Live Insurance News

India’s government approved major insurance industry overhaul

March 16, 2015March 14, 2015 S.Vagus

Economic measure receives approval from the Indian Parliament India’s insurance industry is in for an overhaul, as Prime Minister Narendra Modi has passed his first major economic reform a year after coming to power. The Indian Parliament has voted to pass a measure that would have a major impact on the domestic insurance industry, allowing foreign investors to participate in the sector. The measure will increase the investments that foreign parties can make into local companies, which may be a boon for smaller companies that offer certain kinds of coverage.…

Great American insurance company headed for Singapore launch

March 13, 2015March 12, 2015 Julie Campbell

This insurer has now received its preliminary approval from the Monetary Authority of Singapore. The Great American Insurance Company, the lead insurer of the Great American Insurance Group, has now received its preliminary approval to be able to do business in Singapore, by that country’s Monetary Authority. This gives the company the opportunity to be able to establish a branch of operation in that Asian country. Great American now intends to bring its insurance company to Singapore, where it will start underwriting risks as soon as the licensing pre-conditions have…

FEMA to review flood insurance claims

March 13, 2015March 12, 2015 S.Vagus

FEMA will review rejected and underpaid policies that were produced by Hurricane Sandy The Federal Emergency Management Agency (FEMA) has agreed to review the flood insurance claims that have been the subject of controversy. These claims were produced in the wake of Hurricane Sandy, but many were rejected or policyholders did not receive fair payment due to various issues. Those who had their flood insurance claims rejected or mishandled have accused the insurers behind these policies of fraud, which has brought harsh criticism against the National Flood Insurance Program. 144,000…

Lawmakers seek to reduce cost of property insurance in North Carolina

March 13, 2015March 12, 2015 S.Vagus

New legislation targeting property insurance has been introduced in North Carolina Lawmakers in North Carolina are looking to reduce property insurance rates by changing the state’s initiative to cover catastrophic losses caused by natural disasters. A new legislation has been introduce that would establish a public bonding authority, which will be part of the North Carolina Coastal Property Insurance Pool. The legislation would also require insurers to provide information concerning the costs they must bear by providing coverage to coastal properties and how much money they are making from these…

Usage based insurance program lets young drivers prove themselves

March 12, 2015March 11, 2015 Julie Campbell

This telematics based system will give new Ontario, Canada motorists the chance to prove their safety habits. A company called Ingenie Canada Inc. has now announced that it will be offering a usage based insurance program in Ontario, Canada, that will use telematics technology in order to allow drivers who are aged 24 years and younger to show that their habits are safer than the demographic as a whole. The company is allowing younger drivers to show their true risk level instead of being lumped in with the group. The…