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Climate change and the insurance industry

November 23, 2013November 25, 2013 Note From The Editor

Climate Change Insurance agents Industry

Insurance industry shows concern over climate change Climate change is often a controversial topic, especially when it comes to whether or not humans are having an impact on climatic events. Usually, the issue is politicized, with certain factions providing some extreme viewpoint on climate change and others suggesting that it is little more than a myth. While the truth of climate change may reside somewhere in between extremes of perception, one thing is certain: The insurance industry is not keen to leave itself exposed to the risks that come with…

Homeowners insurance lacking in over 9 in 10 UAE homes

November 22, 2013November 25, 2013 H. Cutner

Recent findings from Zurich have revealed that the current trend is headed in a downward direction. It took a massive fire in a Dubai residential tower, last year, to truly draw the attention of property owners in the United Arab Emirates to the importance of homeowners insurance, but it looks as though the climbing trend has come to an end and is starting to drop once more. A recent study has shown that over 9 out of every 10 people don’t have their homes covered. The homeowners insurance study was…

Cyber insurance is Zurich’s new focus

July 19, 2013July 17, 2013 G. Turner

The massive insurer is hoping to increase the coverage it provides against data breaches and climate change. Zurich Insurance Group is now broadening its focus to be able to meet the growing corporate demand for coverage such as cyber insurance against data breaches as well as against the risks that are posed by climate change. This announcement was made by the general insurance chief at Zurich, this week. A growing number of businesses are seeking cyber insurance to cover themselves against the economic challenges – or catastrophe – that can…

Insurance news from Zurich shows a massive $700 million superstorm bill

December 18, 2012December 18, 2012 H. Cutner

The European insurer has released the figures relating to its claims from Sandy. Zurich has just released its latest insurance news by becoming the most recent insurer to have connected its figures to the damage caused by Hurricane Sandy, reporting that it is expecting that its net claims will reach approximately $700 million. These predictions are following closely on the heels of the figures release made by AIG. The numbers that were issued by AIG had forecasted that the storm would have generated post-tax net losses of approximately $1.3 billion.…

Auto insurance pricing model from Autodata Middle East selected by Zurich

October 24, 2012October 22, 2012 H. Cutner

The dynamic new techniques are now the center of a new agreement that has been signed. Zurich, one of the leading insurers in the world, has announced that it has signed an agreement with Autodata Middle East – a leading auto insurance pricing information provider – in order to help to determine a used vehicle’s actual value in the United Arab Emirates, to achieve far more accurate premiums calculations. The new model takes many additional factors into account to help maintain accuracy. The price of used vehicles change on a…

Zurich Insurance posts first quarter profits after decline in natural disaster claims

May 11, 2012April 30, 2013

Insurer sees profits in the wake of 2011 catastrophes Zurich Insurance Group, Switzerland’s largest insurance company, has released information concerning its first quarter profits for this year. The company posted high profits this year after overcoming the challenges presented by the past two consecutive years of natural disasters. Last year’s catastrophes broke record losses throughout the world, leaving many insurance companies in a vulnerable position. Large insurers, like Zurich, have been able to recover from the disasters and have even shown promising growth in the first quarter of 2012. Zurich…

Insurance claims from riots to cost U.K. taxpayers more than $160 million

August 12, 2011August 12, 2011 Nordstrom

Now that the U.K. rioting appears to be drawing to completion, insurance companies are beginning to tally the cost of the claims that have and will be made by homeowners and businesses. According to insurers, the impact of the destruction over the long term may be significant, especially in terms of the insurance on property damage. That said, the effect that it has on insurers may be milder than it could have been as a result of a law that is older than a century and that makes the police…