IBM has released a statement that revealed that Ceska Pojistovna A.S., the largest Czech Republic insurance company, is using the predictive approaches from smarter computing at IBM in order to take preemptive action against IT problems and to provide its core business functions – for example, customer management and claims processing – with greater support. By using the technology from IBM, the insurer has managed to reduce its overall yearly IT maintenance costs by $500,000, while at the same time achieving an improved online reporting ability for business customers, and…
Read MoreTag: international insurance
Thousands of UK homeowners could lose their insurance coverage if a new deal is not worked out between the government and insurers
In the United Kingdom, an agreement between the government and the country’s insurance industry is scheduled to come to an end in 2013. The agreement was first struck in 2008, after severe flooding caused damage to homes a year earlier. The agreement saw insurers offering coverage to homes found in high-risk areas, where flooding is very common during rainstorms. The Association of British Insurers wants the government to shoulder some of the burden associated with covering these risk-prone properties, but if the government denies re-negotiating the deal, thousands of homeowners…
Read MorePakistan to launch new terrorism insurance pool to attract foreign investors
As the awareness of terrorism in the Middle East grew amongst businesses operating in the region, many foreign and domestic investors began to flee several countries in the area hoping to escape costly losses as the result of attacks. Pakistan was particularly impacted by the exodus of businesses. Over the years, however, the Exchange Commission of Pakistan (SECP) has been working to attract investors to the country. One of the ways the commission aims to accomplish this goal is to introduce a new insurance pool designed specifically with terrorism risk…
Read MoreCombined Insurance Co. of America receives $8.7 million fine for regulatory breaches
Non-life insurance company, Combined Insurance Co. of America has received fines totaling $8.7 million in the United Kingdom and Ireland due to a number of regulatory breaches. The insurer sells its products via agents affiliated with the company, and is required to pay a fine of $4.36 million to the Central Bank of Ireland through its Combined Insurance Co. of Europe Ltd. division. Separately, the company received a fine worth $4.34 million from the U.K. Financial Services Authority as a result of a failure to manage its selling processes, as…
Read MoreInsurance Australia to acquire New Zealand’s AMI Ltd. in $286 million deal
The Insurance Australia Group Ltd, the nation’s largest home and auto insurer, has announced that it will be acquiring New Zealand’s AMI Ltd, one of the largest property insurers in New Zealand. The $286 million deal is already underway, but will require the approval of New Zealand’s insurance regulators before Insurance Australia can begin taking over policies. This is good news for those affected by the devastating earthquake that struck New Zealand in February of this year, as they will soon be able to enjoy policies from a larger, more…
Read More
