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Insurance News

Estonia shipwreck survivors demand compensation after 25 years

Nterre - More than 1,000 people including survivors and the families of victims of Europe's worst peace-time shipping disaster took their claims for compensation to a French court on Friday, 25 years after the sinking of MV Estonia in the Baltic Sea.

Extent of the damage from Midwest floods could top $3 billion

At least 1 million acres (405,000 hectares) of U.S. farmland were flooded after the “bomb cyclone” storm left wide swaths of nine major grain producing states under water this month.

India is leading the way with digital insurance services

India is rapidly developing into one of the world’s powerhouses for insurance, and much of this growth is fostered by insurtech startups and the offering of digital services. The country’s insurance industry is ripe for innovation and disruption.

Disaster-linked losses in 2018 hit $155 billion: Swiss Re

Geneva - Losses from natural and man-made disasters are estimated to total $155 billion (136 billion euros) this year, down sharply from a hurricane-plagued 2017, the reinsurance giant Swiss Re said Tuesday.

Shock waves of #MeToo reach the City of London

London - A series of very public sackings, suspensions and departures suggests that Britain's finance world is waking up to the toxic implications of sexual harassment and bullying in the workplace.

Five insurtech startups to watch out for in 2019

There is a wave of insurtech startups emerging each year. Some fall by the wayside, others become major players. Five companies set to make it big in 2019 are profiled, from an insurance as a service pioneer to a blockchain innovator.

Biggest changes for insurtech for 2019

2018 saw a series of changes shaking up the insurance sector and the level of innovation and associated disruption looks set to continue into 2019. These include greater collaboration with big firms, blockchain and AI.

John Hancock's Vitality platform sees big user growth

Insurance company John Hancock and behavior change platform Vitality have released data that shows those who wear an Apple Watch and participate in the Vitality Active Rewards program take part in increased physical activity.

Swiss vote on insurance company spies

Geneva - The thought of a stranger filming you while you sit on your balcony or work in your garden is likely unsettling to most. But imagine if the snoop is a private detective hired by your insurance company to investigate whether you are a welfare cheat.

With climate change going unchecked, insurance costs will rise

Although there are some folks who remain skeptical of Climate Change, the folks who make a living providing us with insurance are not. Insurance companies are already being impacted by the significant amount of destruction a warming world is causing.

In the wrong direction? Rise of the uninsured

In the U.S. the proportion of the population who are uninsured is growing. At the end of 2016 the rate was 10.9 percent; by the end of 2017 this was up to 12.2 percent. New research reveals the state-by-state patterns.

India launches 'Modicare', world's biggest health scheme

New Delhi - Prime Minister Narendra Modi on Sunday launched the world's biggest health insurance scheme, promising free coverage for half a billion of India's poorest citizens ahead of national elections next year.The bottom 40 percent of India's 1.

Insurer John Hancock adds fitness trackers to its policies

John Hancock, which is a major provider of life insurance in the U.S., has added the requirement that those taking out interactive insurance must wear fitness tracking to all policies.

Digital transformation trends in insurance

Insurance companies continue to struggle when it comes to customer experience, with users complaining of poor service when making claims or because of undue waiting times. Insurance companies are redressing this with new technology.

Bolivia eyes universal health care for next year

La Paz - Bolivia will launch a universal health care program next year, socialist President Evo Morales said Wednesday.

Digital transformation of finance: Mix of leaders and laggards

Finance services are showing an uneven path for digital transformation, with some identified leaders and a host of laggards. This insight comes from Forrester Consulting on behalf of consulting firm Ernst and Young LLP.

Are you happy with digital spying for reduced insurance prices?

It's a simple question: would you be willing to have technology that collects data about you and what you do in return for lower insurance rates? The younger you are the more likely, it seems, you are to say "yes".

Three startups disrupting the insurance industry

The insurance industry may not be entirely prepared for digital transformation, but insurtech is coming. Here are a few of the startups disrupting the insurance industry.

Latest trends in digital insurance

A new deep dive into the technological changes impacting on the insurance sector now and in the future has been released. The report focuses on the value of data analytics and improved means for data sharing.

Five emerging InsurTechs to take notice of

London - Insurance companies have been slow to embrace digital technology; however, signs are emerging that the industry is gradually opening up to the idea of alternative ways of providing insurance services. We look at five startups.

Platform to link insurance brokers to InsurTech partners

London - A new service, dubbed a ‘dating app’ for the insurance world, has been set-up to allow insurance brokers to connect with the relevant InsurTech partners. The service comes from Covéa and Broker Direct.

Chinese insurer Anbang's ex-boss jailed 18 years for fraud

Shanghai - A Chinese court jailed the former high-flying head of troubled Anbang Insurance Group for 18 years on Thursday for defrauding the company of more than $10 billion.

Chinese insurer Anbang's ex-boss jailed 18 years for fraud

Shanghai - A Chinese court sentenced the former head of troubled Anbang Insurance Group to 18 years in prison on Thursday for fraud and corruption, Xinhua news agency said, following accusations of stealing more than $10 billion.

China's former insurance regulator charged with bribery

Bejing - The former head of China's insurance regulatory body has been formally charged with bribery and abuse of power, prosecutors said on Monday, becoming the most senior financial regulator to be targeted in a continuing crackdown on corruption.

Insurance techology sees record investment

A new report looks at data-driven global insurance technology trends and charts record investment from both financial investors and reinsurers in these emerging technologies.

What changes can an Amazon-backed healthcare company make? Special

Amazon made waves when it announced that it was planning to disrupt American healthcare the same way it’s disrupted so many other industries. But what changes can an Amazon-backed healthcare company actually make?

Amazon and Co. set to disrupt U.S. healthcare

Healthcare insurance in the U.S. is set to undergo a significant reduction with news that major companies Amazon, Warren Buffett’s Berkshire Hathaway and JP Morgan are to come together to launch a type of health insurance plan.

Digital transformation of insurance to lower fraud risk

The digital transformation is driven by new competitive threats and a desire to prevent false claims, according to a new report. With the latter, the process of behavioral biometrics can assist with fraud prevention and a better customer experience.

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.
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