General Electric seeks to divest itself of insurance business

Insurance Business - Long Term Care

GE wants to step away from the long term care insurance that is now costing it far too much. General Electric Co. is currently seeking to unload its troubled insurance business. The American multinational conglomerate has been working with investment bankers to identify opportunities. The company’s insurance branch took on a wealth of expenses following shareholder lawsuits. GE’s insurance business was required to cover extensive charges at the same time it faced lawsuits from its shareholders. The company was also the subject of an investigation by United States regulators, according…

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Berkshire insurance business suffers wounds in its earnings

Warren Buffett Berkshire Hathaway insurance business

That branch of Warren Buffett’s company faced significant challenges during this year’s first quarter. The Berkshire insurance business struck a difficult patch during the first quarter as those units of the company posted an underwriting loss. The losses took the spotlight away from the other gains Berkshire Hathaway brought in through its energy and railroad businesses. That said, that quarter’s results weren’t adequate enough to take away from the recent shareholders meeting. The company’s shareholders meeting took place in Omaha, Nebraska on Saturday. The event was also the location for…

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Allianz to buy the commercial P&C insurance business from Aegon

Property insurance News commercial P&C insurance

The insurer will be purchasing the Netherlands market property and casualty portfolio from the company. It has now been announced that Allianz has agreed to buy the commercial P&C insurance business from the Netherlands market that had been owned by Aegon. As of yet, the details involved in the creation and closure of this transaction have not yet been disclosed. At the moment, the P&C insurance market share held by Allianz in the Netherlands is 4.4 percent. This transaction is expected to bring that figure up to a solid 5…

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Zurich Insurance company shows substantial profit reduction

Zurich Insurance Company News Building in Leeds

The general coverage business from the firm has recorded an operating loss making insurance news headlines. Zurich Insurance Group has recently reported that the insurance company has experienced a 79 percent drop in its net profit for the third quarter of 2015, requiring the firm to have to change gears with regards to a number of strategies it had planned to implement. Among the scrapped plans in this insurance news included a sizeable acquisition mean to boost financial performance. The insurance company, based in Zurich, stated that its net profit…

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Insurance industry values effective business processes over technology

health insurance industry employer work

A recent study has shown that 77 percent of people believe that best practices are critical to business success. The results of an insurance industry survey conducted over the first half of November by Live Insurance News have now been released, and have shown that participants believed that effective practices were the most important part of running a successful business. At the same time, having the best technology surprisingly scored the lowest in this research. The researchers behind the study indicated that they had not expected technology to rate as…

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Insurance industry claims process is not enough to keep consumers loyal

insurance industry claims

Survey from Accenture highlights the loyalty problem that the insurance industry has The claims process is often the target of criticism within the insurance industry. Consumers typically cite the way their claims are handled for the reason they are unsatisfied with their insurance provider. With thin in mind, many insurance companies take steps to improve their claims process, believing that this will ensure the loyalty of their customers. Even a well orchestrated claims process may not be enough to satisfy consumers, however, according to a new survey from Accenture. Results…

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Insurance industry benefits from favorable economic climate in the US

State of the Economy - Insurance industry

Report shows that new jobs have been added to the insurance sector A favorable economic and business climate has had a beneficial impact on the insurance industry last month. The U.S. Bureau of Labor Statistics has released a report that shows that the insurance industry has added thousands of new jobs in June, marking modest growth for the industry and highlighting economic activity. The demand for employees among insurers has begun to rise, especially in the health sector where insurers are being forced to comply with new regulations coming from…

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