Live Insurance News

USI acquires Best Insurance Company from Florida

February 25, 2016February 24, 2016 H. Cutner

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The Insurance services firm has now purchased the homeowners, auto, motorcycle, watercraft and boat insurer. USI Insurance Services has now revealed that it has acquired the Best Insurance company, which is headquartered in Tamarac, Florida, and sells a range of different types of coverage within the state. The Best Insurance sells several different kinds of coverage to customer in Florida, North and South Carolina and Georgia. The terms of the purchase of the insurance company had not been disclosed at the time of the writing of this article. The Best…

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…

Obamacare sees 12.7 million health insurance enrollments

February 9, 2016February 7, 2016 G. Turner

The federal and state exchanges have now surpassed the predictions made by the government. U.S. Health and Human Services Secretary Sylvia Burwell, has announced that the health insurance exchanges established through Obamacare have now enrolled approximately 12.7 million Americans, which means that this year’s predictions have been exceeded. The most recent open enrollment period came to a close at the end of January with strong results. The government first started offering individual health insurance subsidies under Obamacare in 2014 but, at the same time, it applies a penalty to the…

Allianz to buy the commercial P&C insurance business from Aegon

January 27, 2016January 26, 2016 Julie Campbell

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The insurer will be purchasing the Netherlands market property and casualty portfolio from the company. It has now been announced that Allianz has agreed to buy the commercial P&C insurance business from the Netherlands market that had been owned by Aegon. As of yet, the details involved in the creation and closure of this transaction have not yet been disclosed. At the moment, the P&C insurance market share held by Allianz in the Netherlands is 4.4 percent. This transaction is expected to bring that figure up to a solid 5…

Insurance market in Nigeria will see solid growth this year

January 8, 2016January 7, 2016 Julie Campbell

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Experts are predicting that, regardless of the challenges in the country, the industry will be growing faster. A recent analysis has been published by KPMG and has predicted that the insurance market in Nigeria will see its growth picking up speed despite some of the challenges it has been facing over the last while. The forecast was made based on its expanding use of ICT and telecom facilities for sales, as well as the population density. The analysis results were published in “The African Insurance Market at a Glance” report…

Aon Benfield expects an upswing in the U.S. homeowners insurance market

November 10, 2015November 8, 2015 H. Cutner

This indicates that home insurers could be aligned to start seeing improvements in their returns. According to Aon Benfield, the current trend of improvement overall in homeowners insurance returns for this year was, in part, driven by a boost in prospective levels in the rates for premiums, and that the improvements are likely to continue. The insurer also said that the estimated catastrophe ratio has experienced a notable decline. The reason that ratio has declined is that there have been updates implemented for the vendor catastrophe models that were utilized…

Growth is coming to the gulf insurance industry, but it won’t be easy

October 21, 2015October 20, 2015 Julie Campbell

A new survey has shown that the region will see steady increases in product penetration but with challenges. Spending from Middle Eastern governments on non-oil projects and a strong increase in coverage products will provide considerable support for Gulf insurance industry growth across all six of the Gulf Cooperation Council countries, said a new survey. The non-life sector was predicted to see a stronger growth performance than life insurance. The reason is that there have been some new regulations in the Gulf insurance industry such as the mandatory purchase of…