Tag: European insurance industry

European Commission plan rejected by Germany

Nordstrom
European Commission

European Commission finds opposition to banking plan German lawmakers have rejected a proposal coming from the European Commission concerning the ongoing financial crisis enveloping Europe. The European Commission has been working to solve the issues caused by the financial crisis, but has made little headway. With the help of the insurance industry, however, some problems have been resolved. Some of the world’s largest insurance companies have agreed to provide coverage and issue bonds that will help countries recover from the financial crisis. Not all of the European Commission’s proposals have…

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EU insurance rules put on hold

S.Vagus
EU insurance watchdog industry

Governing body announces EU insurance rules delayed The European Union has been struggling to solve the problems created by the ongoing financial crisis that has stricken the region. The governing body has turned to the global insurance industry for assistance, which has responded with providing the coverage needed to mitigate some of the aspects of the continuous crisis. Earlier this year, the EU introduced a new plan that would impose strict capital rules on insurers in some member countries as part of new regulations focused on the banking industry. It…

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EU sanctions against Iran could mark a major shift in the world of insurance

S.Vagus

European Union sanctions against Iran’s oil trade are expected to have a significant impact on the marine insurance industry, according to the International Group of P&I Clubs, a consumer association of marine insurance providers. In July, the EU’s sanctions will be enacted and will bar insurance companies from providing coverage to ships that are transporting Iranian oil. Companies that are unwilling to comply with the sanctions or cut ties with the nation are likely to pursue self-insurance, which could weaken the industry considerably as clients begin to exodus. European insurers…

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ING Group to abandon plans for combined insurance and investment operations in Europe and Asia

S.Vagus

The ING Group, a Dutch financial institution working in the banking and insurance industries, has announced that it will be abandoning its plans for a combined European and Asian insurance investment operation. The company cites economic turmoil in the European region as the primary reason for its change of heart. Future investment and insurance plans are still a possibility for the future, if the European financial crisis is resolved appropriately. The company still has a keen interest in the Asian market, however, and plans to pursue alternative schemes to expand…

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Scandinavia Hit Hard by Windstorm Dagmar

Guest Author

According to catastrophe modeling firm AIR Worldwide, Windstorm Dagmar has moved across Russia north of St. Petersburg and begun to dissipate, its hurricane-force winds having caused power outages, tree- downings, and landslides and other disruption across northern Scandinavia on Christmas Day and the early hours of yesterday, December 27th. According to AIR, Windstorm Dagmar developed almost suddenly, the product of a large temperature contrast between cold air moving south from Greenland/Arctic Norway and warm air moving north from the Azores/Iberia. Its formation assisted by a rapid deepening of lows and…

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Europe establishes guidelines for interpretation of insurance gender pricing regulation

The European Union has now established a set of guidelines that are designed to provide insurers with some assistance with the interpretation of a ruling made by the EU court that states that it is no longer permitted for insurance companies to use gender as a factor for calculating the premiums that will be paid for various forms of coverage. The insurance industry has heavily criticized the ruling, which reversed years of traditional practice by insurers who have used gender as a part of their formulas for determining product pricing…

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European insurance stops using gender to determine rates

Julie Campbell

According to the main insurers’ lobby in Europe, the CEA, a new regulation will be causing european insurance customers to have to pay up to 30 percent more for their coverage. The regulation stops insurance companies from being able to charge different rates for men and women, and it will come into effect in 2012. On average, women will face the largest increases. According to the CEA, which was discussing the findings of research commissioned by the GDV, a German insurance industry association, women will on average be paying 30…

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