Bitcoin insurance arrives at Mitsui Sumitomo

bitcoin insurance cryptocurrency

The Japanese insurer has announced a new product line providing coverage for domestic cryptocurrency. Mitsui Sumitomo, an insurer from Japan, has announced the launch of a line of Bitcoin insurance products. The goal is to provide coverage for the domestic cryptocurrency market. These types of digital currency are providing new opportunities for markets and conventional businesses in the country. The insurance industry has been seeing a considerable boost in demand as a result of Bitcoin-like currencies. Mitsui Sumitomo clearly intends to ensure it will not miss opportunities in these areas.…

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Earthquake insurance is growing more costly in Japan

Japan Earthquake Insurance 2011

Japanese insurers seek to raise premiums for earthquake insurance coverage Earthquake insurance premiums are set to rise in Japan due to fears regarding recent and past seismic events. Several companies that provide this type of coverage are looking to increase premiums by an average of 19%, citing the financial impact of the massive earthquake that struck Japan four years ago. The Fukushima earthquake of 2011 caused significant damage to property and triggered the worst nuclear disaster that the world has seen since Chernobyl. Premiums grew for the first time in…

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Munich Re makes a move on marine insurance

Marine Insurance

Reinsurer is moving its marine insurance underwriting to Hong Kong Munich Re, one of the world’s leading reinsurance companies, is beginning to consolidate its marine businesses and has chosen Hong Kong as the center for its underwriting in the Asia Pacific region. The company is following a trend that has seen many insurance and reinsurance companies separate their marine businesses from the traditional property casualty sector. Companies are beginning to be affected in changes in the marine sector and are looking to provide better coverage options to organizations that need…

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Health insurance in Japan to cover regenerative medicine

japan health insurance

Insurers in Japan will soon offer coverage to cell-cultivating companies A major breakthrough may be underway in the Japanese insurance industry. Non-life insurance companies in Japan will soon begin selling policies to cell-cultivating companies specializing in regenerative medicine. New technology is being put to use in the medical field and this technology is designed to resort lost human tissue through the use of pluripotent stem cells. Insurers are expected to begin selling policies for regenerative medicine beginning in early October, marking the first time such products will be sold in…

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Insurance News: South Korea halts purchases of oil from Iran

Iran Oil Insurance industry News

Despite insurance coverage, South Korea nixes Iran oil purchases In insurance news headlines today, South Korea has halted its purchases of oil from Iran as the countries refiners lose access to their insurance coverage due to sanctions from the European Union. The EU instituted sanctions against Iran were enacted earlier this year and prevent ships carrying Iranian oil from receiving insurance coverage. The maritime insurance industry, much of which is represented by the United Kingdom, expressed concerns over the sanctions but quickly complied as the measures were enacted. South Korea…

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Libor scandal could have long-standing consequences

EU Insurance Plan

Insurers face heavily financial losses as the result of the Libor scandal Many of the world’s largest insurance and financial institutions may be liable for hundreds of millions of dollars over the next several years due to the ongoing Libor scandal. Libor refers to the London Interbank Offered Rate, which is an average interest rate estimated by the leading banks of the United Kingdom. Libor has been a somewhat controversial issue for several years, but has become even more so in light of the current scandal. The scandal was ignited…

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Typhoon Talas Heads for Japan

BOSTON, Sept. 2, 2011 – According to catastrophe modeling firm AIR Worldwide, Typhoon Talas formed on August 25 as the Japan Meteorological Agency’s (JMA) 12th named storm of the 2011 Northwest Pacific typhoon season. The typhoon is located south of Osaka, Japan, moving 12 km/h in a north-northwest direction. Talas is a large storm, with tropical storm force winds extending up to 650 km from its center. Maximum 10-min sustained wind speeds are 120 km/h (with gusts up to 175 km/h), making it a weak Category 1 hurricane on the…

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