American group urges more access to Chinese insurance market
The American Chamber of Commerce in China has urged Beijing to allow foreign companies more access to the insurance market. China’s service industries are relatively closed to foreign investment and operation but the Chamber says that experience and skills from outside could provide the insurance industry with valuable insight to deal with disasters like the chemical factory explosion. Group deputy chair Lester Ross told a news conference that the volatile stock market will potentially change the Chinese government’s views: "Our hope, frankly, is that the downturn in the market will encourage the Chinese government to open faster.” Ross believes that China would reduce casualties and losses from disasters with the assistance of foreign insurers.
This insurer is putting its money where your mouth is!
The connected world – the so-called Internet of Things – is already starting to change the future of the insurance industry. While driverless cars are the headline-grabber right now there are smaller technological advances that are having an impact. Beam Technologies makes an internet-connected toothbrush and as of this week it is offering its own dental insurance plan. Fortune.com reports that the firm is creating a digital-only insurance business which will use the data from the toothbrush to cut premiums by up to 25 per cent. The firm is offering its plan to employers but has not stated how many sign-ups it has so far.
Which Canadian province buys the most auto insurance?
New data from the Insurance Bureau of Canada shows that consumers in Alberta buy more auto insurance than other Canadians. The province has a larger proportion of comprehensive polices than elsewhere in the country, prompted by adverse weather events. Heather Mack of IBC told CBC News: “Last year about 62 per cent of the natural disasters were here in Alberta, which is continuing a pretty longstanding trend." Ninety-one percent of Albertans have comprehensive cover compared to around 75-80 per cent nationally.
Seized: luxury cars including Ferraris uninsured
Police in the UK have the power to seize uninsured cars found on public roads and new figures from insurer Churchill show that already this year they have taken the action with 27,688 vehicles. London was the single city with the highest number of uninsured vehicles with almost 10,000. Luxury cars accounted for almost 3,000 of the seized vehicles with Porches, Lamborghinis, Ferraris, Bentleys, BMWs and Audis topping the list. When seized by police the cars are either crushed or sold at auction.
