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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Advocates of Holocaust insurance claim seek to draw Obama’s notice

Three quarters of a century after the murder of family members in the Nazi death camps, Holocaust survivors continue their battle with insurance companies to have their money returned to them, and the Holocaust Survivors Foundation USA hoped to draw the attention of Obama to the cause, in Miami during his visit. Insurance companies that include AXA, Allianz, and Generali all continue to refuse to hand over payments for the insurance policies of holocaust survivors – and the descendents of those who had been sent to the death camps – unless…

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Biggest maritime insurance losses in history will likely result from Costa Concordia cruise liner

According to industry experts and analysts, the ruined Costa Concordia cruise liner may become the largest maritime insurance loss in history. Early predictions are indicating that the mutual societies and insurers may find themselves losing $1 billion on the disaster in which the multistory liner which had been carrying more than 4,000 people (both crew and passengers) ran aground off the west coast of Italy, capsizing and injuring dozens of people while killing at least five. There will be two primary issues to be faced in this catastrophe which involves…

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Travel insurance to cover your trip into space

It is predicted that this year will bring the first commercial flights into space, and with them, those space tourists will also be purchasing travel insurance to provide them with additional coverage for their trips. Among the leading space tourism companies is Virgin Galactic, which is offering coverage directly through its website, though these travelers can also speak with their travel agents if they want to obtain the coverage they need, just as they would for any other type of traditional vacation. Though the ultra-wealthy have already been taking space…

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Space travel insurance policy available from Allianz in 2012

In an effort to be the first in the industry to take advantage of the upcoming wave of “ordinary astronauts” who will be taking the first commercial trips into space next year, the German insurance giant, Allianz, has announced that in 2012 it will begin selling space travel insurance policies. The sale of these policies will align with the launch of the spaceflight company called Virgin Galactic, owned by Virgin Group’s Richard Branson. There have already been approximately 450 people who have made seat reservations with Virgin Galactic for its…

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The Hartford continues downsizing as financial pressures mount

The Hartford Financial Services Group is planning to downsize in the coming months in an effort to make operations more efficient. The company is one of the largest investment and insurance organizations in the country and has been met with lingering financial woes since the 2008 recession. Downsizing will come in the form of staff reduction and the selling off of one of its fringe units: Trumbull Services, which served the property and casualty insurance industry. The company has been consistently downsizing – or streamlining – since late 2008 in…

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Insurers unlikely to raise rates in the wake of Hurricane Irene, according to Allianz

Despite fears that disaster-prone 2011 will incite higher insurance rates in the future, Allianz, one of the largest commercial insurance companies in the world, says that the toll of the damage caused by natural disasters throughout the year will not prompt widespread hikes in premiums. Jay Ralph, a board member of Allianz in charge of the North American insurance market, spoke with reporters concerning the issue, noting that the excess capacity of the insurance industry is enough to weather the storm without any major changes in policies. However, insurers should…

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