Tag: United Kingdom

Bitcoin insurance is now available

S.Vagus
Bitcoin insurance industry news

Insurance coverage for digital currency comes to the UK Digital currency has been making slow progress with consumers and businesses alike for several years. The idea of digital currency is quite attractive, especially as mobile technology becomes more important in daily life. The idea, however, is also problematic in that digital currency is susceptible to a wide range of problems as well as being very attractive to hackers. Bitcoin could be considered the premier digital currency and its history has been marked by volatility, theft, and exploitation. Now, however, Bitcoin…

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A Cluster of Winter Storms Slams the UK over the Holidays: AIR Worldwide

Guest Author
Winter Storms insurance claims

BOSTON, Dec. 28, 2013 — According to catastrophe modeling firm AIR Worldwide, over the last several days, a series of three winter storms (named Christian, Dirk, and Erich) cut power to hundreds of thousands of homes across the UK and France and flooded an estimated 1,200 homes across the UK. As of Friday afternoon local time, an estimated 13,000 homes were still without power. Trains, ferries, and aircraft have experienced significant delays and cancellations. Extratropical cyclones, also known as winter storms, form when a warm, tropical air mass interacts with…

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Northern Europe Cleans Up After Extratropical Cyclone Xaver: AIR

Guest Author
flood insurance

BOSTON, Dec. 10, 2013 – According to catastrophe modeling firm AIR Worldwide, last week, Extratropical Cyclone Xaver affected large parts of northern Europe, particularly the United Kingdom, Northern Ireland, Germany, the Netherlands, Belgium, Denmark, southern Sweden, Poland, and the Czech Republic. Xaver followed approximately five weeks after Windstorm Christian battered Denmark, Germany, the Netherlands, France, UK, and Sweden in late October. AIR estimated insured losses of between EUR 1.5 billion and EUR 2.3 billion from Christian. “Hurricane-force winds caused widespread power outages and travel disruptions throughout the region, but the…

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Flood insurance initiative runs into problems in the UK

S.Vagus
UK Flood homeowners Insurance companies Flood Re Plan

UK flood insurance initiative may be lacking foresight The United Kingdom’s new flood insurance initiative, called Flood Re, may not adequately account for the risks that many properties face, according to a new study from the London School of Economics. The flood insurance initiative operates as a flood fund, creating a financial windfall for homeowners, the UK government, and the insurance industry. The fund is meant to mitigate the costs associated with flood disasters and represents several years’ worth of negotiation between the UK insurance industry and the government. Flood…

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UK regulators taking a hard look at insurance industry

Logan B.
UK cyber Insurance industry News united kingdom

Insurance industry may feel repercussions of Lloyds failure The United Kingdom’s Financial Services Authority has fined Lloyds Banking Group for some $6 million this week. The fine is due to the company’s failing to compensate customers who purchase insurance policies or acquired loans and mortgages from Lloyds. The company is accused of mis-selling payment protection insurance. This type of coverage is common throughout the insurance industry and helps ensure the repayment of loans in the event of a borrower losing the ability to handle their loans. Lloyds fails to compensate…

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