Cinven Ltd. has announced that it has purchased the life and pension unit of U.K. Guardian from the Dutch insurance company which owns Scottish Equitable, Aegon NV, for $449 million, in the effort to reduce its expenses within the United Kingdom. According to Aegon, which is based in the Hague, by the end of June 2011, the U.K. Guardian unit had recorded a value of approximately $445 million. Its unit for asset management will still be responsible for Guardian’s approximately $12 billion in assets on Cinven’s behalf. By 2015, Aegon’s…
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Auto insurance in China now includes Swiss Re and Munich Re
With the goal of growing their premiums, both Munich Re and Swiss Re Ltd. have announced that they are headed into China to assist local auto insurance companies in the writing of a greater amount of coverage within the largest auto market on the planet. The world’s second largest reinsurer, Swiss Re, has already stated that the premiums in China for the first two quarters have exceeded $1 billion, which is significantly higher than the $885 million that was seen by the same time last year. According to the Munich…
Read MoreAustralia Flood Insurance News: Local councils fear cost shifting for flood insurance
Australian local government has brought cost shifting to the surface once more as it looks like the federal government’s flood insurance costs will be sent to local councils. Though cities such as Canberra have supported local government decisions to remove state government cost shifting, the Australian Local Government Association (ALGA) has voiced its concerns regarding indications that the federal government is now considering putting the weight of flood risk insurance and carbon tax on local government shoulders. The ALGA has already been speaking out about its worries regarding the likely…
Read MoreNew disability insurance program to be launched in Australia, will provide high-quality coverage to thousands
A new multi-billion dollar insurance initiative is underway from the Australian government. The Victoria region has been chosen for this insurance plan which is targeting at the nations disabled. Officials hail the plan as the most sweeping social reform since the advent of Medicare. The plan is a $6 billion behemoth which will seek to provide high-quality, long-term care for those that have significant disabilities regardless of the origin of the disability. The plan comes on the recommendation of the Productivity Commission, the government’s independent research and advisory board. The…
Read MoreInsurers lobby for segregation from the international banking system, turn to Obama for aid
The U.S. government is being asked to support a new measure before the U.N. that would separate banks and insurance companies from the Financial Stability Board’s efforts to overhaul the international banking system. Several insurance company trade groups have been partitioning President Obama to join other G20 leaders in these efforts, hoping that the added support will affect the measure toward their goals. Insurers are concerned with this issue because one set of regulations is being used to govern both banking institutions and insurance companies. Given the recent failings of…
Read MoreNorthern Ireland auto insurance is more than meets that eye, bad news for motorists
Insurance companies in Northern Ireland have come under fire recently for the rising cost of auto insurance. The insurance companies behind the rising rates are staunch in their claims that higher premiums are the result of the increased number of personal injury claims coming in throughout Northern Ireland. While it is true that the number of personal injuries claims coming from the region is increasing, it is not because of people’s driving habits. According to the British Insurance Brokers Association (BIBA), the real reason insurance rates are rising is because…
Read MoreNew Zealand’s Canterbury gets limited insurance after the majority of companies flee the market
Good news for New Zealand’s insurance industry has been scarce. The country has been struggling with continuous aftershocks after the disastrous quake that struck Christchurch in February. The situation has been so taxing on the country’s insurance industry that many companies have pulled out completely. Now there are more than $3 billion worth of uninsured assets in Canterbury, the region in which Christchurch resides. The city council has been scrambling to obtain some kind of insurance coverage. The majority of insurance policies in the Canterbury area expired a few days…
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