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Insurance News

China leading on risk management insurtech

China is becoming a global standard-bearer in the digitalization of many aspects of life, including fintech and insurance companies. One area where Chinese firms are leading the way is risk analysis.

Disaster mayhem doubled in 2017: Munich Re

Frankfurt Am Main - Financial pain inflicted by natural disasters worldwide almost doubled in 2017, German reinsurance giant Munich Re said Thursday, with a new record in losses from weather-related catastrophes.

Genetic testing affected by what insurance companies get to see

Boston - New research reveals U.S. state-level disclosure laws affect patients' eagerness to have their DNA tested, with wide variations across states. This also affects what level of data insurance companies can access.

Errors found with U.S. health data impact on insurance

Atlanta - Major measurement issues have been found in emergency department patient experience data, according to new research. The errors impact hospital performance measures and insurance.

Amazon considers entering insurtech market

Amazon may enter the insurance market through a new channel. The e-commerce giant already offers some insurance-related digital services.

Global disaster costs soar in 2017: Swiss Re

Zurich - Total economic losses from natural and man-made disasters have soared by 63 percent to strike an estimated $306 billion in 2017, reinsurance firm Swiss Re said Wednesday.

Demand for digital insurance drives industry transformation

Growing numbers of SMEs are turning to online insurers to protect their business. According to a new report from PwC, 36% of small business owners will interact with their insurers online in the near term. By 2022, the figure will reach 48% of all SMEs.

Drones can transform the insurance sector

Unmanned aerial vehicles can help the insurance sector deliver faster services. Drones are being tested to carry out inspections of houses prior to claims being paid out.

Rapid growth forecast for insurtech in 2018

London - If there’s a technology sector to get into then this appears to be insurtech. Insurtech jobs are increasing 22 times faster than the rest of the U.K. market, as an example of rapid developments in the sector.

How the Internet of Things is disrupting insurance

New technologies are influencing the shape of the insurance sector. This ranges from smart burglar alarms to big data analytics to offer ‘micro-insurance’ solutions. Another area is with connected devices.

Insurance companies offering smart insurance solutions

Insurance companies are starting to offer ‘smart’ devices to consumers where the data can be used to lower insurance premiums. Such devices can be used in homes and in motor vehicles.

Digital transformation of insurance enables ‘micro-insurance’

One of the effects of the digital transformation of the insurance sector is the ability of insurance companies to offer ‘micro insurance’. This is an insurance policy taken out for a short duration – only when it is needed.

Interview: Insurance carriers can pay claims virtually Special

Snapsheet, a leading provider of claims technology, has partnered with KeyBank, to launch Snapsheet Transactions, a payment solution for insurance claims. To learn more about the platform we spoke with Alex Meisner, director of innovation at Snapsheet.

Survey of uninsured health rates in U.S.: Provider opportunities?

U.S. society is polarized on many issues in relation to income and opportunity. One area that exemplifies this is healthcare insurance rates. A new survey provides data relating to cities and states, demonstrating the disparity of cover.

Insurance companies urged to accelerate digital transformation

A new report signals a warning to insurance companies: accelerate your digital transformation and accept disruption, or risk falling behind into a spiral of uncompetitiveness.

US, EU sign deal to streamline insurance regulation

Washington - Authorities from the United States and the European Union will sign an agreement Friday that was 20 years in the making to streamline regulations on international insurance and reinsurance companies, and free up capital for investments.

Up to $30 bn in insured damages from Hurricane Harvey: Munich Re

Monaco - Hurricane Harvey, which lashed Texas and Louisiana with unprecedented rain last month, could end up costing insurers between $25 and $30 billion (21 and 25 billion euros), German reinsurance firm Munich Re estimated on Sunday."It is a big estimate.

Soaring commercial drone use heightens 'privacy invasion' fears

The surge in commercial drone usage risks the "invasion of privacy" and personal injury, according to a study released today. As the business applications of drones increase, the survey authors say new tailored insurance policies will be needed.

New report signals faster digital transformation of insurance

The insurance sector is increasingly turning to digital technology for automating insurance claims, analyzing big data for trends, and the way clients access services. A new report highlights how this disruption is creating opportunities for start-ups.

Chinese billionaire steps aside amid detention report

Bejing - The chairman of a Chinese insurance group which sought a business deal with the family of US President Donald Trump's son-in-law has stepped aside following a report that he was taken away by authorities.

Chinese billionaire steps aside amid detention report

Bejing - The chairman of a Chinese insurance group which sought a business deal with the family of US President Donald Trump's son-in-law has stepped aside following a report that he was taken away by authorities.

Chinese billionaire steps aside amid detention report

Bejing - The chairman of a Chinese insurance group which sought a business deal with the family of US President Donald Trump's son-in-law has stepped aside following a report that he was taken away by authorities.

Disaster costs nearly double to $175bn in 2016: Swiss Re

Geneva - Devastating earthquakes, floods, hailstorms and wildfires, along with man-made devastation, helped push global disaster costs to $175 billion (161 billion euros) last year, reinsurer Swiss Re said on Thursday.

Tesla wants to sell cars with insurance and maintenance included

Tesla has actually been quietly experimenting with this model in Asia by selling cars with insurance and maintenance included, Jon McNeill, Tesla's president of sales and services, said during the company's fourth-quarter earnings call.

Natural disaster damage hits 4-year high: Munich Re

Frankfurt Am Main - Natural disasters including storms and earthquakes caused $175 billion of damage in 2016, German reinsurance giant Munich Re said Wednesday, the highest level since 2012.

Facebook bans car insurer from using data to calculate premiums

Facebook has blocked a U.K. car insurer's plans to use data from profiles on the social network to calculate premiums. The company pulled the app, created by insurer Admiral, with just hours before it was set to launch in a highly public campaign.

Ft McMurray wildfires costliest disaster in Canada history: insurers

Montr - Wildfires in Canada's oil city of Fort McMurray this year caused CAN $3.58 billion ($2.75 billion USD) in damages, making it the country's costliest disaster ever, according to estimates from insurers on Thursday.

Healthcare breaks for wearable tech users

For those living in the U.S. taking up wearable technology and using one of the health or fitness apps could lead to a reduction in insurance premiums, provided the collected information is shared.

How the Affordable Care Act could affect your insurance plans

The Affordable Care Act (ACA) might be affecting you more than you know. While the Affordable Care Act is designed to decrease health insurance expenses, it could also affect life insurance as well as casualty-property insurance rates.

Global disaster costs fall in 2015: Swiss Re

Zurich - The economic cost of disasters across the world dropped in 2015 to around $85 billion (78 billion euros) from $113 million last year, reinsurance company Swiss Re said on Friday.
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