Live Insurance News

Insurance industry must take the digital age seriously

September 4, 2014September 2, 2014 Logan B.

Report highlights the changing behavior of consumers around the world Improving digital engagement may be the key to success for the insurance industry, according to a new report from PwC. Consumers throughout the world are becoming more digitally oriented, relying on the online realm to conduct their daily lives. These people shop online, communicate with their loved ones online, and even work online, and if the insurance industry cannot cater to the changing needs of digital consumers, it may risk losing its ability to engage customers effectively. Consumers are favoring…

High-profile attack highlights importance of cyber insurance

August 25, 2014August 23, 2014 S.Vagus

Community Health Systems files comment with federal government concerning recent data breach Tennessee’s Community Health Systems, an operator of acute care hospitals, has filed a statement with the federal Securities and Exchange Commission concerning a recent data breach that compromised patient medical files. The organization’s hospitals store patient information digitally in order to ensure that this information can be accessed more easily. Digitizing these records can be a risky practice because of the complex and unpredictable nature of cyber attacks. 4.5 million people may have been affected by the cyber…

Mergers and acquisition heats up within the insurance industry

May 15, 2014May 14, 2014 S.Vagus

Merger and acquisition activity is on the rise in the US and Canada There were a reported 110 insurance agency mergers and acquisitions in the U.S. and Canada during the first four months of this year, according to Optis Partners, LLC. This represents the highest frequency of mergers and acquisitions seen in the insurance industry since before 2008. There are many factors that influence the prevalence of mergers and acquisitions, including the hardening of the insurance market and ongoing economic problems. For some organizations, these sorts of deals may simply…

Auto insurance in cities could change with car ban

January 29, 2014January 29, 2014 Julie Campbell

bigstock empty street in modern city 53137219

The industry is now starting to consider the impact of future legislation with the intent of going green. When it comes to the majority of cities, traffic jams – particularly at rush hours – are generally accepted as a part of the urban experience, but this could change dramatically, as could the state of auto insurance, if a number of cities around the world that are considering a future ban on automobiles within those areas actually go through with the concept. Even some of the countries that are most associated…

Insurance industry changes ahead with legalized marijuana

January 29, 2014January 27, 2014 G. Turner

Medical Marijuana Auto insurance statistics

There will be a number of differences on their way, and within more than one sector. From the moment that marijuana was legalized in the United States, some of the largest cannabis derived food and drug developers saw their shares skyrocket, as other sectors, such as the insurance industry, began a notable transformation in several directions. This legislation affects policies, companies providing related services, and even equipment producers. What had previously been an environment that was completely in the black market has now emerged to implicate everything from the insurance…

Insurance industry in Canada facing increase in water damage claims

August 22, 2013August 19, 2013 Julie Campbell

A spokesperson from a nationwide group has released a statement on behalf of insurers to encourage people to do their part. The Insurance Bureau of Canada (IBC), an organization that represents the insurance industry in the country, has made a statement through its Atlantic vice president, Amanda Dean, to help to encourage policyholders to do their part to prevent water damage in an environment that appears to be facing a rapidly growing number of claims. Severe weather appears to be on the rise and natural disasters are becoming more common…

Insurance industry in Kenya continues to struggle despite income

July 11, 2013July 9, 2013 G. Turner

Even though insurers in the African country have been bringing in billions, they are still bleeding money. The Kenyan insurance industry has always faced struggles in selling to the majority of the residents of the country, but despite the fact that it has been bringing in billions, money is still being lost in every direction. The sector continues to have a penetration beneath 4 percent, as has been the case for over 60 years. This has been the case since the first insurer established the insurance industry. That company was…