Virginia officials are urging residents to check their home insurance policies to ensure they have protection against earthquakes. The initiative comes as a new law takes effect, which will force insurance companies to disclose what their various policies do not offer coverage for. State officials are hoping that residents will be proactive in finding out what coverage they may lacking and take steps to rectify the problem before they fall victim to a devastating natural disaster. According to the State Corporation Commission’s Bureau of Insurance, many Virginia residents do not…
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MasterCard and Visa warn of massive security breach, insurers highlighting the need for cyber security
Financial giant MasterCard has announced that there may have been a breach in its security systems this week. The potential breach is linked to a third-party vendor based in the United States. MasterCard has contacted banks and law enforcement to mitigate the problems caused by the security breach and has also elicited the aid of an independent security organization to assess the extent of the damage the breach may have caused. This particular breach could have an impact on more than 10 million customers around the world. MasterCard has been…
Read MoreAIG sets sights on Chinese auto insurance market
American International Group Inc. (AIG) has announced insurance news information that it will be joining other insurers, such as Allianz SE (ALV), in entering into the auto insurance market in China after the rules regarding foreign insurance companies are relaxed. These insurers are keen to get in the door as quickly as they can to take their portions of the $50 billion dollar marketplace that exists among the drivers in that country. They are waiting for the upcoming lift on the ban that has been blocking companies from other countries…
Read MoreUnited Nations report stresses the need for action on climate change
Climate change may be a controversial issue in the world of politics, but the insurance industry is betting on dramatic weather becoming a reality in the near future. The belief of the global insurance industry is shared by the United Nations. The UN’s Intergovernmental Panel on Climate Change has released a report concerning climate-related disasters, indicating that all nations will be susceptible to extreme weather. The report is aimed at politicians around the world, stressing the necessity of preparing for future disasters wrought by climate change. The United Nations claims…
Read MoreVienna Insurance Group sees European insurance markets stagnating amidst financial crisis
Vienna Insurance Group, one of the largest insurers in Europe, is showing concern over the regions international insurance markets. According to the company’s forecasts, the markets are becoming stagnant and, in the best case scenario, would remain as such for the remainder of this year. This stagnation is likely a product of how consumers are responding to the ongoing economic crisis that is spreading throughout Europe. Because of this growing trend, the insurer has announced steps that it will be taking to ensure its place as one of Europe’s most influential companies.…
Read MorePrice of Iranian oil expected to spike from ship insurance ban in European Union
According to sources in the insurance industry, a ban is widely forecasted to begin on European insurance coverage for exports of oil from Iran beginning on July 1,2012, and is threatening to restrict shipments from that country, causing costs to rise for large purchasers such as South Korea and Japan. The European Union created a partial exemption from its embargo last week for some insurance companies that cover Iranian oil, until July. Next month, the ministers in the EU intend to go over whether or not those exemptions will be…
Read MoreResults of 2012 National Critical Illness Insurance Buyer published
The American Association for Critical Illness Insurance, in association with General Re Life Corporation, has released a report based on the results of the 2012 National Critical Illness Insurance Buyer Study. The study showed that there is a growing number of people purchasing critical illness insurance in the demographic of those between the ages of 25 and 45. They are buying the coverage in order to ensure that they will have immediate cash payments available to them should they ever receive a diagnosis of a serious health condition. Approximately 49…
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