Residents of New Zealand’s Christchurch are outraged at the treatment they have received from both the government and insurance companies in the wake of the devastating earthquake that struck the nation earlier in the year. Many homes and businesses were destroyed or left uninhabitable after the earthquake, leading government officials to designate the area’s most affected by the quake as a “red zone.” Former residents of the red zone are now calling for justice as many of the nation’s insurance companies refuse to pay claims. After February’s earthquake, many insurance…
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Antitrust regulator in the United Kingdom to begin motor insurance rate inquiry
An antitrust regulator in the U.K. is beginning a probe into the increasing private auto insurance premiums in the country, as a precursor to actions that may be taken to alter and better the way the marketplace functions. The Office of Fair Trading (OFT) will examine evidence regarding the increases in price that occurred annually over a five year period and will work with the Financial Services Authority and the Ministry of Justice throughout this investigation. The OFT says that it will release its findings in December. According to a…
Read MoreIrish Financial Services Group offers price drop protection product to homeowners
In the hope to help revive the struggling real estate market, Irish Financial Services Group (IFG) is preparing to offer home buyers the opportunity to purchase insurance against a price drop in the future from the price that they have paid. Home prices have continued to fall for 42 consecutive months since the bottom fell out of the property market after years of careless lending. Since the peak in 2007, the prices have fallen by 43 percent. The offer from IFG would allow house sellers to place up to 20…
Read MoreU.K. insurers market outside of Lloyd’s performs better than expected
Property and casualty insurance companies that are operating outside the Lloyd’s of London market in the United Kingdom have brought in the equivalent of approximately 75 percent of the income of their more high-profile competitors, which is a notably larger amount than had been previously predicted. According to the first comprehensive survey of the sales of members of the International Underwriting Association (IUA), the insurers, known as the London company market, generated $26.6 billion (16.4 billion pounds) in gross premium income last year. On the other hand, last year, Lloyd’s…
Read MoreThe price of equality to women’s auto insurance premiums in the U.K.
Following a new equality regulation that prohibits insurers from using gender to help determine what a driver’s premiums will be, young female drivers may soon be paying more to compensate for the fact that being male can no longer be considered to be a risk factor. According to auto insurance brokers Adrian Flux, the new increased rates will begin as early as December 2012. It is at that time that insurance companies in the United Kingdom will no longer be able to benefit from an exemption that currently allows them…
Read MoreRussian government tries to improve road safety with augmented reality
Lawmakers and auto insurers worldwide have turned their attention to Russia, where the government has chosen to take advantage of some of the latest forms of technology in order to attempt to manage the growing traffic collision problems that have been occurring in Moscow of late. The top officials in the country will be using technology such as augmented reality in order to raise awareness. A new Russian Ministry of Transport has created a mobile app that uses augmented reality to spread awareness of safety. The methods have been deemed…
Read MoreInstitute of International Finance warns European Union regarding upcoming changes to insurance and banking regulations
As the European Union seeks to draft new plans governing the investments made by insurance companies, the world’s largest financial institution has voice concern over the initiative. The Institute of International Finance claims that the new rules being weighed by the EU will encourage insurers to seek out riskier investments. Such practice would put the world’s financial infrastructure in a dangerous position, as the assets most often pursued by insurance companies looking to generate major profit are the ones whose failure is disastrous. The EU is looking to change regulations…
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