Friendsurance raises funding to support its innovative take on health insurance

us health insurance reform

Friendsurance raises $15.3 million in latest round of funding led by Horizon Ventures A unique type of health insurance company has emerged to raise a significant amount of funding to aid its expansion. Friendsurance, a peer-to-peer insurance company, has announced that it has raised $15.3 million in funding, led by Horizon Ventures. The insurer aims to change the way people look at insurance coverage and how they acquire this coverage and handle premiums. The company may be able to change the way that insurance works in the future through its…

Read More

Demand for cyber insurance is on the rise

cyber insurance

Cyber insurance is becoming more popular among the world’s various organizations Demand for cyber insurance is on the rise throughout the world, according to a new report from Timetric. This is largely due to the growing frequency of digital attacks against businesses and governments. These attacks are having a major financial impact on several organizations and consumers. With more businesses beginning to rely on technology and the digital space, cyber attacks are becoming a significant concern and organizations want protection against these attacks. Some $2.5 billion cyber insurance premiums collected…

Read More

European insurance industry feels the pressure of new capital rules

Europe insurance industry Flooding and Heavy Rains

Insurers are facing stricter capital rules that may prove difficult to comply with The European insurance industry may be in for a shock from revised capital rules that will take effect in January 2016. ASR Nederland N.V., a Dutch insurance provider, announced last week that its available capital fell drastically below the standard imposed by the new rules. Other companies have reported similar issues, which may show that the European insurance industry is relatively ill-prepared to comply with the new rules once they go into effect. Insurers may be forced…

Read More

UK health insurance program exposed to fraud

Health insurance fraud and abuse

Loopholes may be fostering fraud in the United Kingdom The United Kingdom’s National Health Service (NHS) may be exposed to fraud due to loopholes associated with the issuance of European Health Insurance cards. The Department of Health has acknowledged these loopholes and the government intends to address the issue by tightening regulations and rooting out fraud. The problem has to do with how European Health Insurance cards are obtained and how coverage is being used and paid for. Journalist exposes fraud In order to obtain a European Health Insurance card,…

Read More

Cyber insurance could lead to growth in the reinsurance industry

Cyber Insurance

Cyber insurance continues to gain attention throughout the world Fitch Ratings has released a new report that highlights cyber insurance as a key growth opportunity for the reinsurance industry. Major cyber attacks have been making headlines recently and the insurance industry is becoming subject to a growing portion of these attacks. Recently, health insurers Anthem and Premera Blue Cross were victims of major data breaches that compromised the information of several million consumers. For the reinsurance industry, the digital world could hold some promise, but also significant risks. Report highlights…

Read More

Consumer data rules could affect the insurance industry in Europe

europe insurance news industry

EU introduces draft regulation that is meant to protect consumer information Protecting consumer data is becoming a more important issue for the insurance industry. In Europe, insurance companies may have to take the security of personal data more seriously, pending new rules being debated by the European Union. The European Union has released a draft regulation concerning the protection of consumer data. Protection standards for the draft regulation were initially introduced by the European Commission in 2012 in order to address issues concerning advancing technology and the globalization of the…

Read More

Berkshire Hathaway sees promise in Singapore’s insurance industry

Warren Buffett Berkshire Hathaway Insurance industry

Berkshire Hathaway to sell non-life insurance coverage in Singapore Berkshire Hathaway, one of the world’s leading insurance conglomerates, is planning to begin selling non-life insurance coverage in Singapore. The company has been granted a license to sell such coverage in the country and this coverage will be sold through Berkshire Hathaway Specialty Insurance. The subsidiary was launched last year in order to accommodate with needs in the commercial insurance market and will begin doing business in Singapore in the near future. Company will underwrite property, casualty, and liability coverage in…

Read More

Trust in the insurance industry is falling in the UK

UK cyber Insurance industry News united kingdom

Survey shows that UK consumers have little trust in their insurance providers Ernst & Young, a leading professional services firm, has released the results of its latest EY Global survey. The survey is focused on gauging the trust that consumers have in their insurance providers. According to the survey, which is comprised of information from 30 countries, the vast majority of insurance customers have below average trust in insurers. Trust has been an ongoing issue for the insurance industry, which has not been easily to overcome. Approximately only 7% of…

Read More

Insurance industry sees a decline in insured losses in 2013

insurance industry

Swiss Re report shows that insured losses in 2013 were lower than what they were in 2012 Swiss Re, a leading reinsurance firm, has announced that the global insurance industry has seen losses from natural disasters and man-made catastrophes fall by 44% in 2013. A calm hurricane season help insurers avoid significant losses, but powerful storms in Europe had a significant impact on the insurance industry. Despite this impact, however, insured losses industry-wide were less than what had been seen in 2012. As such, the insurance industry is expected to…

Read More

Oil insurance to resume per new deal with Iran

oil Insurance News

Sanctions against Iran relaxed Oil shipments to countries throughout Asia have been suffering due to sanctions imposed against Iran by the European Union and the United States. These sanctions have barred European insurance companies from providing coverage to freighters that are shipping oil coming from Iran. The sanctions have had a significant economic impact on Iran, as the country’s oil sales have plummeted by more than half since 2011. Now, the EU has announced that it will be relaxing its sanctions on the country due to a new deal. Sanctions…

Read More