Live Insurance News

Cyber insurance is lacking

April 8, 2015April 6, 2015 S.Vagus

AIG CEO expresses concern that cyber insurance capacity is falling short Cyber insurance capacity may be seriously lacking, according to American International Group CEO Peter Hancock. Digital threats are becoming more prominent with every passing year. Hackers and malicious groups are beginning to target large companies that have access to valuable consumer information. This information can be stolen and exploited for various types of benefits, leaving consumers to deal with the financial fallout associated with data breach and identity theft. Cyber protection remains somewhat rare, but the market is growing…

Insurance industry now equipped to deal with celebrities

February 2, 2015January 31, 2015 S.Vagus

Celebrity behavior could cause endorsement deals to collapse, but the insurance industry is prepared Celebrities can be a costly investment. The behavior of celebrities is often headline-worthy news, as these people can often be very eccentric and unbridled. This can cause trouble for brands that endorse these celebrities, however, and the behavior of celebrities can cause unexpected damage to a company that supports them. Such was the case with Michael Phelps, the most decorated Olympian of all time, when his antics caused his endorsement deals with several companies to collapse.…

Insurance industry leaders launch new consortium

January 26, 2015January 24, 2015 S.Vagus

Leading companies come together to launch consortium focused on micro insurance Leading companies in the insurance industry have come together to establish a new micro insurance consortium. The companies have also launched a micro insurance venture incubator, which will aim to establish new insurance solutions in what it identifies as underserved sectors. Among the companies that are participating in the consortium are American International Group, Catlan Group, Guy Carpenter & Company, Aspen Insurance Holdings and others. Micro insurance incubator will establish 10 new insurance ventures in emerging markets around the…

Insurance company AIG to pay $35 million fine

November 3, 2014November 1, 2014 Julie Campbell

AIG Insurance company CEO - Building in Manhattan

The American International Group will be paying the penalty to the New York industry regulator. The American International Group insurance company is now required to pay a $35 million penalty for the violations of its former subsidiaries that had been selling coverage without a license in New York. This, according to a statement issued by the New York State Department of Financial Services. According to the statement from the department, former units of AIG had not only been selling within the state without proper licensing, but they had also been…

Home Depot serves as a reminder of the importance of cyber insurance

September 17, 2014September 15, 2014 S.Vagus

Retailer falls victim to a major data breach that could have compromised consumer financial information Home Depot recently announced that it had fallen victim to a data breach that may have compromised the financial information of customers visiting 2,200 of its stores located in the U.S. and Canada. The company suggests that there has not yet been any evidence that this financial information has been compromised. The attack on Home Depot again highlights the growing importance of cyber insurance. This form of insurance coverage may not be able to stop…