Live Insurance News

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…

European insurance watchdog is now the one under investigation

December 13, 2017December 11, 2017 Logan B.

The EIOPA is typically the one watching over the market but it is now facing scrutiny for two practices. The European insurance watchdog is normally the organization responsible for watching over the industry and making sure the practices are kept legal and appropriate. However, the European Insurance and Occupational Pensions Authority (EIOPA) is now under investigation to check into its own practices. The European Court of Auditors is conducting an audit looking primarily into two main areas. The insurance watchdog will be investigated in the following main areas: its supervision…

Transatlantic insurance market gets shot in the arm from US, EU deal

January 17, 2017January 13, 2017 Logan B.

european union EU american USA united states transatlantic insurance market

The United States and European Union have come to an agreement to boost this international marketplace. On Friday, the United States and European Union came to an agreement to shrink legal and capital hurdles to the transatlantic insurance market. The goal was to give a boost to both the insurance and reinsurance marketplaces. The transatlantic insurance and reinsurance markets are currently worth a combined $3 billion. This transatlantic insurance market accord is one that has been under negotiation for over a year. It is a follow-up to an agreement that…

Munich Re sells Ergo insurance company to Cinven

November 28, 2015November 26, 2015 Julie Campbell

The price of this massive sale has remained undisclosed, but it has moved Cinven up a notch in Italy’s industry. Munich Re has now agreed to sell its Italian insurance company, Ergo to a British private equity investor, Cinven, which has been working to boost the size of its position as an insurer within Italy’s industry. The agreement means that Cinven will be acquiring both the life and property-casualty businesses. Early this week, Ergo stated that the insurance companies it would be selling would be Ergo Assicurazioni and Ergo Previdenza.…

Obama administration makes insurance news with EU agreement negotiations

November 23, 2015November 22, 2015 G. Turner

The U.S. Treasury and U.S. Trade Representative have said they plan to work for a covered agreement. The insurance news announcement has now been made that the U.S. Treasury and the U.S. Trade Representative intend to enter into negotiations with the European Union over a covered agreement regarding insurance. The goal of these negotiations will be to “level the regulatory playing field for U.S-based insurers and reinsurers.” E.U. insurance companies and industry regulators have been expressing frustration with regards to the American reinsurance collateral requirements. The issue at the center…

Insurance news from European Union includes plan for nuclear disaster

November 8, 2013November 6, 2013 Julie Campbell

The EU Commission’s energy head is looking for a design for coverage in case of plant problems. Guenther Oettinger, the energy chief for the European Commission, has said that the executive arm of the bloc will soon be presenting a proposal that will make insurance news, as it will involve mandatory disaster coverage for nuclear power plants. This proposal is expected to be presented within the next few weeks for the EU’s consideration. Oettinger made further insurance news when he announced that this proposal should be among the leading items…

ING Group wins more time to divest in insurance businesses

November 21, 2012November 20, 2012 S.Vagus

ING Group awarded time by the European Commission for divestment efforts The ING Group, one of the world’s largest financial services companies, has been working to divest its insurance operations over the past several months. The company has been met with several challenges in this task and has petitions the European Commission, the legislative arm of the European Union, for more time, a request that has been granted this week. The European Commission had originally set a deadline for the company it divest its insurance businesses by the end of…