Insurance News – auto insurance, health insurance quotes

Shares of British insurance company Prudential have fallen in price on 3 % in spite of the fact that financial parameters, reached by the company in the first half-year, corresponded to analysts’ forecasts. According to the data, published by the company, in the first half-year 2006 the net profit of the insurer has grown on 50 % – up to 449 million pounds sterling (834 million dollars) in comparison with 300 million pounds sterling (557 million dollars), received for first six months 2005.
The share tenders in the USA have come to the end with downturn of leading indexes on the background of corporate news concerning financial reports of insurance company Aetna Inc., chemical concern Dow Chemical Co. and data about a delay of release on the market of new operational system Windows Vista from company Microsoft Corp.
Stock quotes of the third on size of American insurance company Aetna Inc. have decreased on 17 % after data about decrease in net profit on 1 % in II quarter 2006 – up to 389,5 million dollars on the background of costs’ growth, connected with medical insurances service.

 

 

The president of Association of insurers of Armenia has complained to journalists that consular services of some the countries of the Europe subject to discrimination measures of the Armenian insurers.
He has named embassies of Germany, France and in some cases of Italy as an example.
According to his words, since last January some clients of the insurance companies of Armenia have started to address to insurers at whom they have got policies from accidents and sharp diseases. They complain that embassies of the Schengen zone refuse to recognize the validity of policies and require get policies of the foreign companies for reception of the entry visa.
According to the president of the Association, similar requirements have not only material, but sound mental cruelty, undermining the development of the insurance market of Armenia.
Recognizing some lacks of work of the national insurance market, president of the Association has told about new contacts between insurers of Armenia and the European countries.
President of the Association has declared that the new practice of non-recognition of policies of the Armenian insurance companies by consular services of the countries of the Schengen zone is included into the full contradiction both with the purposes of development of economy of Armenia, and with the current legislation of Armenia. In particular, as the chapter of association has noted, the Law on insurance and the Civil Code of Armenia forbid sale of policies of the foreign states and those not licensed organizations, which sell them today to these embassies, actually fall under action of the Criminal code.

 

 

 

 

Aon Corp’s experts believe that this year the companies, rendered services of insurance to airlines, will suffer losses for the first time since 2000. Agency Bloomberg shows the data of the monthly report of the company and proves that the sum of insurance claims will make not less than $1,53 billion in 2007 in comparison with premiums at the rate of $1,46 billion. Last year insurers have collected premiums for the sum of $1,69 billion, in 2005 – $2,04 billion.
Reduction of premiums is caused, in particular, by falling of the prices because of competition increase. As the head of a department of aerospace insurance Aon marks, the aviation branch is still much safer, than was ten years ago, that has led to essential reduction of premiums in January-September of this year. Aon takes the second place on size in the world among insurance brokers (after Marsh McLennan Cos.), and it is engaged in management of risks and consulting.
 

British tourist insurance company InsureandGo has entered new service – a covering of the charges connected with terrorism consequences. Here medical charges, indemnification for loss of personal things and delays of transport in case of act of terrorism are included. It is the new and unique offer in the market of tourist services of the country. Necessity of a similar step has ripened after acts of terrorism in London, Egypt and to Bali.
Insurance companies have criticized that they did not provide the reimbursement in case of act of terrorism: insurers refused to compensate the charges suffered by tourists or to return money in case of canceling the trip. As the representatives of company InsureandGo have noted, the terrorism, unfortunately, became an integral part of people. Some companies exclude acts of terrorism from the insurance cases, but InsureandGo will get rid of it and make these cases a part of their services. As it has become known, other companies also deliberate above indemnification at least the medical charges suffered by victims of acts of terrorism.

 

 

Yasuda Mutual Life Insurance Company has been created in 1888 and was the first insurance company, which carried out fire insurance. Authorized capital of the company makes 58,4 trillion of yens, the Company possesses 520 offices in the country and 37 abroad. In total the staff makes about 12413 workers. The Company offers all kinds of life insurance, and also following kinds of insurance:
Insurance services for companies:
Automobile insurance
Obligatory automobile insurance of a civil liability
Fire insurance
Boilers and the machine equipment insurance
Trade credit insurance
Commercial risks insurance
Packing insurance
Criminal risks insurance
Insurance of farms
Public liability insurance
Professional responsibility insurance
Insurance of glass
Internal sea transportations insurance
Private property insurance
Financial risks insurance
Insurance of physical persons:
Motor insurance
Casualty insurance 
Private property insurance etc.
Reinsurance Company The Toa Fire and Marine Reinsurance
The Japanese market of reinsurance plays the important role for the country as Japan concerns to the countries with the raised probability of insurance case approach. It concerns first of all risks of catastrophic disasters as Japan is a place, where typhoons happen annually from August till November. Besides, it is located in seismically dangerous region.
The largest and unique Japanese reinsurance company of the general structure “The Toa Fire and Marine Reinsurance Company, Ltd.” has been created in 1940. Till this time missing reinsurance Japanese companies received a covering in Lloyd’s of London and in others European reinsurance companies. However, eventually there were heavy political circumstances, which interfered with reception of reinsurance coverings at Lloyd’s of London. Then all the Japanese insurance companies (at that time them it was totaled 42) have decided to create own reinsurance company. The company referred to “Toa Fire and Marine Reinsurance Co., Ltd.”

