Tag: international insurance

Protection and indemnity insurance required by oil tankers in Turkish Straits

H. Cutner
Protection and Indemnity - Turkish Flag

The coverage requirement started this week following the EU embargo on seaborne Russian oil imports. Starting this week, Turkey is now requiring oil tankers traveling through the Turkish Straits to be covered by protection and indemnity insurance, in a move following the start of the European Union’s embargo on Russian oil imports by sea. The EU also established price caps on Russian oil products alongside the start of the embargo. Not unlike the Russian crude price cap of $60 per barrel already in place, a price cap on oil products…

Read More

Ping An Insurance moves to recreate itself as a technology firm

H. Cutner
Ping An Insurance - Skyscraper sunshine

The company is aiming to spend $22 billion to dump its old-school image and reputation. Ping An Insurance is changing lanes in the hopes of transforming itself into a technology company. The firm has come up with a plan to spend billions in order to recreate itself in this new way. That said, the Ping An Insurance executives have not yet managed to sway investors to see their way in spending $22 billion for this purpose. The money would be spent on everything from artificial intelligence (A.I.) to blockchain. The…

Read More

UK insurance industry sees $75 billion shift as Brexit sends business out of London

G. Turner
UK insurance industry - Brexit - Map of Europe

Firms are shifting their centers out of London and into rival EU locations as the UK readies to leave. As much as $71 billion from the UK insurance industry is stepping out of London and is headed into locations throughout the European Union. The shift away from the capital city and into the EU is occurring as a direct result of Brexit. The EU’s insurance and pensions regulator has issued an order to every underwriter across the UK insurance industry. Those firms are required to transfer policies held by clients…

Read More

Woman saws off her hand in what may be shocking insurance policy fraud

Logan B.
Insurance policy fraud - Saw

The woman was found to have purchased five different policies ahead of the incident. A woman who cut off her hand with a circular saw in January is now being accused of insurance policy fraud. Though it initially appeared to be a terrible accident, the Slovenian woman may actually have attempted to defraud several insurers.defau Police and prosecutors are attempting to determine if the event was a bad accident or flawed crime. The 21-year old woman was accused of insurance policy fraud in Slovenia when it was found that she…

Read More

United States to sign post-Brexit insurance deal with Great Britain

Marc
Post-Brexit Insurance - US Flag and UK Flag

The new bilateral insurance agreement is meant to provide greater regulatory certainty to the market. The U.S. Treasury and U.S. Trade Representative’s (U.S.T.R.) office have announced their intention to sign a post-Brexit insurance agreement with Great Britain. The goal is to establish insurance market continuity and regulatory certainty as Great Britain steps out of the European Union in March 2019. The new insurance industry agreement would greatly mirror the agreement between the U.S. and E.U. The United States signed an insurance deal with the E.U. back in 2017. In order…

Read More