Live Insurance News

Insurance news from Fifa includes required coverage for goal-line technology

October 26, 2012April 30, 2013

Companies may proceed with the installations provided they purchase coverage. Fifa has made insurance news when it announced that goal-line technology companies may proceed with their installations provided that they purchase insurance coverage in case leagues or clubs take legal action alleging that the systems are not functioning properly or that they are inaccurate. Licenses have been given to both GoalRef and Hawk-Eye by Fifa. Those two companies have made their own insurance news by being the first to receive Fifa’s authorization for worldwide installation of their systems as long…

Insurance news from India halts Iranian oil shipments

October 25, 2012October 25, 2012 Julie Campbell

Chennai Petroleum has announced that it will no longer be processing crude from Iran. An insurance news announcement from Chennai Petroleum in India has stated that the company will no longer continue with its processing of crude from Iran after its coverage for the oil supplies was lost. Industry sources say that an Iranian firm owns a stake of Chennai Petroleum, reducing imports from other nations. Every day, the plants at Chennai Petroleum will refine 230,000 barrels of crude. This makes up approximately 5.4 percent of the entire refining capacity…

Swiss Re reports on commercial insurance market

October 18, 2012 Nordstrom

Commercial insurance market facing new challenges as economies evolve Swiss Re, one of the world’s leading reinsurance groups, has released a new report concerning the state of the commercial insurance market and the challenges it is beginning to face. The report highlights the changes an evolving global economy are having on the commercial insurance market, suggesting that this evolution is producing new risks that could harm the market if proper precautions are not taken. Despite these risks, however, the commercial insurance market is showing aggressive growth, especially in under-developed countries.…

Workers compensation rate increase proposal rejected in Massachusetts

September 13, 2012 Julie Campbell

Joseph Murphy, the Massachusetts Insurance Commissioner on workers compensation plan

State Division of Insurance turns down the requested changes. The Massachusetts Division of Insurance has revealed that they have rejected the proposal that was made to increase the rates for workers compensation by 18.8 percent. The outcome of this will bring about no changes to the rates. The decision was made after having undergone a hearing process that lasted five months. The result is that there will not be any change to the current workers compensation rate. According to a statement from the Division of Insurance, this is expected to…

Chubb introduces new insurance product focused on cybercrime and fraud

August 30, 2012August 29, 2012 S.Vagus

Chubb aims to provide health care provider with new protections The Chubb Group of Insurance Companies, the eighth largest property/casualty insurer in the U.S., has announced the launch of a new insurance product that is aimed at helping small to mid-sized health care organizations manage cybercrime and fraud. Data breach has been a serious issue for many industries and may soon become a serious problem in health care. Per the Affordable Care Act, most health care records are to be stored electronically. The law also paves the way for a…

Chubb commercial insurance for cyber liability endorsed by American Bar Association

June 15, 2012April 30, 2013

Company also adds new cargo theft protection products. The nonprofit American Bar Association (ABA) affiliate, the American Bar Endowment, has chosen the Chubb Group of Insurance Companies as their primary cyber liability commercial insurance provider for the association’s members. The coverage for law firms extends beyond standard professional liability protection for lawyers. This product includes many other forms of coverage, such as those for cyber breach notification costs, as well as “billable lost hours” through business interruption protection. It also helps to decrease coverage overlaps by third parties by allowing…

Multi-state regulations are driving up the price of insurance coverage, according to research

May 9, 2012May 25, 2012 Marc

Research suggests that regulations may be causing insurance rate hikes Multi-state regulations are common throughout the insurance industry. Insurance companies are forced to comply with these regulations no matter where they may be in the U.S. Regulators often impose these directives as a way to ensure that companies are not taking advantage of consumers by exploiting regulatory gaps. These expansive regulations are a double-edged sword, however, as they require a significant and ongoing financial investment from each state that adopts them. Research from the University of Iowa suggests that these…