Many of us agree that offered insurance measures will raise the price of building objects, however, some people offer ready, tested on practice, recipes of how to minimize this increase of the price.
In France and Italy such insurance, as well as insurance upon the latent constructive defects, is obligatory. There is a number of the countries, where insurance of the responsibility is obligatory, somewhere – only constructive defects. Unfortunately, last kind of insurance is not developed in Russia. And meanwhile insurance of available object upon destruction, damage, impossibility of its use to destination in result of defect, which has not been revealed at a stage of spent inspections, is extremely important, and should be introduced it in the future. At such insurance the contract is being signed after signing the certificate of acceptance of object and comes to an end 10 years later.

Dai-Ichi Mutual Life Insurance is the second-largest insurance company of Japan and 6th largest company in the world. It is based in 1902 and it is engaged in all kinds of life insurance – both personal, and group. It is closely connected with a number of the largest industrially-trading companies. The company participates in the capital of many companies and banks and operates with pension funds of corporations, finances the industrially-trading companies. It also has representations and branches in many countries of the world, including the Great Britain, the USA, and Brazil. Dai-Ichi Mutual Life Insurance actively cooperates with many foreign insurance companies, carries out reinsurance of contracts in the eastern countries; represents itself as the leading managing director and the managing director of syndicates on granting credits in yens and foreign borrowers’ bonded loans accommodation.
Sumitomo Life Insurance Company is the third largest insurance company of Japan and 8th largest company in the world. It is based in 1907 under the name “Sumitomo Life Insurance Limited”, which was a part of “Sumitomo”. In 1947 the company has received the status of the mutual life insurance company. Sumitomo Life Insurance Company supports close relations with the industrially-trading companies, which are entering into group “Sumitomo”. The company is engaged in all kinds of individual and group life insurance. It is active on international scene and participating in the international credit operations.
 

Japanese insurance market has started to form in the end of 19th century. Till 70-s’ years of this century activity of the insurance companies has been basically focused on internal economy, and on international scene it was focused on assistance to promotion of Japanese companies’ production on the world market.
Activity of Japanese insurance companies on international scene is consequence of the fact that Japan has managed to achieve sound successes in many economic parameters. For last 50 years the physical volume of Japanese export has increased for more, than 70 times, its rates have almost twice advanced a gain of world export. In 80th years reorientation has been changed from goods export to capital export. On a total volume of foreign direct investments the Japanese companies managed to get on the second place after the USA. In 70-80 years rough international expansion of the insurance Japanese companies has begun.
In 1996 financial year the sum of premiums on life insurance in Japan has reached 300 billion American dollars, and on “impracticable” insurance – 80 billion American dollars. These parameters have placed Japanese insurance market on the second place in the world.
Today almost 27 national and 3 foreign companies became the owners of life insurance licenses.

 

Axa SA’s chief executive Henri de Castries has declared, that crisis in the American hypothecary market, which has led to decrease in profits of banks worldwide, has rendered the “limited” influence on insurers.
At press conference in Bruxelles Henri de Castries has told that banks have suffered from deficiency of liquidity, which does not influence business-model of insurance and it has rendered on their financial investments the moderate, but rather limited influence.
On November, 13th Axa, the second-largest European insurer, has declared, that instability in the financial markets does not influence volumes of operations. The company has confirmed the forecast of profit till 2012.
On September, 30th Axa has informed, that the cost of the actives, connected with bad quality hypothecary credits and subject to risk, makes 2,9 billion euro. In the end of the first half-year the company operated actives in volume of 1,38 billion euro. On results of the last year its profit has reached 5,1 billion euro.
 

After the last flooding in the Great Britain, millions of people will be compelled to pay on the average on 10 % more, than earlier, for the real estate insurance.
The sharp increase in cost of housing insurance was declared by the largest insurance company of Great Britain Norwich Union, which made payments for the sum of 340 million pounds sterling for damages, caused by last flooding.
Norwich Union, where each fifth owner of the real estate in the Great Britain insures the property, will raise price for its services. According to the representative of the company, speech about increase in cost of housing insurance has conducted for a long time; however, flooding became the determinative. Increase of quantity of bathrooms, in the houses, and, hence, increases of risk of flooding are among other factors, which have affected such decision-making.
It is expected, that after Norwich Union other companies will raise their prices.
The flooding, which have fallen the Great Britain and because of which three people were killed, has been named by meteorologists as the worst flooding for all history of the country. Almost all counties have suffered from flooding.
On tentative estimations, the damage from flooding will manage to the insurance companies in 4 billion pounds sterling.