Live Insurance News

Lawmakers to debate the fate of the National Flood Insurance Program

May 3, 2012May 25, 2012 S.Vagus

Congress begins talks concerning NFIP Federal lawmakers are now responding to growing pressures from agencies, insurance companies and consumers and have begun debates concerning the fate of the National Flood Insurance Program (NFIP). The program is scheduled to expire at the end of this month. If the expiration is allowed, millions of homeowners throughout the country will face lapses in insurance coverage that could have devastating consequences. Hurricane season is scheduled to begin June 1 – one day after NFIP is scheduled to expire – giving lawmakers limited time to…

Lloyd’s of London highlights reputational risk and regulation as top concerns for insurers

May 1, 2012May 26, 2012 S.Vagus

Survey suggests insurers are vexed by increasing risks Lloyd’s of London, one of the world’s largest providers of insurance and reinsurance, has released the results of its latest survey concerning the global insurance industry. The survey indicates that many of the world’s leading insurance executives are becoming increasing concerned with reputational risk and insurance regulations. These concerns are spurring new actions from insurance companies, including the offering of new policies and, in some cases, the abandonment of some markets or refusal to provide coverage to controversial organizations. Stricter regulations pose…

Green insurance to help protect against increased climate change risks

April 28, 2012April 30, 2013

Global warming and climate change may cause green insurance companies to pay higher disaster claims. Climate change is leading to a larger number of natural disasters that are causing a greater amount of damage so that insurers are faced with much higher claims as well as lawsuits related to global warming, forcing these firms to protect themselves with green insurance and keeping up with alternative energy resources. It hasn’t taken insurers long to recognize the difference that climate change is making, but the steps that need to be taken in…

FICO unveils new insurance technology solution to fight multi-billion dollar insurance fraud problem

April 27, 2012May 26, 2012 Nordstrom

A new FICO insurance technology solution marries link analysis, business rules, and predictive analytics. FICO has introduced a new form of insurance technology that is designed to help to cut back on the $50 billion problem from fraudulent claims. The product is designed to assist insurers to overcome the increasing claims fraud issue that is costing billions of dollars every year, which is therefore causing rates to rise in order to compensate for the additional losses. This new insurance technology product is called the FICO Claims Fraud Solution. It brings…

2012 hurricane season may be more peaceful than previous years

April 26, 2012May 26, 2012 Marc

Weather Service International announces calmer season for the U.S. The global insurance industry has been holding on to hope that 2012 would be less prone to disasters than its two predecessors. Storms earlier in the year damage this resolve, causing a significant amount of insured losses around the world. Major storms in the U.S. have left the country’s insurance industry on its heels. Things may be looking up for U.S. insurers, however, according to a recent announcement from Weather Services International, a global weather monitoring service. 2012 to have below…