Insurance industry is growing more competitive for independent agents

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Accenture releases report highlighting market disruption for insurance agents Accenture, a multinational management consulting and technology service firm, has released a new report that shows that independent agents in the insurance industry are not immune to digital disruption. The report makes not of changes in consumer behavior, the emergence of new technology, and the ongoing evolution of the insurance industry itself as potential threats to independent agents. Moreover, these agents see serious issues emerging in the market that could introduce some turbulence to their business. Digital sales are creating some…

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Insurance industry continues to see a growth in premiums

US Big Data insurance industry

Insurance premiums are on the rise throughout the world Premiums in the global reinsurance and insurance industries grew last year, according to a report from Aon Benfield. The report notes that insurance premiums reached an all-time high by the end of 2013. The Property and casualty, life, and health insurance sectors were the driving forces behind the growth in premiums. Overall, global premiums grew by 0.9% last year, reaching $4.9 trillion. Insurance premiums are likely to continue growing throughout the remainder of 2014. Property casualty, life, and health insurance sectors…

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Insurance industry is turning to software solutions to continue adapting to changing market

cloud technology insurance industry

Berkshire Hathaway to make use of new cloud-based software solution from Accenture Berkshire Hathaway Specialty Insurance has announced that it has accepted an offer from Accenture, a technology services firm, regarding the use of cloud-based property and casualty software. The software will be delivered through the Accenture Cloud Platform and will allow Berkshire Hathaway to consolidate and streamline its business processes. This is expected to enhance the insurer’s efficiency and help reduce operating costs to some degree. Cloud-based technologies and services are becoming more popular throughout the insurance industry. The…

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China could benefit from US property-casualty insurance companies

China insurance market news

American Insurance Association issues statements concerning China-US trade The American Insurance Association has submitted comments to the Office of the U.S. Trade Representative and the U.S. Department of Commerce concerning the 2014 US-China Joint Commission on Commerce and Trade. The joint commission has been in place for some time, renewed between the two countries every year. The agreement between the U.S. and China is meant to promote trade while also protecting companies that operate in both countries. Guarding trade secrets, ensuring legitimate sales, and determining how government officials use certain…

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Third quarter United States insurance report for 2012

insurance industry report

Newly published research is now available providing predictions for Q3. The United States Insurance Report for the third quarter of this year has now been released to take into consideration the futures of insurers in both the life and non-life (including health and property and casualty) sectors. This insurance news report identifies the commonalities between the sectors and what is needed to maintain profitability. It based this information on their ability to have achieved rapid growth in 2011, and considered many of the challenges that were faced by insurers at that…

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Missouri Department of Insurance releases report concerning 2011 natural disasters

The Missouri Department of Insurance has released its annual report for the year of 2011. The report notes that the state experienced many “firsts” in the U.S. insurance industry last year, many of which were brought about by calamitous natural disasters. These firsts included record breaking numbers of claims, the highest claims payouts in U.S history, and the largest amounts of claims funds recovered by Missouri insurance regulators. The Department of Insurance notes that, despite massive challenges, it was able to complete its mission of protecting Missouri residents throughout 2011.…

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Farmers to raise homeowners insurance rates in Louisiana

Louisiana homeowners insurance news

Farmers Insurance Exchange, a reciprocal insurance branch of the Farmers Insurance Group, is looking to raise homeowner’s insurance rates in Louisiana. The insurer has approached state regulators seeking approval for rate increases that would affect thousands of residents throughout the country. The Louisiana Department of Insurance is currently investigating the rate proposal. Regulators have not yet issued a preliminary report on whether the rate proposal seems excessive or not. The state is currently determining how the potential rate increase will affect consumers and the overall economy of Louisiana. The insurer…

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