Strange insurance claims rise as a result of fur, feathers and creepy-crawlies

bedbug animal related strange insurance claims

Everything from peacocks to bedbugs are leading to a rise in filings with insurers in the United States. Strange insurance claims resulting from animal-related incidents are on the rise in the United States. Everything from aggressive peacocks to hotel room bedbugs are sending people to their insurers for reimbursement of their losses. This insurance data was published by Allianz SE in a report based on a recent study it conducted. Strange insurance claims in the United States involving bedbugs rose by 50 percent from 2014 to 2015, according to Allianz…

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Cyber insurance market growth is fast and healthy, says Swiss Re

cyber insurance market

As worries over the impact of a hack, data breach or other similar risks, firms are insuring themselves. Swiss Re released a statement describing considerable growth trends in the cyber insurance market. The reinsurance firm pointed out that businesses are starting to see the importance of coverage in an environment where risks are skyrocketing. The Zurich-based giant it pointed out that the cyber risks are rapidly rising in their complexity and frequency. The Swiss Re Sigma report titled “Cyber: Getting to grips with a complex risk,” provided considerable insight on…

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Cyber insurance policies carried by a falling number of companies

cyber insurance policies coverage fraud

PricewaterhouseCoopers has recorded a sharp drop in the number of firms with coverage in the last year. According to a recent PricewaterhouseCoopers survey, the number of companies in Great Britain with cyber insurance policies has plummeted. Firms have rapidly dropped the expensive coverage even as they boost their security budgets by as much as twice over. This has occurred at the same time that an array of high profile businesses experienced cyber attacks and data breaches. PwC explained that firms hesitate to invest in cyber insurance because the coverage appears…

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Food truck insurance now available in Utah

food truck insurance

Farmers Insurance has launched this new coverage within the state, providing a first for that company. Farmers Insurance has announced the launch of a new food truck insurance coverage. This will provide protection to that type of vehicle and will be available in Utah. It marks the first time the company has stepped into the mobile restaurant coverage business. The food truck marketplace is growing rapidly larger, presenting a considerable opportunity for insurance companies. By way of the new food truck insurance offering, Farmers has started to sell to licensed…

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Cyber insurance confusion causes gaps in coverage

cyber insurance confusion computer

This sector of the insurance industry is doing great business but policyholders may not know what they need. Businesses are very aware that they need protection against data breaches, but cyber insurance confusion is causing notable problems. Companies know they need coverage but don’t necessarily know precisely what that coverage should include. This is a very complex market, which makes it difficult to determine what coverage is needed. After all, the cyber insurance confusion doesn’t just start at buying a policy. Even assessing the damage following a major data breach…

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If SpaceX rockets are to be reused, they’ll need insurance first

SpaceX rockets spacecraft technology

The company is looking to use their technology more than once and is preparing to recover them for re-launch. Now that it has been shown that SpaceX rockets are able to make landings on a consistent basis, they are now looking to insurance underwriters to make it possible to be able to reuse those devices for the launch of commercial satellites. The insurance industry will need to be heavily involved in this process in order to manage the financial implications. Over the next week or two, the Hawthorn space company…

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Flood insurance companies in France could face over $2 billion in losses

France flood insurance companies - Seine June 2016

The rising Seine River has caused water to rush overland and this flooding is expected to be very costly. The government of France has declared the flooding of the Seine to be a national disaster today, which has laid the path for flood insurance companies to begin the process for claims filings and payments for their policyholders. The Seine River has started to recede after having reached its highest level, making assessments possible. Flood insurance companies met with the French government this week to help to assess the damage left…

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AIG crowdfunding insurance will be among the company’s next offerings

AIG Insurance company CEO - Building in Manhattan

In order to assuage the concerns of investors, this coverage will help to protect them from being ripped off by startups. The American International Group has now unveiled a new form of coverage and this AIG crowdfunding insurance is meant to provide a unique protection not to startups that are attempting to raise money, but actually to the investors who want to take a chance on them but who are afraid of being scammed or losing their investments. The New York based insurance company is now gearing up for the…

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Cyber insurance coverage boosted by half of all risk managers

cyber insurance policies coverage fraud

A new HSB report has indicated that 50 percent of businesses have either bought or increased their policies. A report by the Hartford Steam Boiler Inspection and Insurance Company (HSB) based on a recent survey of risk managers has suggested that 50 percent of businesses either purchased cyber insurance coverage for the first time or increased the amount of protection they carried in 2015. Equally, the survey revealed that about 30 percent of companies have no cyber insurance policies at all. Among the companies that didn’t purchase cyber insurance coverage,…

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Fort McMurray insurance losses may be more than $9 billion

Fort McMurray insurance losses

The wildfire that continues to devastate the Canadian city is expected to be the most expensive in the country’s history. The Fort McMurray insurance losses resulting from the devastating wildfire that has burned its way through the city in the Canadian province of Alberta is expected to bring about the largest insured property losses the country has ever experienced from a single disaster. In fact, one analyst has estimated that the insured losses could come to a massive total as high as CAD$9.3 billion. The Fort McMurray insurance losses are…

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