Berkshire Hathaway insurance 2015 revenues down
The insurance underwriting business of Warren Buffet’s Berkshire Hathaway saw revenues dip to $1.162 billion in 2015 from $1.692 billion in 2014. Fourth-quarter revenues were higher though at $306 million, up from $191 million in the same quarter of 2014.
The lower income from underwriting was partly offset by stronger insurance investment revenue; up to $3.725 billion in 2015 from $3.542 billion in 2014. Q4 insurance investment income was up to $1.033 billion from $880 million in the same quarter of 2014. The company’s insurance float (the net liabilities assumed under insurance contracts) at December 31, 2015 was approximately $88 billion.
Allianz launches healthcare solution for ex-pats in Lebanon
Global insurer Allianz has launched a new international healthcare plan for ex-pats, nationals and their families living in Lebanon. The new program has been developed with the insurer’s local partner Allianz SNA Lebanon and will give clients access to services domestically and through the company’s Worldwide Care global network. The international healthcare and life insurance unit of Allianz now has more than 250 million clients in 34 countries.
Consumers worry about retailers’ cyber-security
A major study across five continents warns that consumers are being deterred from technology advances in retail due to cyber security concerns. While the cyber insurance sector is seeing steady growth many consumers are not convinced that enough is being done to protect their data and finances from attacks.
The study from PwC shows that use of mobile devices for retail, including payment, is growing but that more than 60 per cent of respondents are concerned that their credit details will be compromised. The figure is lower in emerging markets.
India’s L&T seeks foreign insurance investor
Many of North America’s largest insurance companies have already made investments in India’s growing insurance market and the ability to increase that stake to 49 per cent has also been welcomed. Indian conglomerate Larsen & Toubro says it is now seeking a foreign investor to take a 49 per cent stake in its L&T General Insurance business according to the Business Standard.
