A growing number of U.S. law enforcement officers are protecting themselves against lawsuits. The largest police union in the United States, the Fraternal Order of Police, has recently reported that law enforcement officers are buying professional liability insurance on an increasing basis as a result of concerns over being sued for their actions while on duty. In the span of one year, running from July 2014 through July 2015, there was a double-digit increase in coverage. Within that span of time, the union reported that members buying professional liability insurance…
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Greek insurance market is taking a dive
The situation in the industry in Greece looks as though the trend is to continue slipping. Last year, the insurance market in Greece took a significant hit as the number of people in the country who cashed in savings based policies broke all previous records of that nature. That trend revealed a solid decline of the state of the insurance industry within the country. This appears to be yet another casualty of the economic crisis in Greece. The reason is that as people have watched their disposable incomes withering, they…
Read MoreMillennials are unsatisfied with interaction with homeowners insurance companies
Insurers are having trouble interacting with Millennials Homeowners insurance companies may be failing to meet consumer expectations when it comes to interaction, according to a new study released by J.D. Power, a global marketing research and information services firm. The study highlights “Gen Y” consumers, typically referred to a Millennials, as having the lowest satisfaction with insurers and their ability to interact with consumers. This demographic typically represents those born in the early 1980s and early 2000s and these people are becoming first-time homeowners and have high expectations of the…
Read MoreIndia’s government approved major insurance industry overhaul
Economic measure receives approval from the Indian Parliament India’s insurance industry is in for an overhaul, as Prime Minister Narendra Modi has passed his first major economic reform a year after coming to power. The Indian Parliament has voted to pass a measure that would have a major impact on the domestic insurance industry, allowing foreign investors to participate in the sector. The measure will increase the investments that foreign parties can make into local companies, which may be a boon for smaller companies that offer certain kinds of coverage.…
Read MoreTop 2014 cases of insurance fraud identified
The MPI has now released its list of the largest errors and attempted fraudulent claims from January through December. A new list called the “top five frauds” has now been released by Manitoba Public Insurance (MPI), which shows the leading instances of insurance fraud that occurred within this Canadian province. While interesting and amusing to some, it also places the spotlight on an ongoing problem in the insurance industry. According to the MPI’s data, its own special investigations unit was able to discover approximately $7.5 million in insurance fraud in…
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