The European Union is preparing to propose new regulations concerning how corporations use the personal data of Internet users this week. The new rules could have a major impact on companies like Google and Facebook as they would put staunch limits on how they use the information of the people that use their services. Viciane Reading, vice president of the European Commission, a branch of the EU, claims that the new rules are needed to remove the grey areas that exist in Europe’s legal system. Europe is currently awash with…
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Homeowners should expect their insurance rates to rise
Many of the largest homeowners insurance providers in the country, including Travelers, Allstate, and State Farm, will be increasing their rates this year following losses in 2011 that were far greater than had been predicted by the industry. The second biggest homeowners insurance company in the United States, Allstate, has already announced that it will be boosting its rates by 5.6 percent between now and September 30, 2012. They have also indicated that policyholders should expect other increases, as well. Travelers has also discussed the increases that will be experienced…
Read MoreInvestors call for private sector to mobilize against climate change
Despite controversy, the issue of climate change is gaining serious momentum with various industries. During a session of the United Nations last week, a group of investors with a collective $26 trillion under management, took a stand on the issue, claiming that the private sector needs to be more involved in protecting the environment and that no singular government can solve the problem. The collective group is comprised of insurance professionals, government officials and business leaders from all over the world. Few governments have taken the issue of climate change…
Read MoreA.M. Best report shows the potential for growth seen in the Indian insurance market
A new report from A.M. Best, a global insurance rating company, shows that the insurance market of India is poised for major growth. This potential for growth is, however, offset significant challenges facing the insurance industry. The report, titled “Growth Anticipated for Indian Insurers, But Frustrations Remain”, indicates that the nation’s insurance industry will benefit from a growing middle class and economic growth in numerous industries. The report also highlights the shortcomings of the nation’s auto insurance market, which has become quite volatile as more people have begun driving. The…
Read MoreFederal Insurance Office receives 150 comments on how to modernize the U.S. health insurance regulatory system
In October of last year, the Federal Insurance Office (FIO) issued a request for commentary on how to modernize health insurance regulations. The commentary period ended in December with the agency receiving more than 150 suggestions on what to do. Now, the FIO is using the comments it has received to help build a report regarding the regulatory system in the U.S. When completed, the report will be given to Congress and used to help plan a course of action for the future. Michael McRaith, director of the FIO, attended…
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