Tag: insurance payouts

Climate change is forming a broadening insurance industry struggle

G. Turner
climate change insurance industry

The shift away from the traditional attitude of insurers is generating considerable controversy. While the insurance industry has traditionally been a strong supporter of the principles and behaviors of free enterprise – as it is quite the business giant – as some major carriers start to evolve their positions as a result of climate change, this has generated some disagreements to build among many of their backers in congress. Skepticism regarding the science behind the global warming claims remains among many in Congress. When it comes to the insurance industry,…

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Insurance news made in NY when judge blocks 9/11 claims against airlines

Julie Campbell
terrorism insurance industry news 9/11 Memorial in 2004

The ruling in New York is that the World Trade Center’s owners cannot demand payouts from the attacks. A federal judge has just made insurance news headlines when he ruled that the owners of the World Trade Center are not permitted to make demands of billions of dollars of additional payments from insurers due to the attacks on September 11, 2001. The owners of the buildings will not be able to receive the money from the airlines and their insurers. The insurance news was made when Judge Alvin Hellerstein made…

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Insurance industry may not be liable for payouts relating to Boston Marathon Bombings

Logan B.
Insurance Industry Boston sports

Insurance industry may be exempt from claims payouts The Boston Marathon Bombings continue to send ripples throughout the insurance industry as more details concerning the disaster come to light. Last week, President Obama declared that last week’s bombings were, in fact, an “act of terror” perpetrated by a malicious party. The federal government has been pressured to avoid the term “terrorism,” however, due to the implications that could have within the insurance industry. Classifying the disaster as terrorism could potentially exempt insurance companies from providing benefits to policyholders. Bombings may…

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Insurance industry faced with major losses in 2012

Logan B.
insurance industry report

Swiss Re reports on insurance industry losses from 2012 The insurance industry faced massive losses due to natural disasters and man-made catastrophes in 2012, according to Swiss Re, one of the world’s leading reinsurance firms. Over the past two years, the insurance industry has been stricken with several catastrophic events. Hurricanes, earthquakes, and an ongoing financial crisis in Europe have all served as major stumbling blocks for the global insurance industry. According to Swiss Re, many of the companies operating in the industry are still fighting to recover from such…

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AIG to repay $6 billion to U.S. government following AIA share sale

Julie Campbell

American International Group Inc. (AIG) will use $6 billion following the sale of AIA Group Ltd. shares to repay some of the $182.3 billion in bailout funds it received from the United States government. According to a sales document, this insurance company, based in New York, is majority owned by the government, and is selling approximately 1.7 billion shares of AIA at between HK $27.15 and HK $27.50 per share, to unidentified institutional investors. The same document revealed that approximately 19 percent of the AIA stock will still be held…

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