Category: International Insurance News

News from around the world and how change in this industry affects other lines of business globally.

Lloyd’s of London’s first electronic insurance exchange to begin testing

Nordstrom
Electronic insurance exchange - Lloyd's of London Building

The massive British marketplace will be piloting this new online technology strategy. Lloyd’s of London has announced the start the testing phase for its first electronic insurance exchange. The technology is meant to handle simple coverage risks, said the marketplace in a strategy update earlier this week. The 330-year old company is seeking to take important steps to modernize itself. Lloyd’s, which first opened in 1686 out of a coffee house, is seeking to use modern strategies to become considerably more efficient. It is looking to use technology to reduce…

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Allstate uses wellness programs for effective talent retention

G. Turner
Wellness Programs - People Working out at gym

The insurance company’s efforts are working in the United States and Canada. Allstate has come across an effective way to promote improved talent retention through the use of wellness programs for its team members. Companies are coming to discover that employees like working for businesses that take care of them. According to an RBC Insurance survey conducted last year in Canada, 80 percent of workers felt their overall wellbeing would be better than it currently was if their employer would offer certain benefits. More specifically, they felt that personalized wellness…

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Not all travel insurance covers coronavirus risk, so check your policy

Julie Campbell
Travel insurance covers coronavirus - Person wearing mask

Americans with traveling plans may want to look at their coverage if they’re worried about an outbreak. If you’re headed away from home for a vacation or business purposes, it’s a good idea to check if your travel insurance covers coronavirus outbreak-related losses if you’re headed to a potentially affected area. China has implemented travel bans unlike anything that has been tried before in a number of its cities. The coronavirus outbreak couldn’t have come at a less convenient time in China. At the height of the Lunar New Year…

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FCA watchdog issues serious warning to the UK insurance industry

Marc
UK Insurance industry - Lloyd's of London

The Financial Conduct Authority’s caution follows on the heels of major admissions at Lloyd’s. The Financial Conduct Authority has issued a stern warning to the UK insurance industry to clean up its act. It warned insurer bosses that they had better eliminate their unacceptable behaviors and improve diversity among their numbers. The FCA’s warning comes with a threat to the jobs of the commercial insurance company bosses. This warning to the UK insurance industry arrives shortly after the 2019 admission from Lloyd’s of London of cases of sexual harassment and…

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Allstate, GEICO, and Allianz enjoy prospering worldwide renters insurance market

Marc
Renters Insurance Market - money - prosperity

The results of a new study have shown that insurers are enjoying a thriving sector. According to the outcomes published in a new renters insurance market report, the sector is thriving worldwide. Insurance companies such as GEICO, Allstate, Esurnce, Allianz, and Shelter Insurance & Mercury Insurance are all prospering according to the “Southeast Asia Renters Insurance –Market Development Scenario.” The study examined the strong successes these players are enjoying in this particular market. The report looked at the renters insurance marketplace using both qualitative and quantitative market data. It also…

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US insurance industry isn’t moving away from coal at the rate of EU insurers

Marc
US Insurance Industry - Power plant and wind turbine

A new report determined that insurers in the Unites States are falling behind their European counterparts. Though the number of companies in the US insurance industry that have moved away from coal has doubled this year, a new report shows that American insurers remain far behind those in Europe. Insurance companies in Europe have withdrawn support for coal at a substantially higher rate. The report, called “Insuring Coal No More,” looked at the European and US insurance industry. It scored the two regions for the third consecutive year according to…

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Green Vault discovers it is uninsured after $1 Billion museum theft

G. Turner
museum theft - jewels, vintage jewelry, silver, gold

The priceless, irreplaceable jewels stolen from the German museum were not covered by insurance. The day following a priceless jewelry and artifact museum theft in Germany, an unfortunate discovery was made. The items estimated to be worth over $1 billion are not covered by an insurance policy. This has added to the pressure on police to identify and locate the culprits in order to return the items. Last week’s museum theft made international headlines. The missing items include a pearl necklace, a diamond-encrusted dagger as well as dozens of other…

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