Live Insurance News

Oil insurance fund to be established in India for Iranian crude

March 26, 2013March 25, 2013 Julie Campbell

A new program is being designed to provide Indian refiners with the coverage that they require. India has now revealed that it has intentions to establish a special fund in order to give refineries the opportunity to obtain oil insurance coverage after reinsurers from the European Union refused to provide protection for units that process crude from Iranian sources. The country’s own insurers have refused coverage to the refiners as they could not obtain reinsurance. The reason is that the oil insurance companies within India were not able to obtain…

Insurance industry premium growth will be driven by Asia-Pacific markets

March 22, 2013March 21, 2013 H. Cutner

Recent predictions show that by the year 2020, the income from that region’s premiums will have doubled. The results of a new study from the Economic Research Department at Munich Re have shown that by the year 2020, the insurance industry premiums income from the Asia-Pacific region will have doubled their current size. Until that year, nearly half of the estimated additional worldwide primary premiums will come from that region. This equates to approximately €1 trillion, which will be generated by the Asia-Pacific insurance industry. The report on the findings…

Insurance news from India includes possible cessation of Iranian crude imports

March 11, 2013March 9, 2013 Julie Campbell

oil insurance news Iran imports stopped from india

The South Asian country may soon cut off its imports of Iran oil as coverage is shaky. India is preparing to stop its imports of Iran crude, as the latest insurance news has shown that the refineries that process the oil would not be able to obtain coverage due to the sanctions from the West. This, according to the head of the MRPL refiner, as options for coverage appear to be running out. India is the second biggest buyer of Iranian crude, making this considerable insurance news. Nearly one quarter…

Insurance news announcement from China includes forced pollution coverage

February 22, 2013February 22, 2013 G. Turner

Chinese industries that pollute the most heavily will be required to purchase coverage for damage compensation. China has made a government insurance news announcement that will require the most heavily polluting industries to take part in a form of coverage program that will make certain that they are capable of providing compensation for the environmental damage that they cause. The Communist Party in the country has placed a central focus on the pollution in the country. This is the result of the considerable insurance news headlines that have been made…

International insurance acquisition made of Ireland’s largest insurer

February 22, 2013February 20, 2013 H. Cutner

international insurance deal Ireland and Canada

Irish Life Insurance will be purchased by Great-West Lifeco, an insurer that is headquartered in Canada. Great-West Lifeco, Inc. has just announced its latest international insurance acquisition, with the purchase of the largest insurer in Ireland, Irish Life Group, for a total of $1.75 billion. This deal has now been officially announced after having had to receive official approval. The Government of Ireland had to give its approval of the international insurance deal, as it took on the largest life insurer in Ireland in the summer of 2012, after its…

Insurance news from China shows funds facing strain

February 20, 2013April 30, 2013

The aging population in the country is starting to make medical coverage more expensive. The latest insurance news out of China has shown that the health coverage fund in Beijing is starting to experience considerable pressure as the population ages. People are living longer, which means that chronic diseases and medical care needs are growing. The older the population gets, the higher the frequency of chronic diseases. These are increasing the demand for medical services in the city, which means that Beijing’s insurance news is growing in its expenses. According…

Insurance news from Zurich reveals 82 percent profit increases

February 16, 2013April 30, 2013

Gains from investments have caused the largest insurer in Switzerland to see a huge fourth quarter profit rise. The biggest insurer in Switzerland, Zurich, has made an insurance news announcement that its fourth quarter profits experienced an increase of 82 percent as a result of higher investment capital gains. The insurer’s net income experienced a massive growth when compared to the same time the year before. The net income that was reported by Zurich was $983 million. This was a considerable year over year increase, as the same time in…