianz, the biggest insurer in Europe, has just revealed that its analysis of Eastern Europe, Asia, and Brazil is experiencing an increase in cyber threats and that this is driving industrial insurance revenue. The insurer, based in Munich, has determined that this unit will experience growth from this risk. According to chief executive officer, Axel Theis, of Allianz’s Allianze Global Corporate & Specialty industrial insurance unit, “New products such as cyber-risk protection and coverage for renewable-energy…

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Insurance industry of Brazil sees promising growth potential

Brazil Insurance Industry

Allianz predicts Brazilian insurance industry will see significant growth this year Allianz, Europe’s largest insurance organization, has high hopes for the insurance industry in Brazil. The country boasts of one of the most promising insurance markets in the world, partly due to an expanding economy and the relatively low number of natural disasters it has seen over the past year. Brazil has begun investing heavily in its infrastructure, especially where electrical power is concerned. The country has been showing strong support for renewable energy, but still maintains a reliance on…

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Climate change threatens insurance industry

Natural Disaster damage insurance trends

Climate change may be a significant problem that cannot be ignored Natural disasters are nothing new to the world. Countries have been battered by floods, hurricanes, earthquakes, volcanic eruptions, and other catastrophes since before they were officially countries. In the world of business, few industries are so well acquainted with natural disasters as the insurance industry. The industry, as a whole, is well versed in the monitoring of weather patterns and has been able to accurately predict the impact an effects of several natural disasters around the world. According to…

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