Tag: European insurance companies

The $3.5 Billion Shock That’s Making Global Insurance News Headlines

Angela Linders
climate change and how it's effective the insurance industry

Los Angeles Wildfires Are Giving the Global Insurance Industry a Wake-Up Call What happens in Los Angeles doesn’t just stay in Los Angeles. At least not when it comes to the wildfires blazing through the state. The financial shockwaves? They’re being felt across the Atlantic by European insurance giants. These companies are now staring at a $3.5 billion hit, covering nearly 10% of the total insured losses from the disaster. How did European firms even get roped into this fiery mess? The answer is simple. Insurance doesn’t have borders. European…

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European insurance companies seek to reduce risks from CO2 and coal

H. Cutner
European Insurance companies - Focus on Europe

The sector is creating its own plan in the name of climate change and cutting back on its risks. European insurance companies are boosting their investments in green energy at the same time that they’re letting go of certain carbon intensive businesses. This move is being made for the purpose of doing their part to cut back on risks associated with climate change. This move was announced at the same time that 200 countries meet in Poland to discuss climate initiatives. As a growing number of countries around the world…

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Iran insurance processing may soon be blocked on Lloyd’s IT platform

H. Cutner
Iran Insurance processing could be blocked - brick wall

Sanctions from the United States will likely get in the way of using the platform for this purpose. New U.S. sanctions will likely make it impossible to purchase any form of Iran insurance using a Lloyd’s of London platform. This will only worsen struggles for European insurers that have been providing Iranian coverage. The sanctions are being re-applied by the United states after it backed out of the nuclear deal. President Trump walked out on the Iran nuclear deal in May. The remainder of the world powers that originally joined…

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India seeks alternatives to European maritime insurers as EU sanctions on Iran loom

S.Vagus

As the European Union prepares to impose sanctions on Iran and breaks its trade agreement with the nation, the maritime insurance industry is facing a bleak and complicated future. Insurers will not be the only ones to suffer from the move, however, as countries that depend on oil from the Middle East will also feel the impact of the action. Even countries that do not rely on Iranian oil are claiming that the EU’s actions will have a major effect on their economies. Such is the case in India, where…

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EU sanctions against Iran could mark a major shift in the world of insurance

S.Vagus

European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…

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AIR Worldwide Updates European Wind and Earthquake Catastrophe Models

Guest Author

MONTE CARLO, Sept. 12, 2011 – Catastrophe risk modeling firm AIR Worldwide (AIR) released updates to its Extratropical Cyclone and Earthquake Models for Europe. Both models were significantly expanded to include additional European countries and provide a consistent and comprehensive assessment of the extratropical cyclone and earthquake risk throughout Europe. “AIR Worldwide offers complete and robust extratropical cyclone and earthquake models for Europe,” said Dr. Jayanta Guin, senior vice president of research and modeling at AIR Worldwide. “With the expanded regions and enhancements to these models, insurers and reinsurers now…

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Institute of International Finance warns European Union regarding upcoming changes to insurance and banking regulations

S.Vagus

As the European Union seeks to draft new plans governing the investments made by insurance companies, the world’s largest financial institution has voice concern over the initiative. The Institute of International Finance claims that the new rules being weighed by the EU will encourage insurers to seek out riskier investments. Such practice would put the world’s financial infrastructure in a dangerous position, as the assets most often pursued by insurance companies looking to generate major profit are the ones whose failure is disastrous. The EU is looking to change regulations…

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