Insurance News

Fadata develops partner network in Russia and Ukraine

info — Sat, 06 Sep 2008 17:18:21 +0000

In connection with business and partner network expansion in Ukraine and Russia Company Fadata, the leading supplier of software for the insurance companies, has signed partner contracts with the companies «Borlas Ukraine» and also with company EPAM Systems (Russia).
Bulgarian company Fadata, based in 1990, is the leading supplier of program decisions for the insurance companies worldwide. Fadata has successfully developed by market product INSIS (Insurance Integrated System) - flexible modular decision, which provides complex automation of insurance business.
Fadata also offers services on introduction Applications and FileNet Oracle, development of greater information systems for a state sector and to IT-consulting. Central office of the company is located in Bulgaria, thus the distribution and partner network covers about 20 countries, including Ukraine and Russia. The client base totals over 110 companies in different countries.

Lloyd’s plans to expand presence in Europe

info — Sat, 30 Aug 2008 06:50:40 +0000

Lloyd’s has submitted inquiry about reception of licenses about realization of activity in Austria, Portugal and Czech Republic.
As Enrico Bertana, Lloyd’s director in the Europe, marks, Lloyd’s is widely presented in the Western Europe. But they also realize opportunities which are offered by the market of the East Europe, on which presence Lloyd’s has the limited character.
Bertana has also added that in following year Lloyd’s will search for opportunities of coming to the new markets of the countries of the East Europe, such as Hungary, Romania and Turkey.
Let’s remind, in March of current year Lloyd’s management has appointed Vitold Yanush on the post of the representative in Poland. His primary goal was reception of the license.

Profit of Berkshire Hathaway reduced on 8 %

info — Tue, 19 Aug 2008 06:47:07 +0000

Berkshire Hathaway Inc has declared that in II quarter its profit has reduced on 8 % because of deterioration of results of business of insurance.
The net profit of the insurance and investment company has reduced up to 2,88 billion dollars in comparison with 3,12 billion dollars in II quarter 2007.
The operational profit has decreased on 10 % - up to 2,27 billion dollars from 2,51 billion dollars in II quarter 2007.
The proceeds have grown on 10 % up to 30,09 billion dollars.
The profit of insurance business has fallen on 43 % - up to 360 million dollars though premiums have increased on 5 % - up to 6,23 billion dollars.
Incomes from investments in II quarter have grown on 3 % - up to 884 million dollars, and the profit on business except for insurance has grown on 4 % - up to 1,09 billion dollars.

American insurer Blue Cross has suffered from outflow of secret data

info — Thu, 14 Aug 2008 06:47:06 +0000

Largest American medical insurance provider in state of Georgia - Blue Cross - has suffered from serious information leakage.
having studied the information about computer state experts of the analytical center of company Perimetrix have come to conclusion, that the firm is not able to arrange post dispatches and competently to test the software.
Blue Cross’s employees tried to send about 200 thousand letters to own clients; however, they have by mistake specified incorrect addresses on envelopes. According to Blue Cross representatives, the reason of a mistake relies in replacement certain «computer system», which new version has been tested not up to the end. In result of this mistake, addressees of letters have appeared under threat of theft of the person - in each envelope the weight of private data, including numbers of social insurance contained.
Except for outflow of financial data, now it is meaningful to speak about medical information outflow. In spite of the fact that these data have not been specified in letters directly, experts will manage to understand, what disease the present addressee of the letter suffered. Thus, Blue Cross has broken law requirements, demanding to protect the data making medical secret.

Ukraine: tourist $10 thousand insurance covering

info — Fri, 08 Aug 2008 13:57:14 +0000

According to the insurance companies, in this season similar policies are bought 2 times more often, than earlier. Thus at trip abroad policies, which insurance sum does not exceed $10 thousand use the greatest popularity.
According to insurers, tour operators insist on inexpensive insurance as it reduces the price of cost of trip as a whole. But for the tourist the cheap policy can appear insufficient as it has a set of exceptions.
In Turkey, for example, medical services for last year have risen in price in 2 times, and cost of insurance policies essentially has not changed. Cases of the unfair attitude to the ill tourists from the personnel of hotels have also become frequent. The victim can direct to clinic which will demand payment by cash or will refuse cooperation with the insurance company. Therefore in emergency situations it is recommended to contact first of all with the assisting company, which phone is specified in the policy.

