W.R. Berkley launches Asian business unit
Connecticut-based insurance company W.R. Berkley Corporation has expanded its international operations with the launch of an Asian commercial lines business unit.
Berkley Insurance Asia will begin offering specialty commercial insurance coverages through offices in Hong Kong and Singapore, subject to regulatory approval.
W. Robert Berkley, Jr., chief executive officer and president of W. R. Berkley Corporation, commented: “We are excited to establish a general insurance practice in Asia that will complement our existing reinsurance presence.”
Shasi Gangadharan has been named chief executive officer and Aaron Yip has been appointed chief operating officer.
“Both Shasi and Aaron have extensive local market experience that will enable us to develop a superior offering of product and services tailored to the specific needs of clients in the region,” Berkley said.
This resulted in a third of homeowner claims in 2015
They may be known as ‘man’s best friend’ but dogs resulted in a third of all claims on homeowner insurance policies in 2015. That’s according to data from the Insurance Information Institute and insurer State Farm which revealed that an average claim due to dog bite or other canine-related injuries cost $37,000.
The total cost of claims in the US last year reached $570 million and although the cost per claim was up 16 per cent, the number of claims was down 7.6 per cent to 15,352 during 2015. California, Illinois and New York had the highest numbers of claims.
Most seniors unaware they can sell life policies
Most American seniors are unaware that they can sell unwanted life insurance policies for cash according to a survey by Coventry Direct. The poll reveals that 86.1 per cent of seniors don’t know their options.
"When seniors decide they no longer need or can't afford their life insurance policy, the typical decision they make is to lapse or surrender it back to the insurance company," said Alan Buerger, CEO of Coventry Direct. "The vast majority of these seniors have no idea they may be able to sell that unneeded life insurance policy for several times more than its cash value."
