Live Insurance News

Obama administration makes insurance news with EU agreement negotiations

November 23, 2015November 22, 2015 G. Turner

The U.S. Treasury and U.S. Trade Representative have said they plan to work for a covered agreement. The insurance news announcement has now been made that the U.S. Treasury and the U.S. Trade Representative intend to enter into negotiations with the European Union over a covered agreement regarding insurance. The goal of these negotiations will be to “level the regulatory playing field for U.S-based insurers and reinsurers.” E.U. insurance companies and industry regulators have been expressing frustration with regards to the American reinsurance collateral requirements. The issue at the center…

Program to protect health insurance companies to be expanded

June 19, 2015June 19, 2015 Logan B.

Government plans to expand reinsurance program to protect insurers The Obama Administration has announced that it will be expanding a program that is designed to protect health insurance companies from high claims. The system serve as a reinsurance program, which provides insurers with the protection they need from the risks that they face. Insurers throughout the country will have the chance to pay into the program, which will partially reimburse them for insurance claims that go beyond a certain level. HHS will have the program cover the cost of claims…

Cyclone program making insurance news in Australia

April 2, 2015April 1, 2015 Julie Campbell

Austrailia's Cyclone Yasi insurance news

A taskforce is looking into various options such as a reinsurance pool backed by the government. The Abbott government is making insurance news as it considers making financial support available to reduce the premiums that are being paid in certain regions of Australia that are particularly prone to cyclone damage. There have been a number of different potential options presented by the government for this purpose. Among those making the top insurance news include a government-backed reinsurance pool, or a form of coverage specific to cyclones that is provided by…

Airline insurance for crashed AirAsia plane likely to be well over $100 million

December 31, 2014December 30, 2014 Julie Campbell

The jet is the third major airline accident that has happened in 2014, two of which have been in that part of the world. The AirAsia jet that had gone missing and that was recently found crashed in the sea off the coast of Borneo could bring about claims that will be at least $100 million, and this exposure will be placed on Allianz SE, which is the reinsurer for the airline insurance. Tragically, the flight had 162 people on board when it went missing off the Indonesian coast. Allianz…

Insurance industry benefits from favorable economic climate in the US

August 4, 2014August 15, 2014 S.Vagus

State of the Economy - Insurance industry

Report shows that new jobs have been added to the insurance sector A favorable economic and business climate has had a beneficial impact on the insurance industry last month. The U.S. Bureau of Labor Statistics has released a report that shows that the insurance industry has added thousands of new jobs in June, marking modest growth for the industry and highlighting economic activity. The demand for employees among insurers has begun to rise, especially in the health sector where insurers are being forced to comply with new regulations coming from…

Munich Re Licenses AIR’s Updated Crop Insurance Models for the United States and China

August 7, 2013 Guest Author

BOSTON, Aug. 7, 2013 — AIR Worldwide (AIR) today announced that it has updated its Multiple Peril Crop Insurance (MPCI) Models for the United States and China. These are weather-based models that estimate underwriting gains and losses based on crop yield probabilities in the context of current conditions. Munich Re, a leading global reinsurer, has licensed the updated models to enhance its risk management capabilities for its catastrophe-exposed agricultural treaties. “The risk associated with agricultural insurance portfolios is extremely complex, which makes them challenging for insurance and reinsurance carriers participating…

Insurance Industry Rapidly Adopts Touchstone, AIR’s Next-Generation Platform

July 18, 2013 Guest Author

Insurance industry standards and technology

BOSTON, July 18, 2013 — The insurance industry is rapidly adopting TouchstoneTM, AIR Worldwide’s next-generation catastrophe modeling platform. Since the new software’s release in January 2013, Touchstone has gained wide acceptance across the marketplace by some of the largest insurers, reinsurers, and intermediaries. “With the release of Touchstone, AIR is offering a robust and reliable platform that we can easily integrate into our proprietary catastrophe management system, APEX,” said Alan Calder, group head of catastrophe risk at Aspen. “Part of our risk management strategy is to evaluate and understand multiple…