Turkish reinsurance broker Martin-Martin sig.ve reasurans brokerligi ticaret has opened its office in Ukraine

info — Mon, 04 Aug 2008 16:47:27 +0000

Reinsurance broker Martin-Martin sig.ve reasurans brokerligi ticaret (Turkey, Istanbul) has opened representation in Ukraine, which is based in Kiev.
As “Ukrainian News” transfer, Martin-Martin sig.ve reasurans brokerligi ticaret specializes on granting of intermediary services in sphere of insurance.
In Ukraine the broker has received the status of financial establishment and has brought it in the corresponding register on November, 13th. On April, 23rd, in Ukraine it has been registered 64 insurance and reinsurance brokers.

In Ukraine Demand for tourist insurance grows with covering up to $10 thousand

info — Sat, 26 Jul 2008 16:42:33 +0000

According to the insurance companies, this season similar policies get 2 times more often, than in the last year. Thus at trip abroad policies which insurance sum does not exceed $10 thousand use the greatest popularity.

According to insurers, tour operators insist on inexpensive insurance as it reduces the price of cost of round as a whole. But for the tourist the cheap policy can appear insufficient as has set of exceptions.

In Turkey, for example, medical services for last year have risen in price in 2 times, and cost of insurance policies has not changed essentially. Cases of the unfair attitude to the ill tourists from the personnel of hotels have also become frequent. The victim can be sent to clinic, which will demand payment by cash or will refuse cooperation with the insurance company. Therefore in emergency situations it is recommended to contact first of all with assistant company, which phone is specified in the policy.

CIT Group will engage in commercial crediting, having sold the hypothec actives for the sum of $10 billion

info — Tue, 22 Jul 2008 16:42:31 +0000

Financial Corporation CIT Group has declared sale of the hypothec actives for the sum of $10 billion, planning completely to leave this niche of business, captured by crisis.

According to the terms of transaction, declared on Tuesday, Lone Star Funds would get a share in the company for $1,5 billion, and also would take up promissory notes of CIT Group in the size of $4,4 billion.

CIT will also sell the hypothec portfolio of shares for the sum of $470 million to the company Vanderbilt Mortgage and Finance - for $300 million. To a word, the buyer is one of divisions of the investment company Berkshire Hathaway, which belongs to the richest businessman in the world.

The financial corporation CIT, which is uniting the bank, consulting, insurance and investment business, has representations in 50 countries of the world with client base for more than 1 million people.

Divers and skiers do not need to save on an insurance policy

info — Thu, 10 Jul 2008 17:37:23 +0000

Medical insurance at departure abroad is obligatory thing; without it is impossible to not receive entry visa in the countries of the Schengen agreement. However, not all tourists closely study terms of insurance and, signing the document, do not know, what exactly enters into the insurance policy. Meanwhile, typical medical insurance includes a minimum of services. For example, the emergency stomatologic help, as a rule, is not included.

Many tourists learn about insidiousness of item “franchise”, when nothing can already be corrected. Insurances with the franchise are usually bought for mass directions tour operators - for reduction in price of cost of permits. Meanwhile, under such insurance the tourist should pay a part of even the included into insurance policy medical services.

Travelers’ base medical insurance, which is offered to tour operators, does not include risks, connected with employment by productive leisure and extreme kinds of sports: diving, rafting, mountain skiing. So, the policy of the diver for a week trip to Egypt will manage approximately in $30 at the insurance sum in $30 000. It is recommended to buy it, even if the tourist is going to dive only once.

The specialized insurance is necessary for mountain skiers. The tendency of last years in the Europe shows that more and more wide application of helicopters for evacuation of victims from mountain. It is extremely expensive operation.

Banks have limited insurance

info — Mon, 23 Jun 2008 07:56:59 +0000

Financiers give less than credits, which also enrich insurers. Policies’ sellers incur losses and do their best to attract clients. The beginning to credit recession was put with last year’s financial crisis in the USA and Europe: the Ukrainian bankers were refused in foreign loans because of what they had to curtail crediting in currency. And now National Bank of Ukraine, trying to moderate activity of buyers and to bring down a rise in prices, has toughened rules of crediting and has raised cost of loans. Therefore now banks’ credit departments are empty as never before.
Together with bank clerks insurers also face a lot of problems: autoinsuranse, real estate credit insurance and a life insurance is on hardly sale. Director of the Ukrainian insurance group has recently noted that the rates of credit’s sales fall the same as demand for corresponding kinds of insurance falls. On results of May they expect for falling sales under the auto insurance on 10-20 %, because of decrease in crediting.
The damage can be even greater. In May 40 % from planned losses will be provided by losses, connected with the fact that some banks have stopped financing, and other banks under different pretexts refuse to clients, and the third ones finance credits, but under very high rates. Such decrease in sales will also affect insurers.