Live Insurance News

Consumer data rules could affect the insurance industry in Europe

March 18, 2015March 16, 2015 Marc

EU introduces draft regulation that is meant to protect consumer information Protecting consumer data is becoming a more important issue for the insurance industry. In Europe, insurance companies may have to take the security of personal data more seriously, pending new rules being debated by the European Union. The European Union has released a draft regulation concerning the protection of consumer data. Protection standards for the draft regulation were initially introduced by the European Commission in 2012 in order to address issues concerning advancing technology and the globalization of the…

Berkshire Hathaway sees promise in Singapore’s insurance industry

December 16, 2014December 13, 2014 Logan B.

Warren Buffett Berkshire Hathaway Insurance industry

Berkshire Hathaway to sell non-life insurance coverage in Singapore Berkshire Hathaway, one of the world’s leading insurance conglomerates, is planning to begin selling non-life insurance coverage in Singapore. The company has been granted a license to sell such coverage in the country and this coverage will be sold through Berkshire Hathaway Specialty Insurance. The subsidiary was launched last year in order to accommodate with needs in the commercial insurance market and will begin doing business in Singapore in the near future. Company will underwrite property, casualty, and liability coverage in…

Trust in the insurance industry is falling in the UK

November 17, 2014November 15, 2014 S.Vagus

UK cyber Insurance industry News united kingdom

Survey shows that UK consumers have little trust in their insurance providers Ernst & Young, a leading professional services firm, has released the results of its latest EY Global survey. The survey is focused on gauging the trust that consumers have in their insurance providers. According to the survey, which is comprised of information from 30 countries, the vast majority of insurance customers have below average trust in insurers. Trust has been an ongoing issue for the insurance industry, which has not been easily to overcome. Approximately only 7% of…

Insurance industry sees a decline in insured losses in 2013

March 31, 2014March 29, 2014 S.Vagus

Swiss Re report shows that insured losses in 2013 were lower than what they were in 2012 Swiss Re, a leading reinsurance firm, has announced that the global insurance industry has seen losses from natural disasters and man-made catastrophes fall by 44% in 2013. A calm hurricane season help insurers avoid significant losses, but powerful storms in Europe had a significant impact on the insurance industry. Despite this impact, however, insured losses industry-wide were less than what had been seen in 2012. As such, the insurance industry is expected to…

Oil insurance to resume per new deal with Iran

November 28, 2013November 25, 2013 S.Vagus

Sanctions against Iran relaxed Oil shipments to countries throughout Asia have been suffering due to sanctions imposed against Iran by the European Union and the United States. These sanctions have barred European insurance companies from providing coverage to freighters that are shipping oil coming from Iran. The sanctions have had a significant economic impact on Iran, as the country’s oil sales have plummeted by more than half since 2011. Now, the EU has announced that it will be relaxing its sanctions on the country due to a new deal. Sanctions…