Sales down at international insurer amid life unit changes
Allianz has reported that its first quarter sales were down by 6.4 per cent. The international insurer’s chief executive Oliver Baete said that the drop was largely due to the refocus of its life insurance business which he says will bring “positive effects”. The insurance firm reported first quarter operating profit was down 3.4 per cent while net income was up 21 per cent. The results were better than analysts had expected.
Call for Canada to block insurer’s access to genetic test data
A Canadian MP wants a bill to be passed to stop third-parties accessing the results of genetic tests. Rob Oliphant says that the bill, about to be decided by the Commons having passed the Sentate, would protect Canadians from discrimination on the grounds of genetics under the Human Rights Act.
The legislation would mean that insurance companies would be unable to use data to reject or vary the coverage of Canadians based on their genetic profile; a similar protection already exists in the US.
A third of drivers in fatal crashes uninsured
A study in the Republic of Ireland found that a third of drivers involved in fatal crashes were uninsured. Using figures from 2008-2012, the Road Safety Authority discovered that in crashes where speed was a factor, 32 per cent of culpable drivers “had no record of being insured at the time”.
Auto insurance premiums have increased by up to 30 per cent in the country over the past year and the rising cost of premiums has meant an increase in the proportion of drivers without insurance.
Agents named as Travelers’ best
Travelers Insurance has named its Agents of the Year for 2016. They were recognized for providing outstanding customer service, achieving long-term profitable growth and for their commitment to Travelers.
The 10 are: Steve Brown, Hoffman Brown Company, Sherman Oaks, Calif; Patrick Bain, Long & Foster Insurance Services, Chantilly, Va.;Tim Hyland, AHA Insurance Network, Inc., Louisville, Ky.; Steve Woodworth, Couri Insurance Associates - West, Avondale, Ariz.; John Mahoney, Weichert Insurance Agency, Morris Plains, N.J.; William Morris, Hollis D. Segur, Inc., Cheshire, Conn.; Debbie Reynolds, Pearl Carroll & Associates, Latham, N.Y.; Jacob Neighbors, Simmons Insurance Group, Hermiston, Ore.; Mark Jones, Goosehead Insurance, Irving, Texas; and Ben Taylor, Assure Alliance, Inc., Spartanburg, S.C.
