Live Insurance News

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…

Germany balks at EU regulations targeting the insurance industry

August 7, 2013August 5, 2013 S.Vagus

Insurance industry shows unease over new risk management regulations The European Union is currently working to introduce new regulations to the insurance industry in an effort to moderate risk and exposure. These rules are meant to impose new risk management standards on large insurance companies in order to mitigate any problems that could be caused by future financial disasters. In Germany, these regulations are being met with resistance as the insurance industry balks at the deadlines imposed by the European Union concerning the implementation of these new regulations. German agency…

Insurance industry report finally delivered by the Federal Insurance Office

June 15, 2013June 12, 2013 Logan B.

Federal Insurance Office released long-awaited insurance industry report The U.S. Department of the Treasury‘s Federal Insurance Office has released a highly anticipated report concerning the insurance industry. The report was initially scheduled for release in January of 2012, but this release was delayed in order for the Federal Insurance Office to take better account of emerging trends in the insurance industry and provide better insight on how the industry has evolved over a relatively short period of time. The agency is tasked with providing these types of reports on an…

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…

EU insurance regulations may be put on hold

October 18, 2012 S.Vagus

Insurance regulations may be delayed for up to two years European insurance companies could get a break from the looming insurance regulations that are coming from the European Union. These regulations, which will cause serious changes in the European insurance industry and could push some smaller companies out of business, are currently scheduled to take effect in January, 2014. The insurance regulations put strict capital requirements on insurance companies and have been the source of controversy for some time. Now, a top European insurance regulator is working to have the…

Spain may benefit from EU insurance plan

October 5, 2012 S.Vagus

EU insurance plan could help Spain recover from financial troubles The European Union has been struggling to rein in on a dire financial crisis that has threatened the economic stability of several countries in the region. The governing body has turned to the insurance industry to aid in recovery and the mitigation of a future crisis and insurers has, thus far, proven to be a powerful ally in this endeavor. Several countries suffering from the effects of the financial crisis have benefited from the involvement of the insurance industry. Now, the European…

European Commission plan rejected by Germany

September 21, 2012September 21, 2012 Nordstrom

European Commission finds opposition to banking plan German lawmakers have rejected a proposal coming from the European Commission concerning the ongoing financial crisis enveloping Europe. The European Commission has been working to solve the issues caused by the financial crisis, but has made little headway. With the help of the insurance industry, however, some problems have been resolved. Some of the world’s largest insurance companies have agreed to provide coverage and issue bonds that will help countries recover from the financial crisis. Not all of the European Commission’s proposals have…