Some insurance related news bites from around the web;
MAYO PARTNERS WITH AVIVA
Mayo Clinic Healthcare has reached an agreement with Aviva that allows the insurer’s policyholders to access care at the clinic on Portland Place in London. The agreement is retroactive to Dec. 1, 2021. Coverage will depend on a person’s health insurance policy.
Mayo Clinic Healthcare provides unhurried, personalised care. The clinic provides consultations in heart health, digestive diseases and lung care and offers comprehensive health assessments, advanced diagnostic tests and second opinions for serious and complex diagnoses.
TRAVELERS TO PHASE OUT COAL COVER
Insurance giant Travelers has adopted a policy commiting to not underwrite new coal-fired power plants. It also committed not to underwrite new policies for or make new investments in companies that generate more than 30% of their revenue or energy production from coal or have more than 30% of their reserves in tar sands. It will phase out existing relationships that exceed these thresholds by 2030.
The move is part of a wider shift, driven by the Net Zero agenda, towards pulling coal related insurance cover globally, leaving just the Chinese insurers to monopolise the market sector.
RIVER OUSE FLOOD DEFENCES NOW STRONGER
The government has spent some money on flood defences surrounding the River Ouse;
Over the last year, the Environment Agency has worked with local communities to better understand the effects of the flooding, and to help improve resilience to such flood events. It has invested around £30 million in flood defence schemes, repairs and improvements to the thousands of flood risk assets in the River Great Ouse catchment. The Environment Agency owns or operates 1,141 of these assets. A further 5,000 assets are owned or operated by other agencies such as internal drainage boards and local authorities.
An improved flood warning service has been activated and is ready for winter. The 25 highest risk areas in the River Great Ouse catchment can now receive earlier flood warnings than ever before. This free service gives those affected more time to prepare for flooding, and to protect their families and homes.
INDIAN GOVERNMENT PLANS TO SELL A CHUNK OF SHARES IN LIC
Life Insurance Corporation is the biggest insurance company in India, with $56 billion in GWP, and now the government of India plans to float 49% of it, via an IPO, expected in March. Existing policyholders will be invited to buy 10% of the offered shares, presumably at a fixed or discount price. Life cover is huge in India, but that isn’t to say that a near monopoly in a traditional market where agents sell paper policies, will always be number one. More in-depth analysis here at Mint website.
IRISH BROKERS CRITICISE TONE OF GOVT INVESTIGATION
There is a long running campaign in Ireland to shift the blame for sky high premiums away from compo culture and onto the insurance industry. Despite one TD actually trying a bogus compo claim herself. Amazing.
The latest news from the Irish Times is that the local Broker Association has issued a strong rebuff to the Competition and Consumer Protection Commission, who accuse brokers of behind the scenes price fixing, or at least price-walking. The story says brokers reject the; “spiteful commentary intended to blacken and sully the reputation of an organisation that had the courage to stand up to it”.
More here.
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