Live Insurance News

Fitch Ratings on the state of Italian insurance industry

September 18, 2012September 18, 2012 S.Vagus

Italian insurance industry retains negative outlook Fitch Ratings, a global ratings agency and division of the Fitch Group, has released a statement concerning the state of the Italian insurance industry. Italy, like other countries in Europe, has been struggling to cope with the impact of financial crisis. The country was one of the hardest hit by the crisis, which took hold of the region in 2009. Years have passed since the development of the crisis and several countries are still working to mitigate its effects and recover. Industry pummeled by…

Insurance News: South Korea halts purchases of oil from Iran

September 17, 2012September 17, 2012 Nordstrom

Despite insurance coverage, South Korea nixes Iran oil purchases In insurance news headlines today, South Korea has halted its purchases of oil from Iran as the countries refiners lose access to their insurance coverage due to sanctions from the European Union. The EU instituted sanctions against Iran were enacted earlier this year and prevent ships carrying Iranian oil from receiving insurance coverage. The maritime insurance industry, much of which is represented by the United Kingdom, expressed concerns over the sanctions but quickly complied as the measures were enacted. South Korea…

South Korea to sidestep EU ban on maritime insurance coverage

August 23, 2012August 22, 2012 S.Vagus

South Korea to resume providing coverage next month South Korea plans to sidestep sanctions imposed against Iran by the European Union and will continue to provide the country with maritime insurance coverage beginning next month. South Korea is the latest Asian country that has chosen to ignore the sanctions, which have instituted a ban on providing ships carrying Iranian oil with insurance coverage. The sanctions have been subjected to a great deal of criticism because of their potential to cause economic damage. The maritime insurance that South Korea provides is…

Iran offers insurance to sidestep EU sanctions

August 13, 2012August 13, 2012 S.Vagus

Iran begins taking matters into its own hands concerning insurance coverage Iran continues to struggle with strict sanctions enacted against it by the European Union concerning the country’s controversial nuclear program. As the sanctions begin to take their toll on the transportation of oil from the country, Iran is looking to take matters into its own hands. The country has entered into the insurance business, offering shipping companies coverage as a means to sidestep the sanctions imposed by the EU. The insurance coverage being offered by Iran would not only…

Insurance industry backing financial integration in the European Union

June 21, 2012 Nordstrom

EU continues to enact dramatic changes with the help of the insurance industry The ongoing financial crisis gripping Europe has been a subject of major concern around the world. The crisis has serious implications for the global economy, which could be severely impacted if the European Union cannot find a solution to the ongoing problem. The EU has turned to the global insurance industry, suggesting that insurance could be a way to solve the problems facing many of the countries facing economic troubles. In this case, insurance coverage is being…