Live Insurance News

Insurance industry won’t hurt too much from Cyclone Phailin

October 18, 2013October 18, 2013 Julie Campbell

It is believed that the losses will be less than an estimated $1.6 million, possibly much less. On Saturday, Cyclone Phailin smashed its way through Odisha and Andhra Pradesh in India, following a massive evacuation of the area, leaving the world and the insurance industry to wonder what would be left behind. Officials are now saying that there may not be very large losses for insurers to have to face. According to those officials from the insurance industry, the largest amounts of destruction were sustained by “kuchcha houses” (which are…

Insurance news made with Falcone fund manager ban

October 11, 2013October 8, 2013 G. Turner

U.S. regulators have banned him from the coverage and securities industry for five years. The latest insurance news has just been released, revealing that Philip Falcone, the hedge fund manager, has now been banned by U.S. regulators from the securities industry for a period of five years. Further bans were also put into place beyond this wide reaching one, in New York. The bans making the insurance news also include prohibiting Falcone from any decision making roles at a unit of his firm, Fidelity & Guaranty Life Insurance. This, according…

Insurance industry members hire private fire crews

October 2, 2013September 30, 2013 G. Turner

The insurers are doing what they can to help protect multimillion dollar homes in the western U.S. Private firefighting crews have now been hired by firms in the insurance industry to help to provide greater protection for multimillion dollar homes located in the western United States. This has occurred through a specific wildfire protection program designed to lower the risk for wealthy homeowners. The belief of these companies in the insurance industry is that the cost is actually lower for providing this defense for the higher end homes than it…

Insurance news from Lac-Mégantic means higher costs for railways

September 20, 2013September 17, 2013 Julie Campbell

Insurance news Lac Megantic train derailment

The Canadian Transportation Agency is now conducting a review of minimum coverage amounts. Following the railway disaster in Lac-Mégantic, Quebec, Canada, the Canadian Transportation Agency (CTA) is making insurance news by holding a review of the minimum coverage amounts that railways must carry. The coverage at the Lac-Mégantic crash was covered only to a small fraction of the total estimated damages. The federal regulators added to their insurance news announcement by saying that they will be starting consultations on coverage for railway companies in the next few months. The review…

Executives call for focus on flood insurance in Canada

September 18, 2013September 16, 2013 S.Vagus

Canadian insurers draw attention to issues concerning flood insurance coverage Insurance executives from 13 firms in Canada claim that access to comprehensive flood insurance protection in the country is inadequate. Executives recorded their opinions on the matter as part of a survey focused on the impact of devastating floods that recently struck Alberta and Toronto earlier this year. Flood disasters are becoming more common throughout Canada and executives believe that appropriate flood insurance coverage will not be available to consumers unless major action is taken on the matter. Alberta and…