Sanctions could have major impact on the global economy Iran is currently facing imposing sanctions from the European Union that could have serious economic implications for the country. These sanctions are spurred by Iran’s refusal to put a stop to its controversial nuclear power program, as well as other reasons. The most recent sanctions from the EU will institute an insurance ban, barring companies from providing insurance coverage to ships transporting oil that was produced in Iran. The ban has caused a stir in the world of politics, even for…
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Insurance for the Olympic Games a major issue for UK insurers
Insurance professionals prepared to provide coverage for the Olympics There is a scant one hundred days before the 2012 Olympic Games begin in the United Kingdom. Preparations for the event are still underway and London’s insurance community is beginning to feel the pressure. Many of the city’s insurance agents and providers have been working for over a year to establish a safety net for the event. The Olympics is fraught with risk as the event attracts thousands of foreign visitors and athletes and collects them into a single, localized area.…
Read MoreMore than 200,000 UK homes at risk of losing flood insurance coverage as agreement between the government and insurers comes to an end
More than 200,000 homes in England and Wales could go uninsured once a pact between the nation’s flood insurers and government comes to an end in 2013. The Association of British Insurers (ABI) has warned that these homes would have profound difficulty in attaining new flood insurance policies once the agreement comes to a close. The ABI has been examining data provided by the UK’s Environment Agency regarding the potential for severe floods in both regions of the country. The issue has highlighted a major problem in the UK’s insurance…
Read MoreThousands of UK homeowners could lose their insurance coverage if a new deal is not worked out between the government and insurers
In the United Kingdom, an agreement between the government and the country’s insurance industry is scheduled to come to an end in 2013. The agreement was first struck in 2008, after severe flooding caused damage to homes a year earlier. The agreement saw insurers offering coverage to homes found in high-risk areas, where flooding is very common during rainstorms. The Association of British Insurers wants the government to shoulder some of the burden associated with covering these risk-prone properties, but if the government denies re-negotiating the deal, thousands of homeowners…
Read MoreAssociation of British Insurers says that cyclists are unaware of the severity of road cycling risks
The Association of British Insurers (ABI) has released a statement that urged cyclists to obtain insurance as inadequate coverage could lead them to face significant expenses if they are ever found responsible for causing an accident or if they are injured as a result of an accident. A spokesman for the ABI, Malcolm Tarling stated that it is quite likely that a cyclist will be injured if he or she is ever involved in an accident. He added that every month, there are 230 cyclists seriously injured or killed on…
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