Live Insurance News

Flood insurance initiative runs into problems in the UK

August 22, 2013August 19, 2013 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…

Insurance industry in Canada facing increase in water damage claims

August 22, 2013August 19, 2013 Julie Campbell

A spokesperson from a nationwide group has released a statement on behalf of insurers to encourage people to do their part. The Insurance Bureau of Canada (IBC), an organization that represents the insurance industry in the country, has made a statement through its Atlantic vice president, Amanda Dean, to help to encourage policyholders to do their part to prevent water damage in an environment that appears to be facing a rapidly growing number of claims. Severe weather appears to be on the rise and natural disasters are becoming more common…

Insurance news from Berkshire Group includes GIC deal withdrawal

August 21, 2013August 19, 2013 H. Cutner

The two companies had previously come to an agreement, but the latter has failed to uphold its side. The Berkshire Group has made insurance news as it just revealed that it is pulling out of a deal that it had with General Insurance Corporation (GIC), a company from India, ending an agreement that was supposed to continue for a period of three years. However, GIC has paid the premiums for only two quarters, losing the reinsurance business at Berkshire. The three year contract made insurance news when GIC failed to…

Flood insurance program in UK is potentially inadequate

August 21, 2013August 19, 2013 G. Turner

According to a recent study, the new plans from the government underestimate the risk and its associated cost. Researchers have been analyzing the data from the newly created flood insurance program from the government of the United Kingdom and are predicting that it will fall short because it has underestimated the number of properties that are at risk of rising waters as a result of climate change. The study proposes that climate change will vastly increase the number of properties at risk of flooding. The research was conducted by a…

Colorado releases estimates concerning cost of health insurance through exchange

August 21, 2013August 19, 2013 Logan B.

Health insurance estimates released by Colorado officials The cost of health insurance has been a major issue since the passage of the Affordable Care Act in the U.S. The federal law has called for the establishment of exchange programs in every state, which are meant to serve as marketplaces where consumers can find affordable coverage. Exactly how affordable this coverage will actually be has been a topic of debate for the past two years. In Colorado, this debate may be coming to an end as state officials release their estimates…