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Insurance industry professionals must cope with regulation risks

July 19, 2013July 17, 2013 Julie Campbell

Insurance industry risks - Banana Peel Survey

A new study has revealed the largest risks faced by pros, the results of which have now been published in a report. New local and international level regulations are now being seen as the greatest risk faced by the insurance industry, according to a PricewaterhouseCoopers and Centre for the Study of Financial Innovation report. The new rules could considerably increase problems with compliance as well as costs for insurers. According to the 2013 Insurance Banana Skins Survey, new regulations regarding market conduct and solvency could “swamp” the insurance industry with…

Cyber insurance is Zurich’s new focus

July 19, 2013July 17, 2013 G. Turner

cyber insurance

The massive insurer is hoping to increase the coverage it provides against data breaches and climate change. Zurich Insurance Group is now broadening its focus to be able to meet the growing corporate demand for coverage such as cyber insurance against data breaches as well as against the risks that are posed by climate change. This announcement was made by the general insurance chief at Zurich, this week. A growing number of businesses are seeking cyber insurance to cover themselves against the economic challenges – or catastrophe – that can…

Life insurance recovery reaches $1.1 billion

July 19, 2013July 16, 2013 H. Cutner

Life Insurance Payment

New York regulators have said that by July 10, the nationwide investigation has already been very successful. According to regulators in New York, the investigations that have been going on nationwide have already resulted in the recovery of over $1.1 billion in unclaimed life insurance benefits. Previously, insurers had not been using available lists in order to discover recent deaths that had occurred. The Department of Financial Services in New York explained that many life insurance companies were failing to consult with the Social Security Administration lists of recent deaths…

Crop insurance in Kansas farm bill pleases farmers

July 18, 2013July 20, 2013 G. Turner

Though growers are pleased that the program continues to exist, they are wary of cuts to direct subsidies. Farmers in Kansas are thrilled that their crop insurance program has been maintained as a part of a scaled down farm bill that has been passed by the U.S. House, but they are still leery as it doesn’t look as though the opportunity that it will provide will be quite as lucrative as what it used to be. They are still watching to see which elements of it will make it into…

Insurance industry estimates damage of Black Forest Fire at $300 million

July 18, 2013July 16, 2013 Marc

Colorado homeowners insurance industry wildfires

Insurance industry suffers fresh blow from Black Forest Fire A major wildfire has caused significant damage in Colorado. The disaster is being called the Black Forest Fire and was first sparked on June 11. The fire lasted until June 20 and is being considered the worst wildfire in the state’s history. The insurance industry has been working to assess the damage caused by the disaster since the fire had been effectively contained. This week, the Rocky Mountain Insurance Information Association has released a preliminary assessment of the damage caused by…