It is predicted that this year will bring the first commercial flights into space, and with them, those space tourists will also be purchasing travel insurance to provide them with additional coverage for their trips. Among the leading space tourism companies is Virgin Galactic, which is offering coverage directly through its website, though these travelers can also speak with their travel agents if they want to obtain the coverage they need, just as they would for any other type of traditional vacation. Though the ultra-wealthy have already been taking space…
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Space travel insurance policy available from Allianz in 2012
In an effort to be the first in the industry to take advantage of the upcoming wave of “ordinary astronauts” who will be taking the first commercial trips into space next year, the German insurance giant, Allianz, has announced that in 2012 it will begin selling space travel insurance policies. The sale of these policies will align with the launch of the spaceflight company called Virgin Galactic, owned by Virgin Group’s Richard Branson. There have already been approximately 450 people who have made seat reservations with Virgin Galactic for its…
Read MoreThe Hartford continues downsizing as financial pressures mount
The Hartford Financial Services Group is planning to downsize in the coming months in an effort to make operations more efficient. The company is one of the largest investment and insurance organizations in the country and has been met with lingering financial woes since the 2008 recession. Downsizing will come in the form of staff reduction and the selling off of one of its fringe units: Trumbull Services, which served the property and casualty insurance industry. The company has been consistently downsizing – or streamlining – since late 2008 in…
Read MoreInsurers unlikely to raise rates in the wake of Hurricane Irene, according to Allianz
Despite fears that disaster-prone 2011 will incite higher insurance rates in the future, Allianz, one of the largest commercial insurance companies in the world, says that the toll of the damage caused by natural disasters throughout the year will not prompt widespread hikes in premiums. Jay Ralph, a board member of Allianz in charge of the North American insurance market, spoke with reporters concerning the issue, noting that the excess capacity of the insurance industry is enough to weather the storm without any major changes in policies. However, insurers should…
Read MoreWorldwide disasters push commercial insurance rates higher
In the past 16 months, natural disasters all over the world have cost the insurance industry more than $100 billion. The financial impact of these catastrophes is compounded by the worldwide recession which severely impaired the industry as a whole. Insurers are struggling to reassert themselves in the world as the economy improves, and the only way to do so is by offsetting the cost of natural disasters with higher insurance premiums. Some commercial companies have already begun the process, raising rates on commercial insurance for the first time in…
Read MoreAllianz reports catastrophe losses on the rise but not the root of industry woes
Risk assessment experts at Allianz, one of the largest insurers in the world, have spoken out about the rising costs insurers are experiencing from natural catastrophe, outlining their findings in risk briefing – Allianz Risk Pulse: Focus Natural Catastrophes. With occurrences of severe weather, earthquakes and flooding, many insurance companies are seeing losses due to natural disasters and, according to Allianz, the number of companies experiencing these losses is on the rise. However, the increase may not be due to natural disasters at all. Allianz finds that the growing trend…
Read MoreInsurance company files lawsuit against celebrity
Allianz SE insurance company is filing a lawsuit against celebrity and heiress, Paris Hilton. The insurer paid Damiani’s claim for jewels that were stolen from Ms. Hilton. Allianz says the police recovered part of the jewels, and she should return them to the owner; a Manhattan jeweler. But according to Ms. Hilton’s spokeswoman, the suit isn’t based on the facts. In December 2008, a burglary ring that was targeting celebrity homes, robbed Paris Hilton’s mansion. They stole over 2.5 million dollars worth of jewelry; including jewels that were on loan…
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