Obama administration makes insurance news with EU agreement negotiations

europe insurance news industry

The U.S. Treasury and U.S. Trade Representative have said they plan to work for a covered agreement. The insurance news announcement has now been made that the U.S. Treasury and the U.S. Trade Representative intend to enter into negotiations with the European Union over a covered agreement regarding insurance. The goal of these negotiations will be to “level the regulatory playing field for U.S-based insurers and reinsurers.” E.U. insurance companies and industry regulators have been expressing frustration with regards to the American reinsurance collateral requirements. The issue at the center…

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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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Berkshire insurance and investments lead to 37 percent profit drop

warren buffett berkshire insurance news

The slump in the industry has contributed to a reduction in the company’s revenues. According to a recent report from the company, the Berkshire insurance and investments situation in the second quarter of this year wasn’t necessarily something that would be causing investors to dance about with glee. During that quarter, the profits at Berkshire Hathaway Inc, under Warren Buffett, fell by 37 percent. Greatly to blame for the issues with profits was the Berkshire insurance arm, as there had already been a decline in the gains from investments, but…

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Great American insurance company headed for Singapore launch

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This insurer has now received its preliminary approval from the Monetary Authority of Singapore. The Great American Insurance Company, the lead insurer of the Great American Insurance Group, has now received its preliminary approval to be able to do business in Singapore, by that country’s Monetary Authority. This gives the company the opportunity to be able to establish a branch of operation in that Asian country. Great American now intends to bring its insurance company to Singapore, where it will start underwriting risks as soon as the licensing pre-conditions have…

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Report shows that more insurers are looking to automate their underwriting process

Strategy Meets Action (SMA), a research and consultancy firm serving the insurance industry, has released a new report concerning underwriting practices in the industry. The report, “Underwriting Automation: Insurer Plans and Trends,” notes that insurance companies are making a move to completely automate their underwriting process. The report draws upon data collected by SMA from 144 insurance professionals throughout the industry. This trend may be a result of insurers being unable to meet underwriting goals due to flaws in their systems. Of those participating in the survey, 21% claimed that…

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