Allianz Insurance has announced that it is now offering a new home insurance product in Europe that is available exclusively online and offers customers the ability to construct a policy that is customized to their unique needs. The new home insurance product called “Your Cover” helps customers to buy the most basic level of comprehensive coverage, upon which they can add up to 11 additional optional forms of coverage – such as home business coverage, identity fraud protection, 24-hour home emergency assistance, and sports equipment insurance – in order to…
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Leading European property and casualty insurers saw premiums increase of 5.2%
Spain-based MAPFRE has released the results of its 7th annual survey of European insurance companies and has ordered them based on their writing of gross premiums, determining that all of the top insurers were able to both raise their revenues from premiums and achieve successful outcomes that were largely based on activity outside their own countries. The survey specifically examined non-life insurers, and the report published by MAPFRE stated that the top ten insurance companies saw an increase of 5.2 percent in their premiums, bringing them to $283.39 billion in…
Read MoreAllianz reports catastrophe losses on the rise but not the root of industry woes
Risk assessment experts at Allianz, one of the largest insurers in the world, have spoken out about the rising costs insurers are experiencing from natural catastrophe, outlining their findings in risk briefing – Allianz Risk Pulse: Focus Natural Catastrophes. With occurrences of severe weather, earthquakes and flooding, many insurance companies are seeing losses due to natural disasters and, according to Allianz, the number of companies experiencing these losses is on the rise. However, the increase may not be due to natural disasters at all. Allianz finds that the growing trend…
Read MoreInsurance company files lawsuit against celebrity
Allianz SE insurance company is filing a lawsuit against celebrity and heiress, Paris Hilton. The insurer paid Damiani’s claim for jewels that were stolen from Ms. Hilton. Allianz says the police recovered part of the jewels, and she should return them to the owner; a Manhattan jeweler. But according to Ms. Hilton’s spokeswoman, the suit isn’t based on the facts. In December 2008, a burglary ring that was targeting celebrity homes, robbed Paris Hilton’s mansion. They stole over 2.5 million dollars worth of jewelry; including jewels that were on loan…
Read MoreAustralia: Property insurance risk are being recalculated
The flooding that struck Australia’s Queensland some months back was expected to have severe ramifications on the insurance industry. Now, officials are reporting that rates for homeowners are going to be raised by as much as 30%. Queensland residents have been receiving renewal notices for their policies’ premiums will be increasing. Many of these policyholders own property that survived the flooding without any damage, leading them to question the rate increase. Insurers claim a myriad of reasons behind the rate increase. While the flooding is a prominent factor, they assert…
Read MoreBershire Hathaway opens doors in India
Berkshire Hathaway Inc., a U.S. based insurance company run by Warren Buffett, has announced that they will be entering the insurance market in India. The insurer will make its entrance into the Indian sector as a corporate agent of Bajaj Allianz General Insurance. Berkshire Hathaway will provide general insurance products via online distribution. They will focus their efforts mostly on auto insurance and branch out from there. The Indian insurance market is experience rapid evolution and Berkshire Hathaway is committed to providing the products that are needed most. According to…
Read MoreLargest insurer in Europe encourages consumers to shop their car insurance
Allianz, one of the biggest insurers in Europe, is anticipating that 1 in 10 drivers will cut back their auto insurance coverage this year. In an effort to retain customers, they have launched a new service called, “Your Cover Car Insurance”. Exclusive to online users, Your Cover is designed to help motorists see if they can keep the same amount of coverage they currently have but for a lower price. An independent study conducted on behalf of Your Cover showed that 10% of drivers are looking to cut back on…
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