Over the last five years, the sector has expanded despite the economic downturn. IBISWorld has now released its latest U.S. Industry Market Research Report, which provides details as to the progress of the pet insurance sector over the last five years. What it has indicated is that there has been notable growth among insurers and consumers. Over the last five years, according to the report, the pet insurance industry grew very rapidly, continuing its expansion regardless of the direction of the economy as a whole. It is a clear reflection…
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Insurance News from Zurich shows its profits diving by $550 million in Germany
The Swiss insurer’s Q3 pretax profits will take a serious hit after coverage funding issues. Zurich Insurance Group, a Switzerland based insurer, has released its latest insurance news, which shows that its profits in Germany will be slammed by $550 million, pretax in the third quarter. This was the result of the insurer’s failure to put aside enough money to cover certain claims. Specifically it did not have the cash ready to cover the potential claims that occurred several years following the expiry of the policies. The insurer also stated…
Read MoreInsurance news reveals the launch of a new global association
The GFIA has 31 founding members from around the world. The latest insurance news is now including the start of the Global Federation of Insurance Associations (GFIA) which includes 31 founding members from around the world and represents 87 percent of the worldwide industry business. Among the founding members is the Insurance Council of Australia. According to an insurance news statement made by Rob Whelan, the CEO of the council, “Insurance is very much a global business, and insurance industry associations face many of the same issues across the world,…
Read MoreInsurance news from Munich Re shows that it will see “profitable growth”
The reinsurer has announced that it expects to boost its industry coverage business. Munich Re has made insurance news with its latest statement, which has indicated that it expects to be able to increase the size of its industry coverage business, which offers corporate clients both insurance and reinsurance. The last cycle has already shown notable increases, and this does not show signs of halting. The head of the corporate insurance partner unit for Munich Re, August Proebstl, stated that “We have shown that we can achieve profitable growth in…
Read MoreGlobal Federation of Insurance Associations forms to combat rampant regulation
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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