Insurers come together to form the Global Federation of Insurance Associations Insurance regulations around the world are becoming more stringent in the wake of the global financial crisis that began taking off in 2008. The crisis is responsible for a severe economic depression in the U.S. and other countries and is being widely attributed to the lack of strict regulation of both the insurance and banking industries. Because of the industry’s link to the financial crisis, companies around the world are beginning to see extreme regulations that are making it…
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Insurance industry backing financial integration in the European Union
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…
Read MoreClimate change could spark more wildfires around the world
Insurers becoming increasingly concerns over the effects of climate change Climate change is a highly politicized issue that has generated a great deal of controversy over the years. Though the issue has caused division in numerous industries and within the political world itself, it has been better received by the global insurance industry. Climate change and its potential effects have caused a great deal of concern amongst insurers who have long kept tabs on changes in environments and weather patterns. Because climate change could spur profound financial losses, insurers are…
Read MoreZurich Insurance posts first quarter profits after decline in natural disaster claims
Insurer sees profits in the wake of 2011 catastrophes Zurich Insurance Group, Switzerland’s largest insurance company, has released information concerning its first quarter profits for this year. The company posted high profits this year after overcoming the challenges presented by the past two consecutive years of natural disasters. Last year’s catastrophes broke record losses throughout the world, leaving many insurance companies in a vulnerable position. Large insurers, like Zurich, have been able to recover from the disasters and have even shown promising growth in the first quarter of 2012. Zurich…
Read MoreIndian shipping firms to transport oil despite sanctions
EU sanctions putting strain on shipping industry As Europe and the U.S. begin to tighten sanctions against Iran, concerns regarding the impact these sanctions will have on the shipping industry have grown. Over the past year, sanctions have caused ripples in the industry because they threatened to prevent shipping firms that transport Iranian oil from obtaining insurance coverage. Pushed forward by the European Union, these sanctions banned maritime insurers from covering ships that carried Iranian oil. Some insurers have been granted waivers allowing them to cover these vessels, but coverage…
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