Category: International Insurance News

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

Lloyd’s reinsurance and insurance market supports sanctions against Russia

Live Insurance News
Insurance market - Lloyds of London Building

The massive London-based marketplace has stated that it official backs sanctioning the country. Lloyd’s reinsurance and insurance market has announced that it is placing its backing behind the sanctions that have been applied to Russia in response to that country’s invasion of Ukraine. Western nations have announced a growing spectrum of sanctions aimed at the Russian economy. Countries from around the globe have been applying the sanctions to separate the Russian economy from an in-flow of money and to separate the country from the rest of the world. The largest…

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Allstate insurance company launches anti-ableism campaign

H. Cutner
Allstate insurance company - Campaign

The insurer is rolling out a public education strategy to promote inclusion in the Canadian market. The Allstate Insurance Company of Canada has announced the launch of a new public education campaign fighting ableism. The insurer is rolling out this program as a part of a collaboration it has with Inclusion Canada. Inclusion Canada is a national federation of 13 provincial and territorial associations that have over 300 local associations. These represent the human rights of individuals with intellectual disabilities. The organization is working with the Allstate Insurance Company of…

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Ukrainian airline UIA loses some of its plane insurance coverage

G. Turner
Ukraine International Airlines - Airplane - Plane Insurance

The insurers have withdrawn the cover for aircraft flying in the country’s airspace. The largest Ukrainian airline has announced that its insurers have withdrawn their plane insurance coverage for at least some of its aircraft for flights within the country’s airspace. The move was made as Russia boosts potential risk by moving its military forces to the border. Ukraine International Airlines (UIA) stated that the insurers informed it that the plane insurance would be removed in Ukrainian airspace due to the threat presented by Russia. This announcement was made as…

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Wawanesa Mutual Insurance Company achieves CSIO Billing eDocs Certification

Marc
Wawanesa Mutual Insurance - Certification

This makes the insurer the first in the industry to have obtained this certification. The Wawanesa Mutual Insurance Company has received CSIO’s congratulations in becoming the first insurer to earn the organization’s Billion eDocs Certification. Certification demonstrates that the insurer has implemented Billing eDocs to CSIO Standards. Wawanesa Mutual Insurance Company’s certification states that the insurer has demonstrated that their Billing eDocs implementation is up to the Standards established by CSIO. Certification also means that Billing eDocs will exchange seamlessly between the insurer’s systems and those of Broker Management Systems…

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Insurance industry joins global shipping decarbonization effort

Nordstrom
Insurance industry - Shipping - Boats - marine

Leading marine insurers have joined a broader worldwide initiative to cut carbon emissions. Top marine insurance industry companies have now entered into the growing initiative to help push forward the shipping world’s decarbonization. The insurers plan to link their underwriting activities into global shipping’s carbon emissions cuts. The insurance industry hopes that by making this move it will help to encourage the sector to go entirely green. In early November at the COP26 climate summit, countries including the United States pushed for the International Maritime Organization (IMO), the shipping agency…

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Allianz becomes China’s first fully foreign-owned life insurance company

Marc
Life insurance - Allianz

The insurer created a joint venture that has become the first to receive approval of this nature. Allianz has announced that its Chinese life insurance company has received the necessary regulatory approval for becoming the first joint venture-created foreign-owned life insurer in the country. The sheer size of the Chinese market has made it an exceptionally appealing one to foreign insurers. Many financial institutions from countries around the world have been seeking to grow their presences within China. They are looking to enter or broaden their presence in the country’s…

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Amazon to sell business insurance in the United Kingdom

Marc
Business insurance - Amazon

The marketplace has announced its intentions to begin selling to small- and medium-sized companies. Amazon.com Inc. has announced that it will begin selling business insurance to small- and medium-sized companies in the United Kingdom. This represents the first step the tech giant has taken into that market in the UK. The business insurance coverage will become available to members of Amazon’s Business Prime program. Those members will be able to purchase policies from Superscript that will include coverage such as contents, professional indemnity, and cyber. According to a spokesperson from…

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