Insurance industry is seeing a hugely costly winter

insurance industry winter snow ice

Some have said that this will be among the 5 most expensive winters in over 30 years. The Insurance Information Institute has now released its predictions about the costs associated with this last winter for the insurance industry, and has determined that the payments resulting from storms have now reached over $1.5 billion. As this week has shown in many parts of the country, the snowstorms aren’t done for the year. Now, the Verisk Analytics Property Claims Services firm has estimated that there were already about 175,000 claims paid to…

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Insurance industry cautions that weather disasters on the rise

Canada flood insurance industry

Officials in Canada are cautioning consumers and insurers that storms are getting stronger. The Insurance Bureau of Canada (IBC) has released a statement that cautions the insurance industry that the severity, frequency, and therefore the cost of extreme weather in the country is on the increase. It also noted that Alberta has experienced the greatest increase in severe weather occurrences. According to Don Forgeron, from the IBC, “The insurance industry claim payouts are the canary in the coal mine.” The amount of damage caused by severe weather events, and the…

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Life insurance premiums will increase next year

Life Insurance News

Swiss Re has stated that as the global economy returns to growth, rates will start to rebuild. The second largest reinsurer in the world, Swiss Re Ltd., has just released its latest predictions about next year, and it has stated that the sectors for global primary coverage in non-life, as well as life insurance and health will all be on the rise as the worldwide economy starts to grow. Property and casualty premiums are predicted to face an increase of 3 percent in real terms. Moreover, after a year without…

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Insurance industry warning released by Lloyd’s of London

International Insurance Industry

The oldest market of insurers in the world has issued a caution to the globe. Lloyd’s of London, the oldest coverage market worldwide, has issued a warning to the insurance industry, cautioning it that if a natural disaster should strike in emerging economies, the cost of rebuilding could be enormous. It has included over a dozen emerging economies in its warning against tremendous rebuilding bills. In fact, it pointed out that there is currently a global insurance industry deficit worth £104 million ($168 million), and that this is now affecting…

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