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Insurance News

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.

77% of insurance customers don't know pay out rates

New research has highlighted a lack of consumer awareness is negatively impacting the insurance industry. As a result, thousands of UK inhabitants go without cover that will ultimately give them financial protection should anything go wrong.

Op-Ed: Wearables enter the insurance industry Special

For most households, insurance premiums are a significant monthly expense. What if there was a way to reduce that cost just by choosing a new accessory or piece of clothing?

The Samsung Galaxy S6 Edge bends just like the iPhone 6 Plus

A test conducted by a U.S. insurance company has revealed that Samsung's Galaxy S6 Edge is just as bendable as the iPhone 6 Plus was famously revealed to be after its launch last year. The HTC One M9 can also be bent under pressure.

98% of UK firms have no cyber-attack insurance

A new UK government report has found that nearly all large firms do not possess any form of insurance that would help them to recover from a major cyber-attack, despite 81% of those surveyed having experienced a security breach in the past 12 months.

The U.S. has billions of dollars in unclaimed life insurance

The treasurer of Oklahoma has recently announced that across the US billions of dollars are going unclaimed from life insurance policies. The question is how far should companies go to track down beneficiaries of the deceased.

New study: One in every six Danes has stolen a bicycle

Copenhagen - Bicycles are a popular mode of transport in Denmark, but it seems there is a problem. According to a new study, 17 percent of Danes have, at some stage, stolen another person's bicycle and it's costing Danish insurance companies a fortune.

The Australians make some pretty weird travel insurance claims

A new report has shown how Australian insurance companies have been seeing an increase in the number of extraordinary claims made by travellers in recent years as Australians begin visiting new areas.

Swiss voters reject shift to state-run health insurance

Geneva - Swiss voters on Sunday rejected a plan to ditch the country's all-private health insurance system and create a state-run scheme, exit polls showed.

Seniors struggling with healthcare costs, retirement planning

The proverbial "golden years" aren't so golden for an alarming and growing number of seniors in the United States today.

Aviva says sells stake in S.Korea venture

London - British insurer Aviva has agreed to sell its stake in its South Korean venture for an undisclosed amount as it focuses on its core Asian businesses, the group said Monday.

New Zealand Property Institute warns of looming insurance crisis

Property Institute Chief Executive David Clark warns that changes to home insurance will bring problems for New Zealand.

Munich Re to buy back up to 1.0 bn euros in shares

Frankfurt - German reinsurance giant Munich Re said Thursday it plans to buy back up to 1.0 billion euros ($1.4 billion) worth of shares by 2015."In the period commencing after the 2014 annual general meeting and extending up to the 2015 annual general meeting, Mu...

Uber expands insurance coverage for ridesharing drivers

UberX on Friday expanded the insurance coverage it offers to ridesharing drivers, a step toward easing U.S. regulators' and lawmakers' concerns and creating broader acceptance of the services.

Generali says efficiency drive boosts profits

Milan - Italian insurance group Generali reported on Thursday a leap in net profits for 2013 and said it expected to do better this year.Net profit last year amounted to 1.915 billion euros ($2.7 billion), the highest figure for six years, from a profit of 94 ...

Insurer Prudential 2013 net profits tumble

London - Insurance giant Prudential said on Wednesday that net profits slumped by nearly 40 percent last year, as it suffered from turbulence in emerging markets.Earnings after taxation sank to £1.346 billion in 2013 on short-term fluctuations in investment va...

Insurer Aviva eyes further recovery after return to profit

London - British insurer Aviva on Thursday said it had swung back into profit during 2013 as it underwent major restructuring and after it avoided a huge write-down suffered the previous year.Chief executive Mark Wilson warned against "complacency", while Aviva...
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