Category: International Insurance News

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

Pandemic forces Lloyd’s of London insurance contracts into review

G. Turner
Insurance contracts - Lloyd's of London building reflected in glass

The massive marketplace is re-examining the way coverage products are designed due to COVID-19. Lloyd’s of London has launched a new review of its insurance contracts, taking a new look at the way products are created and sold. The purpose is to develop simpler products in response to the COVID-19 pandemic. Insurers have suffered considerable reputational damage due to the complexity of their products. This complexity in insurance contracts has made it difficult for businesses to understand. The result has been a wave of court cases meant to decide whether…

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Toyota Insurance partners with Swiss Re European risk rating system

Logan B.
Toyota Insurance - Red Toyota Car

The automaker has announced that it is joining the insurer’s vehicle risk rating system. Toyota insurance has become the latest partner in the Swiss Re platform that assigns a vehicle risk score to make it easier for insurers to calculate premiums that take new safety features into account. This new partnership will apply to the Toyota and Lexus vehicle models rolling out in Europe. By way of this partnership with Toyota Insurance Services (TIS)/Toyota Insurance Management Europe, Swiss Re’s Advanced Drivers Assistance Systems (ADAS) risk score will be extended to…

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Canadian insurance industry sees areas of growth throughout pandemic

Julie Campbell
Canadian insurance industry - Canadian Flag

While the COVID-19 crisis rages on, and insurers face challenges, some are thriving. The Canadian insurance industry has measured some pockets of growth in specific areas of coverage throughout the pandemic crisis. Insurers are struggling in the areas of coverage disagreements, particularly in business interruption policies. Business interruption and travel policies are often leading to disputes over coverage, lawsuits, angry clients and customers, and economic challenges among others. However, in other areas, some considerable opportunities have opened up for certain types of product lines to grow and developed. Among those…

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Tencent’s WeSure insurance platform faces misleading marketing fine

Marc
WeSure Insurance - Tencent Tower

The Chinese parent company behind WeChat and QQ is facing disciplinary action from Beijing. Chinese tech giant Tencent owns an insurer called WeSure insurance, which lets consumers purchase various forms of coverage online. They can make these purchases via QQ or WeChat, the company’s social media networks. That insurer has been slapped with a fine for running a marketing campaign that was misleading. The fine is a reflection of Beijing’s determination to firmly regulate the largest internet market in the world. That said, the fine against WeSure insurance was only…

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Amazon auto insurance is now available for drivers in India

H. Cutner
Amazon auto insurance - Amazon building

The company has started selling coverage for two- and four-wheelers driven in the country. Amazon auto insurance has now rolled out in India, marking the first time the retail and tech giant has stepped into the global financial services category. The e-commerce company confirmed solidifying a deal with Acko General Insurance from Mumbai. The Amazon auto insurance sales are underwritten by Acko General Insurance and are available to car drivers and motorcycle riders in the country. Amazon is also an investor in that insurer. Amazon Pay chief executive and director…

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Chinese insurance industry takes moves away from centralized supervision

Logan B.
Chinese insurance industry - Office Buildings in China

The country is moving to decentralize the oversight of its $3.1 trillion industry. China is making the first moves to decentralize the oversight of the $3.1 trillion Chinese insurance industry as it seeks to enhance efficiency levels. The CBIRC has produced new guidelines granting local regulators more supervisory power. The China Banking and Insurance Regulatory Commission (CBIRC), the national Chinese insurance industry regulator, issued all new guidelines granting new supervisory powers to local regulators who will now be responsible for certain segments of the sector. This decision is expected to…

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Canadian life insurance has been too expensive for years, says new analysis

Logan B.
Canadian life insurance - Canadian Money

The findings indicate that people in Canada have been overpaying for coverage by 36 percent. Canadian life insurance is substantially more expensive than it should be, according to a recent PolicyMe study which showed that people in the country to our north are paying an average of 36 percent too much. This analysis was based on the data from 4,800 existing policies in Canada. The findings have shown that the Canadian life insurance industry may be ready for somewhat of an overhaul. The reason is that the traditional methods used…

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