Live Insurance News

Big data is becoming a priority for the insurance industry

April 14, 2014April 12, 2014 Logan B.

Executives come together to highlight the importance of big data Insurance technology executives from AIG, Chubb, Travelers, and several other insurance organizations recently came together during a seminar in Philadelphia to highlight the importance of big data in data management. Big data has become quite important within the insurance industry, with executives suggesting that there is no other industry that can benefit more from the use of big data. During the seminar, executives suggested that prioritizing big data may be able to help insurers better manage the risks associated with…

Insurance marketing investigation leads to lawsuit from AIG

April 8, 2014April 12, 2014 G. Turner

The insurer has now sued the top financial regulator in New York to block a fine. American International Group Inc. (AIG) has filed a lawsuit against Benjamin Lawsky, the top financial regulator in New York, in order to block it from being able to fine the insurer over its insurance marketing efforts that it has been conducting without a state license. The claim from AIG is that it would be unconstitutional to have to pay this fine. AIG has called the insurance marketing fine an interpretation that is “flawed and…

Cyber insurance sales boom in Ireland

January 29, 2014January 27, 2014 Marc

Businesses are beginning to look to insurance in order to protect themselves from digital threats Cyber insurance policies are beginning to gain more attention as hackers begin focusing more heavily on businesses with lackluster protection in place. Hackers have been taking advantage of businesses for several years and businesses have often failed to keep up with the pace at which security software as well as hacking techniques have advanced. As such, insurance protection is becoming vital to the longevity of business large and small. In Ireland, the sale of cyber…

Berkshire Hathaway to expand commercial insurance lines

May 9, 2013May 25, 2013 Logan B.

Commercial insurance proves attractive for Berkshire Hathaway Berkshire Hathaway, a multinational conglomerate with strong ties to the insurance industry, has somewhat ambitious plans to expand its commercial insurance business in the coming years. The company has remained somewhat stagnant with its commercial lines for some time, biding its time and hoping to ride out some of the turbulence that has been common throughout the insurance industry recently. The company recently acquired four new executives from the American International Group (AIG), and now plans to put more focus on its commercial…

Drama washes over insurance industry as companies continue legal battles

May 8, 2013May 7, 2013 S.Vagus

Insurance industry still in turmoil after economic recession The controversies surrounding the U.S. insurance industry and its relation to the 2008 economic recession continue to prove to be an active battlefield. This week, AIG, one of the country’s largest insurance companies, has announced that it may pursue a lawsuit against Bank of America’s Countrywide insurance unit. The lawsuit accuses Countrywide of playing a role in the financial disaster. AIG was cleared to pursue this lawsuit after U.S. District Judge Mariana Pfaelzer approved of such action this week in Los Angeles,…