Muhammad Tanveer Sadiq 
Insurance companies around the world are promising lower rates on car coverage. The catch is they want to install the equivalent of an airplane’s black box to track how and where you drive. Smartphone applications and devices that record trip and vehicle data are set to infiltrate auto insurance at a rapid pace, bolstered by … Read more
The UK’s financial regulator said insurance companies are not always providing clear information to consumers about whether it is cheaper to pay for coverage upfront or in installments. The Financial Conduct Authority said the industry should take action when required after reviewing 13 insurers and 30 intermediaries. It found a number of cases where insurers … Read more
Allianz Commercial has joined forces with fleet incident management provider FMG, to provide commercial fleet and motor trade customers with the capability to improve driver safety and fleet efficiency. Allianz Commercial is a division of Allianz Insurance, which is based in Guildford, England and is part of Allianz SE Group. The partnership will allow Allianz’s … Read more
Trieste-based Generali Group announced that it has acquired MyDrive Solutions, a UK company that uses data analytics tools to profile driving behavior. MyDrive Solutions, which was founded in 2010, specializes in identifying innovative and tailor-made products for customers as well as favorable premiums for low risk drivers. Generali said the acquisition of London-based MyDrive will … Read more
A man who is serving a 70-year prison sentence for killing a German exchange student in his garage has settled a lawsuit filed by the victim’s family, in part by surrendering all his guns to the boy’s parents. Markus Kaarma of Montana previously argued that he was immune from civil damages because he was acting … Read more
More than half a foot of rain fell in parts of Sioux Falls, S.D., leading to flash flooding that inundated basements, stranded dozens of motorists and cut electricity to thousands of homes. Mayor Mike Huether said infrastructure improvements in recent years kept the rainfall from being even more disruptive, “but more work needs to be … Read more
The motor insurance industry faces a significant shake-up from two waves of technological innovation – the growth of telematics and the development of driverless cars, according to Fitch. Over the short term, telematics will have a bigger impact on the industry, particularly in the UK, where take-up could grow rapidly, Fitch said. In the longer … Read more
Hiscox, the specialist insurance group, announced it has reached an agreement to sell the Hong Kong division of its DirectAsia business to Well Link Group Holdings Ltd., a member of a Hong Kong-based financial conglomerate. The transaction, which will allow Hiscox to focus the future growth of DirectAsia on its operations in Singapore and Thailand, … Read more
The number of live telematics-based motor insurance policies, including black box policies, in the UK has increased by 40 percent, according to the latest annual research by the British Insurance Brokers’ Association (BIBA). These types of policies can offer savings of up to 25 percent for careful drivers. In particular, young drivers who often struggle … Read more
Britain’s finance minister George Osborne said on Wednesday he would raise the tax on motor and home insurance premiums by 0.5 percentage points to 10 percent to fund flood defenses, boosting insurance shares as the rise was smaller than anticipated. The tax hike follows a 3.5 percentage point rise in insurance premium tax last year. … Read more