Live Insurance News

McDonald’s takes down its Irish insurance company in move to Bermuda

September 28, 2022September 27, 2022 Marc

The fast-food chain is moving its global coverage operation from Ireland to the North Atlantic. McDonald’s is moving its global insurance company operations out of Dublin, Ireland and to the British island territory of Bermuda in the North Atlantic. It remains in the process of winding down its Irish business, according to its recently filed accounts. The Irish insurance company unit was managed by Aon in Ireland. That insurer has managed the fast-food giant’s global insurance unit for almost three decades. By the time the entire Irish business has run…

Insurance rates in South Africa spike as country labeled “very risky”

September 12, 2022September 11, 2022 H. Cutner

Rising claims from crime, blackouts, inflation and other factors have insurers increasing premiums. Residents of South Africa are expected to see their insurance rates jump by at least 5 percent as insurers watch the risks associated with the country rapidly rising. The risks have been increasing on many fronts from both domestic and global contributing factors. The country is now viewed as “very risky” by insurers, which are raising insurance rates to reflect the increasing claims filed in a spectrum of categories. Insurers have been receiving increased flood and fire…

Australian home insurance prices climb due to climate change

September 2, 2022September 1, 2022 Logan B.

A new green paper report from Finity has shown that global warming is skyrocketing coverage costs. Climate change is having an impact worldwide, but it isn’t dolling out the pain equally, as Australian homeowners are discovering as their home insurance premiums rapidly climb, said a new Finity green paper report. The Australian coverage industry is experiencing increasing losses due to extreme weather events. The Australian home insurance industry has been experiencing rising losses from extreme weather-related events over the last decade, even accounting for exposure growth and inflation. This year…

Hiscox to provide shipping insurance for Ukraine grain corridor

August 5, 2022August 4, 2022 Logan B.

The Lloyd’s of London insurer has committed to an intended coverage consortium for the purpose. Hiscox has announced its commitment to a planned shipping insurance consortium that will offer coverage for ships moving through a safe passage corridor from Ukraine. The Lloyd’s of London insurer faced notable first-half losses, sending its shares downward. Ukraine has now finally had its first grain-carrying ship head out of its port since the start of Russia’s war there. This has occurred following a deal brokered by the United Nations and Ankara. The ship departed…

Earthquake insurance claims cause the third highest number of consumer complaints

June 27, 2022June 24, 2022 H. Cutner

The Australian Financial Complaints Authority recorded COVID and flood emergency claims in first and second. Earthquake insurance claim are responsible for the third most consumer complaints, behind only claims relating to COVID and those associated with flood emergencies, according to new data from the Australian Financial Complaints Authority (AFCA) based on Queensland and New South Wales filings. As of June 22, the AFCA had already received more than 350 complaints about claims from a September quake. The town of Mansfield in Victoria, Australia, suffered a 5.9 magnitude earthquake September 22,…

EU watchdog seeks harmonized insurance policy protection strategy

June 24, 2022June 23, 2022 Logan B.

Consumers across the European Union are increasingly purchasing coverage from outside their countries. Harmonized insurance policy protection strategies of last resort are now necessary throughout the EU as the trend in which consumers in members states purchase coverage from outside their country of residence continues to rise, said the bloc’s insurance regulator this week. The cross-border premiums have been rapidly rising over the last half decade compared to domestic rates. European Insurance and Occupational Pensions Authority (EIOPA) Chair Petra Hielkema explained that premiums people are paying for cross-border insurance policy…

IRA cautions that insurance fraud is harming the economy

June 6, 2022June 4, 2022 Marc

The regulatory authority is urging Kenyans to cease their fraudulent claims as it’s hurting their economy. The Insurance Regulatory Authority (IRA) is urging people across Kenya to cease the rampant insurance fraud through scam claims. The IRA stated that the practice has been causing notable harm to the economy, while also slowing down the pace of legitimate claims settlements and causing premiums to spike and stay high. In fact, the IRA estimates that this practice is inflating premiums people are paying by up to 25 percent. The regulatory authority stated…