Tag: us insurance market

Japan’s Heat Stroke Insurance Boom Amid Record Temperatures Could Signal New Trends for US Market

Marc
Japan’s Heat Stroke Insurance Boom

With record temperatures soaring above 40°C (104°F) in various locations, Japan has experienced a surge in heat-related illnesses this summer. This unprecedented heat wave has led the Japan Meteorological Agency to issue widespread alerts against heatstroke and heat exhaustion, urging residents to stay indoors during peak daylight hours. A Growing Demand for Heat Stroke Insurance The extreme weather has not only impacted daily life but has also driven a significant increase in the demand for heat-related illness insurance. Over 12,000 people were hospitalized across Japan in just one week due…

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Allianz CEO says no US insurance market expansion on the way

Logan B.
US Insurance Market - Truth - Paper

Chief executive officer Oliver Bäte denied the rumors of a move to the United States in a recent interview. Rumors Allianz taking its first steps into the US insurance market have been officially denied. The insurance giant’s chief executive officer, Oliver Bäte spoke in an interview with the Financial Times and explained that the company had no intentions to head to the United States. Bäte explained that the American market is too different in its valuations, reducing its appeal for the firm. “Buying something in the US for us is…

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Federal Reserve requests information from the insurance industry

Nordstrom
industry insurance fraud

Federal agency is asking insurers to provide more data concerning postcrisis capital rules The U.S. Federal Reserve has begun reaching out to the insurance industry in order to obtain more data concerning postcrisis capital rules that could have a major impact on insurance companies. The agency has sent a request for information to 20 insurers. Companies that have received a request for information are considered to be “systematically important” to the country’s overall economy. Companies like American International Group and Prudential Financial Inc. fall within this designation. Data provided by…

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Insurance industry shows praise for Accenture technology

Logan B.
Accenture insurance industry

Accenture receives high rating for the technology it provides to the insurance industry Accenture, a global management consulting and technology services company, has received the highest possible rating from Gartner, a global market research firm, for the fifth consecutive year. Gartner has released the results of its “MarketScope for North American Property and Casualty Insurance Claims Management Modules” report, wherein Accenture’s Claim Components software won top marks from the firm. The software has proven valuable for much of the insurance industry in the U.S., especially as the interests of insurers…

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Towers Watson report shows the cost of claims continues to outpace the rise in insurance pricing

Marc

Towers Watson, a global professional services firm, has released a new report showing the rising prices in the commercial insurance industry. The report shows that commercial insurance prices have grown for the second consecutive year by an average of 2%. Property insurance and workers compensation are the two fields where the increases in pricing are most apparent. The property insurance market is being bolstered by a number of natural disasters that occurred throughout the year, which prompted insurers to raise rates and prices for new policies. While prices are rising,…

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