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

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…

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

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…

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

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…

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International travel insurance more common than domestic among Americans

International Travel Insurance - Woman tourist taking photos

More people in the U.S. purchase coverage if they’re traveling outside the country, says AAA Travel. Americans are more likely to purchase international travel insurance than coverage when they are traveling domestically, says a new AAA Travel study. Travelers are more likely to think they need coverage if they’re leaving the country. The research showed that almost four in ten Americans – 38 percent – will typically buy international travel insurance for their trips. Among those individuals, the most important benefit to those policies is trip cancellation defense. Among those…

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Iran offers oil shipment insurance to India to keep tankers sailing

Oil shipment insurance - Ship at sea carrying oil

Tehran’s efforts to overcome the returning U.S. sanctions include providing their own insurance coverage. Iran has started offering India oil shipment insurance to cover tankers operated by Iranian companies. The goal is to overcome the barriers occurring as a result of Indian insurance companies backing out of covering Iranian oil takers due to the return of sanctions from the United States. By providing their own cargo insurance for tankers headed to India, Tehran is hoping to keep tankers moving. As India is Iran’s second largest single oil customer – China…

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Allianz token in testing for internal money transfers

Allianz Token - Blockchain - Digital Currency

The insurance giant is trying a new blockchain-based internal token to overcome funds transfer challenges. A new Allianz token is being tested by the insurance giant for moving money among its global affiliates. The concept used blockchain tech to allow the company’s worldwide locations to exchange money without currency conversions among other challenges. Allianz is using this token to get past a number of costs and inefficiencies related to international funds transfers. The Allianz token is meant to be used only within the company itself. It is not launching a…

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Self-driving car insurance for electric vehicles lacking in the United Kingdom

Electric car - self-driving car insurance

Axa claims that Great Britain may be lining up to miss out on driverless vehicle technology. A lack of appropriate infrastructure and a shortage of self-driving car insurance is setting up the United Kingdom to face serious challenges if it doesn’t want to get left behind with driverless electric cars, says the Axa insurance company. Autonomous vehicles are facing considerable barriers in the U.K. due to the lack of fast charging bays, among others. Drivers of electric cars are already facing struggles with the fact that there aren’t enough rapid…

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