Tag: European insurance

Vienna Insurance misses mark on profit estimations

S.Vagus
Vienna Insurance misses mark

Vienna Insurance profit predictions derailed Vienna Insurance Group, the largest insurance organization in Eastern Europe, has missed its own profit estimations for the 2012 fiscal year. Several factors have come together to derail the insurer’s predictions, with fourth quarter earnings showing signs of struggle as these factors culminated toward the end of the year. While the insurer did see gains, they were not as promising as had been previously expected, thus leading Vienna Insurance to revise its approach to 2013. Pre-tax profits reach $780 million in 2012 The company’s pre-tax…

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Price of Iranian oil expected to spike from ship insurance ban in European Union

H. Cutner

According to sources in the insurance industry, a ban is widely forecasted to begin on European insurance coverage for exports of oil from Iran beginning on July 1,2012, and is threatening to restrict shipments from that country, causing costs to rise for large purchasers such as South Korea and Japan. The European Union created a partial exemption from its embargo last week for some insurance companies that cover Iranian oil, until July. Next month, the ministers in the EU intend to go over whether or not those exemptions will be…

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European insurance stops using gender to determine rates

Julie Campbell

According to the main insurers’ lobby in Europe, the CEA, a new regulation will be causing european insurance customers to have to pay up to 30 percent more for their coverage. The regulation stops insurance companies from being able to charge different rates for men and women, and it will come into effect in 2012. On average, women will face the largest increases. According to the CEA, which was discussing the findings of research commissioned by the GDV, a German insurance industry association, women will on average be paying 30…

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Euro crisis may be worse than the economic recession of 2008, say insurers

S.Vagus

The European financial crisis is showing no sign of slowing down as the European Union continues to look for ways to stop what may soon become the world’s most catastrophic financial calamity. EU regulators have turned to the insurance industry to help find a solution to the crisis, but insurers have been leery of lending any aid, as the countries involved in the crisis are exposed to massive risk. The European Insurance and Occupational Pension Authority has released a statement regarding the crisis, calling it worse than the economic disaster…

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