Live Insurance News

International insurance company formed by Iran for oil tanker coverage

December 28, 2012April 30, 2013

The country has launched the new coverage as its latest step to overcome Western sanctions. The European Union and the United States had placed sanctions against Iranian oil, including bans on coverage of oil tankers carrying crude from the country, but the nation is now expanding the protection that it is offering for these ships through the launch of its own international insurance company. This insurer will be providing coverage for the tankers that transport Iran crude worldwide. Rostam Qassemi, the Iranian Oil Minister, explained that the creation of its…

International insurance news from Iran includes update on sanctions impact

December 27, 2012December 27, 2012 Julie Campbell

The Middle Eastern country is indicating that the worst outcomes of the bans have now passed. The latest international insurance news out of Iran has shown that the sanctions that have been placed on the country’s shipping and energy sectors by Western nations, and which had been causing significant struggles for its oil industry earlier in the year, are not having the impact they had earlier in the year. The Iranian Oil Minister, Rostam Qasemi, explained that the country has all but overcome the impact. Although it is standard procedure…

Insurance industry seeing demand for climate-damage protection

December 6, 2012April 30, 2013

Insurance industry continues to demand for protection against disasters relating to climate change Qatar is currently hosting the United Nations’ COP-18 conference regarding climate change and its impact around the world. Though climate change remains a volatile issue in politics and with many consumers, the insurance industry has long held the position that the matter is not up for debate. Most insurers avoid the topic of climate change but have been preparing for such a phenomenon nonetheless. This is largely due to the major risks associated with the phenomenon, such…

Insurance news from Canada shows $100 million in claims from Sandy

December 1, 2012November 29, 2012 Julie Campbell

Toronto Ontario Canada Auto Insurance News

After the superstorm pummeled through the United States, it smashed into Canadian provinces. According to the most recent insurance news estimates from Canada, after leaving the United States, superstorm Sandy led to insured property damage that will total approximately $100 million. These statistics were issued from the Insurance Bureau of Canada (IBC) based on claims received. The IBC has based this data on the claims that are being made in the Canadian provinces of Ontario and Quebec. The estimate is still considered to be preliminary, but it has now been…

Life insurance report shows Thai growth next year

November 30, 2012April 30, 2013

Fitch Ratings has released its predictions for the growth of the sector in Thailand’s marketplace. According to data from Fitch Ratings, next year, the life insurance sector in Thailand should be seeing steady growth in its premiums. This is supported by the growing affluence among its residence and the increased product awareness. The recent catastrophes that have been faced by the people of Thailand have made them more aware of the availability and importance of life insurance coverage. This was published in the research firm’s “2013 Outlook: Thai Life Insurance…

Insurance news from India International expands into Asia

November 27, 2012April 30, 2013

The insurer based in Singapore will be making its way into Malaysia and Vietnam. The latest insurance news announcement from the insurer based in Singapore called India International, has just been released and has revealed that it has intentions to broaden its operations in order to include Malaysia and Vietnam. The company is a joint venture of the five insurers owned by the state in India. The insurance news was announced by the director of India International Insurance (I.I.I.), N. S. R. Chandraprasad. The company was created in 1987 as…

Life insurance in India becoming less profitable

November 26, 2012April 30, 2013

The premiums collected from this coverage sector have dropped by 2.33 percent compared to 2011. The latest life insurance news from India is that premiums collected during the third quarter, which ended on September 30, have experienced a year over year decrease by 2.33 percent, said the most recent report of the Insurance Regulatory and Development Authority (IRDA). This drop has been blamed on the overall slowing in economic growth. This, according to Namo Narain Meena, the Minister of State for Finance. The minster explained that as a whole, there…