The global insurance industry has been facing many threats in recent years, the majority of which coming from unpredictable natural disasters. The world is changing at a rapid pace in terms of technology, environment and crime and as each of these fields advances, new threats emerge that could destabilize the industry as a whole. Willis Group Holdings, one of the world’s largest insurance brokers, has launched a new website that seeks to document these risks. The site is called WillisWire and will play host to a number of surveys and…
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ING Group to abandon plans for combined insurance and investment operations in Europe and Asia
The ING Group, a Dutch financial institution working in the banking and insurance industries, has announced that it will be abandoning its plans for a combined European and Asian insurance investment operation. The company cites economic turmoil in the European region as the primary reason for its change of heart. Future investment and insurance plans are still a possibility for the future, if the European financial crisis is resolved appropriately. The company still has a keen interest in the Asian market, however, and plans to pursue alternative schemes to expand…
Read MoreChina insurance industry to face major challenges this year, according to Regulatory Commission
China may be home to one of the fastest growing insurance markets on the planet, but Xiang Junbo, chairman of the Chinese Insurance Regulatory Commission, says that the industry is faced with major challenges this year. Last year, Chinese insurers saw return on investment results drop by 3.6%. When coupled with the now notorious natural disasters of 2011, the results have rocked the nation’s insurance industry somewhat. Regulators say that if the coming challenges cannot be overcome, the growth of the insurance market may grow beyond the industry’s ability to…
Read MoreReport shows the rocky road of the property casualty insurance industry during 2011
ISO, a risk assessment firm specializing in the property/casualty insurance industry, and the Property Casualty Insurers Association of America (PCI) have released a new report showing the impact natural disasters had upon the P/C insurance industry in 2011. This year has become infamous for the number of severe storms and other natural disasters that have rocked the U.S. and other nations. The report notes that while the property/casualty industry grew in some aspects, it saw steep losses in others, with the most severe losses coming in a short 9-month period.…
Read MoreConnecticut Insurance Department teams with the German Federal Financial Supervisory Authority to protect consumers
The Connecticut Insurance Department has entered into a new agreement with the German Federal Financial Supervisory Authority in order to better supervise an insurance organization that does business in both Germany and the U.S. The agreement is the second between the two entities in the past three months. Insurance Commissioner Thomas Leonardi believes that ensuring the financial stability of insurance companies is vastly important to the protection of consumers. Regulation, according to Leonardi, is the best way to keep insurers from making costly decisions that could compromise the economy. As…
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