Hurricane Florence insurance losses will be within insurers’ ability to manage

Hurricane Florence Insurance - Storm Blowing in

Standard & Poor’s has predicted that the industry losses left by the storm will not have a significant financial impact. The Standard & Poor’s rating agency announced it doesn’t feel the Hurricane Florence insurance losses will be anything the industry cannot manage. Moreover, it forecasted that the insurance and reinsurance industries will not be significantly impacted by those losses. Despite the “material insured losses” left by the hurricane, the storm is not expected to harm insurers. The North Carolina coast was the first to be struck when the storm made…

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Allstate Foundation Purple Purse awards $1.25 million to its cause

Allstate Foundation Purple Purse - Fundings - Money

The insurer’s foundation supports programs empowering victims of domestic violence and financial abuse. The Allstate Foundation Purple Purse initiative recently announced it was awarding $1.25 million to Moving Ahead grants. This effort supports coalitions against domestic violence and that support victims of domestic violence. The grants provide funding to coalitions that provide much-needed support to survivors. Through the Allstate Foundation Purple Purse initiative, the grants to coalitions financially empower resources supporting more than half a million domestic violence survivors. In this way, they have the assistance they need to break…

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California insurance market third largest in the world

California insurance market - Flag of America and of California

The state’s insurers collect $332 billion in premiums every year, said the commissioner. The California insurance market now has an annual premium volume higher than ever before. The volume has now reached $332 billion, said Insurance Commissioner Dave Jones. This figure brings the state to the position of being the third largest market in the world. The California insurance market is the largest in the United States. That said, while that figure from the California Department of Insurance (CDI) does sound impressive, knowing what that represents on a global scale…

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Transatlantic insurance market gets shot in the arm from US, EU deal

european union EU american USA united states transatlantic insurance market

The United States and European Union have come to an agreement to boost this international marketplace. On Friday, the United States and European Union came to an agreement to shrink legal and capital hurdles to the transatlantic insurance market. The goal was to give a boost to both the insurance and reinsurance marketplaces. The transatlantic insurance and reinsurance markets are currently worth a combined $3 billion. This transatlantic insurance market accord is one that has been under negotiation for over a year. It is a follow-up to an agreement that…

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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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US group makes insurance news in China with new disaster recommendations

China insurance market news

An American business group has started to urge China to boost its coverage and service industry access. At the end of last week, an American business group made insurance news as it started urging China to boost its access to insurers as well as businesses from other service industries, as they claim that the boost of foreign skills could help the country to enhance its shaky stock markets and to be able to better cope with catastrophes such as the recent Tianjin chemical explosions. The group feels it would be…

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Unemployment insurance proposal achieves bipartisan Senate support

Unemployment Insurance extension

A new deal has been reached in order to lengthen the long term coverage by another five months. A bipartisan senator group has now come to a deal that will allow the federal long term unemployment insurance program to be extended for an additional five months. This agreement has arrived after several months of focused negotiations and will be applied retroactively. The unemployment insurance will be distributed retroactively to those whose benefits expired at the close of last year. The price tag that comes with extending these benefits will be…

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