Live Insurance News

Oklahoma lawmakers pursue bill in case earthquake insurance companies leave

February 18, 2016February 16, 2016 H. Cutner

Concerns that insurers will head out of the state as quakes become more common has sparked the need for consumer protection. Over the last handful of years, earthquakes have become increasingly common in Oklahoma, and there is a growing concern that insurance companies could start to leave the state if they find the risk associated with doing business there to be too high. Scares of quakes are causing lawmakers to consider the possibility of a worst-case scenario in Oklahoma. The purpose is to put a bill into place that would…

Third largest insurance market is now China

February 12, 2016February 11, 2016 Julie Campbell

Figures released by the China Insurance Regulatory Commission (CIRC) show a surge over the past half decade. Following five years of tremendous surges in growth in the Chinese insurance market, premiums from that country have now brought it up to the third place spot among the largest marketplaces in the world. This was shared as a part of a report produced by the China Insurance Regulatory Commission (CIRC). The third place insurance market position was actually achieved in 2015, though the figures were only just tallied by the CIRC. The…

Will new U.K. insurance regulations limit industry competition?

February 11, 2016February 9, 2016 H. Cutner

Insurers and consumers across the United Kingdom are wondering if new rules will spike prices. The U.K. government and industry regulators have now begun a new move to help to make changes to the insurance regulations that are currently in place through the Solvency II regime. The reason is that the government and insurance regulators are worried about a less competitive market. Recently, submissions were made to the European Commission, the Bank of England, and the Treasury in order to underscore the insurance regulations they are seeking to change. Within…

Insurance Information Institute reveals winter-related payouts from 2015

January 25, 2016January 24, 2016 G. Turner

homeowners insurance information institute winter snow ice

American insurers paid policyholders $2.9 billion for damage related to winter weather. The Insurance Information Institute (I.I.I.) has released its data with regards to the payments made by insurers in the United States for claims relating to winter weather, and what they’ve said is that those payouts reached a total of about $2.9 billion, last year. That said, despite those winter-related payments, the I.I.I. says insurance companies are still financially strong. Despite the payments the insurers faced in the U.S., the Insurance Information Institute explained that those companies will still…

Massive health insurance mergers may undergo greater scrutiny in California

January 14, 2016January 13, 2016 Julie Campbell

Consumer advocates are trying to convince regulators in that state and several others to scrutinize these deals. California is rapidly turning into the center of the controversy over the massive mergers that are going on in the health insurance industry as one company swallows up the next, shrinking the competition. Consumer advocates have been asking for greater scrutiny of this trend on over a dozen states across the U.S. In California and about twelve other key states, consumer advocates have been asking regulators to take a closer look at the…

Insurance companies may pay out over $2 billion from U.S. weather damages

January 12, 2016January 10, 2016 Julie Campbell

The United States has been facing some extreme weather and the last 10 days of December led to significant losses. The extreme weather seen throughout many parts of the United States last month, particularly during the last ten days, has led to some significant losses for insurance companies, with estimates suggesting that payouts could top $2 billion. This estimate was made by Aon Benfield, the reinsurance broker, which recently announced its predictions. The flooding, tornadoes, hail, snow and winds throughout the last ten days of December led to the deaths…

Insurance companies face strain from series of large U.K. storms

January 5, 2016January 3, 2016 Julie Campbell

UK Flood homeowners Insurance companies Flood Re Plan

The costs associated with Storms Desmond, Eva and Frank has insurers starting to feel some pressure. Britain has faced one damaging storm after the next, as Storms Desmond, Eva and Frank brought flooding and winds that left catastrophes behind and that now have insurance companies feeling the pinch from the associated costs. In fact, many of the insurers that are now counting up the total cost are some of the largest in the country. Victims of the flooding have now started to submit their claims to their insurance companies and…