MAPFRE joint venture gets new investment for Chinese push
A joint venture between insurance company MAPFRE and technology firm Solera Holdings will get a $5 million boost to help grow the insurance sector in China. The Solera Technology Center research facility will build on the work already undertaken to give comprehensive technical training to 2,000 insurance professionals in China. In October of this year, it will officially open the Beijing research facility designed to collect and analyze critical automotive data that advances vehicle safety, improves insurance claims efficiency, and balances underwriting economics. The new investment from Solera will enable more insurance professionals to receive training.
Lack of life insurance could damage economy
Low penetration of life insurance could damage the economy in Australia according to an insurance company executive. Damien Mu, CEO of AIA, the country’s third-largest life insurer, says that federal government and insurers need to work together to tackle the cost of underinsurance to the country’s economy. He told the Sydney Morning Herald that the cost to government is billions of dollars from people with insufficient cover. The Australian life insurance industry is currently suffering from high costs, increased claims and regulatory changes along with lower investment yields.
ACE announces double capacity for terrorism insurance
ACE Group today announced that it will offer increased insurance capacity of up to US$100m (previously US$50m/ €50m) for terrorism, political violence and war risks in response to evolving threats and increased demand from multinational clients. The announcement follows new research by ACE which shows that 68 per cent of risk managers across Europe, the Middle East and Africa believe that terrorism is a growing concern for business, and 75 per cent agree that recent global events are causing them to review their security and travel policies. The increased capacity will be available to brokers and their clients in the UK and Continental Europe and is designed to meet the needs of large, multinational businesses with growing global exposures.
