Spain-based MAPFRE has released the results of its 7th annual survey of European insurance companies and has ordered them based on their writing of gross premiums, determining that all of the top insurers were able to both raise their revenues from premiums and achieve successful outcomes that were largely based on activity outside their own countries. The survey specifically examined non-life insurers, and the report published by MAPFRE stated that the top ten insurance companies saw an increase of 5.2 percent in their premiums, bringing them to $283.39 billion in…
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New Zealand’s Canterbury gets limited insurance after the majority of companies flee the market
Good news for New Zealand’s insurance industry has been scarce. The country has been struggling with continuous aftershocks after the disastrous quake that struck Christchurch in February. The situation has been so taxing on the country’s insurance industry that many companies have pulled out completely. Now there are more than $3 billion worth of uninsured assets in Canterbury, the region in which Christchurch resides. The city council has been scrambling to obtain some kind of insurance coverage. The majority of insurance policies in the Canterbury area expired a few days…
Read MoreHong Kong to install their first independent insurance authority
Hong Kong is home to the most authorized insurance companies in all of Asia. The insurance market in the fabled city-state has been experiencing wondrous growth for several years thanks to the relatively lax regulations imposed upon the industry. In fact, Hong Kong currently has no singular authority in charge of regulating the insurance industry. This will soon change, however, as the government prepares to the first independent insurance authority. Government officials are now consulting with several insurance experts to gain insight on the initiative. The overall aim of the…
Read MoreU.K. regulators claim aggregators putting consumers at risk
Insurance regulators in the United Kingdom have found some problems with several online insurance quote aggregators, raising concerns as to whether the companies responsible for these websites were treating customers fairly. The Financial Services Authority has found instances of compliance failure with websites dealing in home and auto insurance. The regulatory group has been reviewing this particular sector of the insurance industry for several months now in an attempt to curtail fraud. So far, 19 companies have been found as failing to adhere to regulatory rules. Investigators reportedly discovered failures…
Read MoreSurvey shows top concerns for future world commerce
Over one thousand business CEO’s from around the globe put their two cents worth in on a recent survey. The results of the survey were released at the Risk and Insurance Management Society (RIMS) convention that was held in Vancouver. Corporate experts from 58 countries weighed in on their top business concerns for this year. The survey, given by Aon Risk Solutions proved that economics is mutually dependent on various risk factors; whether it’s in the U.S. or another country on the other side of the globe. Most business professionals…
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