MasterCard and Visa warn of massive security breach, insurers highlighting the need for cyber security

Financial giant MasterCard has announced that there may have been a breach in its security systems this week. The potential breach is linked to a third-party vendor based in the United States. MasterCard has contacted banks and law enforcement to mitigate the problems caused by the security breach and has also elicited the aid of an independent security organization to assess the extent of the damage the breach may have caused. This particular breach could have an impact on more than 10 million customers around the world. MasterCard has been…

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Auto insurance data spat could lead...
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Connecticut Becomes First U.S. Insurance Regulator to Join International Information Exchange Agreement

Membership Strengthens International Supervisory Cooperation, Promotes Enhanced Consumer Protection Connecticut Insurance Commissioner Thomas B. Leonardi and Peter Braumüller, Chairman of the Executive Committee of the International Association of Insurance Supervisors (IAIS), today announced that Connecticut has joined an international supervisory cooperation and information exchange agreement, becoming the first U.S. regulator to gain membership. Connecticut becomes the 22nd signatory of the IAIS Multilateral Memorandum of Understanding (MMoU), a framework that establishes a formal basis for global cooperation and information exchange among insurance supervisors. Commissioner Leonardi and Chairman Braumüller said Connecticut was…

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Samsung Life Insurance to invest in distressed assets from U.S. and Europe

As the economies of Europe and America continue to struggle, Asian insurers are seeing great opportunity for investments. Samsung Life Insurance, the largest insurance group in South Korea, has taken a keen interest in distressed assets that banks in Europe and the U.S. have put up for sale. The company had stepped back from investments when the recession of 2008 made a major impact on the global economy. Now, however, the opportunities seem to great to ignore. Samsung has more than $130 billion in assets and is willing to invest…

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China Auto Logistics announces the addition of vehicle coverage to its available services

China Auto Logistics Inc. – one of the top website developers in the country for sellers and buyers of both domestic and imported vehicles, as well as being a leading seller of imported luxury cars in China, and a top auto service provider – has unveiled its intentions to begin offering automobile insurance following a number of agreements with some of the top insurers and banks in the country. China Auto Logistics has stated that it hopes this new offering will help it to broaden its business for services in…

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Federal Insurance Office anticipated report on modernizing insurance regulations delayed

The Federal Insurance Office was supposed to submit its much anticipated report on the modernization of insurance regulation to Congress in January, but the agency has missed that deadline. The U.S. Treasury Department, which oversees the Federal Insurance Office, claims that there must be more work done on the report before it can be released. This delay could mean that the report will not be released for week or months; news that insurers were not happy to hear. The report is meant to show Congress how the country’s insurance regulations…

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WillisWire report highlights the emerging risks facing the global insurance industry

The global insurance industry has been facing many threats in recent years, the majority of which coming from unpredictable natural disasters. The world is changing at a rapid pace in terms of technology, environment and crime and as each of these fields advances, new threats emerge that could destabilize the industry as a whole. Willis Group Holdings, one of the world’s largest insurance brokers, has launched a new website that seeks to document these risks. The site is called WillisWire and will play host to a number of surveys and…

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ING Group to abandon plans for combined insurance and investment operations in Europe and Asia

The ING Group, a Dutch financial institution working in the banking and insurance industries, has announced that it will be abandoning its plans for a combined European and Asian insurance investment operation. The company cites economic turmoil in the European region as the primary reason for its change of heart. Future investment and insurance plans are still a possibility for the future, if the European financial crisis is resolved appropriately. The company still has a keen interest in the Asian market, however, and plans to pursue alternative schemes to expand…

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