Insurance fraud rapidly growing among mortgage policies

homeowners insurance fraud

The rate of fraudulent cases has been rising very quickly, to the point of doubling in five years. The latest report based on Experian data has revealed that the rate of mortgage and insurance fraud has risen to 38 cases out of every 10,000 applications as of last year in the United Kingdom. This is over double the rate of the fraudulent claims that was recorded in 2007. The insurance fraud has been rapidly increasing since the start of the economic downturn and the credit crunch that was associated with…

Read More

Insurance industry costs weren’t kind to Lloyds Banking

Lloyds Bank Insurance Industry News

The expenses from that sector have led the company to experience a loss in 2012. Lloyds Banking Group has been able to essentially slash its losses in half in 2012, despite the fact that it had to come up with a tremendous amount of money to set aside in order to make payments for the insurance industry scandal in which it mis-sold coverage products. Its full year loss has now been revealed to be £1.34 billion ($2 billion) which is much lower than its 2011 deficit. The bank has now…

Read More

International insurance acquisition made of Ireland’s largest insurer

international insurance deal Ireland and Canada

Irish Life Insurance will be purchased by Great-West Lifeco, an insurer that is headquartered in Canada. Great-West Lifeco, Inc. has just announced its latest international insurance acquisition, with the purchase of the largest insurer in Ireland, Irish Life Group, for a total of $1.75 billion. This deal has now been officially announced after having had to receive official approval. The Government of Ireland had to give its approval of the international insurance deal, as it took on the largest life insurer in Ireland in the summer of 2012, after its…

Read More

Insurance news released to Madoff victims with claims

New Jersey homeowners insurance law

An appeals court has ruled that filings can be made for actual losses that were suffered. A New York state appeals court has made insurance news by ruling on the case regarding the types of claims that can be made by the victims of Bernard Madoff’s Ponzi scheme that bilked millions of dollars from those involved. The ruling allows the victims to make claims based on the actual losses that they suffered. This means that while the insurance news is good, in that they can make some claims, they will…

Read More

Mutual Life of Massachusetts approves $1.33 billion in dividends for consumers

Mutual Life Insurance, one of the largest insurers in Massachusetts, has announced that it will pay $1.33 billion in dividends to policyholders in 2012. The dividend is a long-standing tradition for the company, extending back to 1860 when it was first introduced. Last year, the company paid out more than $105 million. This year’s large sum is due to a number of factors, including growth in the life insurance market and less competition overall. The insurer will be doling out the money throughout 2012 to eligible policyholders. Customers that have…

Read More

HSBC LAUNCHES RENMINBI FIXED INCOME FUND

PRESS RELEASE: HSBC Global Asset Management this week launches the HSBC GIF RMB Fixed Income fund. The fund enables UK and European investors to gain access to Renminbi investments. Forming part of HSBC Global Asset Management’s Luxembourg-based Global Investment Funds (GIF) SICAV, the new fund will be registered for sale across Europe. The fund is managed by HSBC Global Asset Management’s Asian fixed income team, based in Hong Kong and headed by Cecilia Chan who has managed Asian fixed income assets at HSBC for 17 years. This award-winning team manages…

Read More