Live Insurance News

Kansas health insurance regulators begin reviewing rate increase proposals

August 1, 2012July 31, 2012 Nordstrom

Kansas Health insurance officials to comply with federal law Kansas insurance regulators have begun reviewing rate increase proposals coming from the state’s insurance companies that are 10% or higher. This is a new practice from state regulators, who had traditionally only reviewed rate proposals that exceeded 12%. The change comes due to requirements imposed by the federal government through the establishment of the Affordable Care Act. According to the health care law, insurance regulators in each state are required to review rate increase proposals that seek to raise rates on…

MIGA claims insurance may secure investments in developing countries

July 28, 2012July 27, 2012 S.Vagus

MIGA suggests that insurance may encourage investments in developing countries Insurance may be the key to ensuring that new investment frontiers are taken seriously, according to the World Bank’s Multilateral Investment Guarantee Agency (MIGA). New investment frontiers are emerging in the developing markets of Africa, Asia, and the Middle East. These markets are inundated with a significant amount of risk, some of which is linked to politics. These risks threaten returns on the investments made in these markets, causing investors to be cautious. Insurance may be the answer to this…

UK insurance industry may be faced with higher claims due to legal reform

July 4, 2012July 4, 2012 H. Cutner

Law Commission proposes changes to 1906 law United Kingdom insurers may be faced with higher claims due to a legal reform coming from Britain’s Law Commission. The commission has announced that a 1906 law which deemed a company’s insurance coverage invalid if they did not voluntarily offer up information when taking out new policies has had unintended side effects in the insurance industry. According to the Law Commission, the law enabled insurance companies to avoid playing claims due to technicalities, a problem that may be changed with upcoming reform. Insurance…

Climate change highlighted as extreme concern by Lloyd’s of London

June 27, 2012June 27, 2012 Nordstrom

Insurance organization attends Rio+20 to note the threat of climate change The global insurance industry is beginning to take climate change more seriously. As large insurance corporations begin to see the effects of a changing climate taking place, they are looking to draw more attention to the possible consequences of slow action to mitigate the phenomenon. Lloyd’s of London, one of the world’s largest insurance organizations, attended this year’s Rio+20 conference. The conference, hosted by the United Nations, sought to promote cooperation amongst world leaders for the sake of sustainability…

Climate change could spark more wildfires around the world

June 16, 2012 S.Vagus

Imaga from Wikipedia Global Warming Map Showing the Hottest Temperatures in the past decade

Insurers becoming increasingly concerns over the effects of climate change Climate change is a highly politicized issue that has generated a great deal of controversy over the years. Though the issue has caused division in numerous industries and within the political world itself, it has been better received by the global insurance industry. Climate change and its potential effects have caused a great deal of concern amongst insurers who have long kept tabs on changes in environments and weather patterns. Because climate change could spur profound financial losses, insurers are…