According to industry experts and analysts, the ruined Costa Concordia cruise liner may become the largest maritime insurance loss in history. Early predictions are indicating that the mutual societies and insurers may find themselves losing $1 billion on the disaster in which the multistory liner which had been carrying more than 4,000 people (both crew and passengers) ran aground off the west coast of Italy, capsizing and injuring dozens of people while killing at least five. There will be two primary issues to be faced in this catastrophe which involves…
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Travel insurance to cover your trip into space
It is predicted that this year will bring the first commercial flights into space, and with them, those space tourists will also be purchasing travel insurance to provide them with additional coverage for their trips. Among the leading space tourism companies is Virgin Galactic, which is offering coverage directly through its website, though these travelers can also speak with their travel agents if they want to obtain the coverage they need, just as they would for any other type of traditional vacation. Though the ultra-wealthy have already been taking space…
Read MoreSpace travel insurance policy available from Allianz in 2012
In an effort to be the first in the industry to take advantage of the upcoming wave of “ordinary astronauts” who will be taking the first commercial trips into space next year, the German insurance giant, Allianz, has announced that in 2012 it will begin selling space travel insurance policies. The sale of these policies will align with the launch of the spaceflight company called Virgin Galactic, owned by Virgin Group’s Richard Branson. There have already been approximately 450 people who have made seat reservations with Virgin Galactic for its…
Read MoreThe Hartford continues downsizing as financial pressures mount
The Hartford Financial Services Group is planning to downsize in the coming months in an effort to make operations more efficient. The company is one of the largest investment and insurance organizations in the country and has been met with lingering financial woes since the 2008 recession. Downsizing will come in the form of staff reduction and the selling off of one of its fringe units: Trumbull Services, which served the property and casualty insurance industry. The company has been consistently downsizing – or streamlining – since late 2008 in…
Read MoreInsurers unlikely to raise rates in the wake of Hurricane Irene, according to Allianz
Despite fears that disaster-prone 2011 will incite higher insurance rates in the future, Allianz, one of the largest commercial insurance companies in the world, says that the toll of the damage caused by natural disasters throughout the year will not prompt widespread hikes in premiums. Jay Ralph, a board member of Allianz in charge of the North American insurance market, spoke with reporters concerning the issue, noting that the excess capacity of the insurance industry is enough to weather the storm without any major changes in policies. However, insurers should…
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