In New Zealand vehicle insurance is the number one thing that people complain about to the Insurance & Financial Services Ombudsman Scheme (IFSOS). Vehicle insurance complaints constituted 23% of all complaints the IFSOS investigated in the past year.
Insurers have so far paid out NZ$2.053bn ($1.22bn) of a newly updated estimate of the cost of general insurance claims for the twin climate disasters of the Auckland Anniversary Weekend floods and Cyclone Gabrielle of $3.5bn across 112,812 claims.
Global reinsurers are cutting back on the covers they provide against medium-sized natural catastrophe risks due to investor pressure after several years of large catastrophe losses and improved profitability in other areas according to an analysis by Fitch Ratings.
Australia's general insurance industry yesterday announced a commitment to a Professional Standards Framework to support Claims Handling and Settling Services, said the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).
Local insurers are feeling the impact of the climate crisis, with claims on natural disaster insurance policies more than tripled over the past five years.
Public-sector insurers are reviewing their investment in Health Insurance TPA of India (HITPA), a captive services company.
Al Ahleia Insurance Company has announced that it has obtained preliminary approval from the Kuwait Insurance Regulatory Unit to establish a subsidiary.
Insurance companies in China have received 266,000 claims from 16 disaster-stricken regions, which totalled of CNY9.76bn ($1.34bn), according to the National Administration of Financial Regulation.
The Australian Securities and Investments Commission (ASIC) is calling on general insurers to improve their claims handling practices and resourcing after a review of home insurance claims found weaknesses across five key areas.
South Korean general insurers have reported 20% to 30% surge in inquiries about insurance products that cover fatal stabbings and similar assaults on individuals in public places. Recently there has been a spate in fatal stabbings and street crimes in the country's urban areas.