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AIR Worldwide Estimates Insured Losses for Winter Storm Ciara-Sabine Will be Between EUR 1.1 Billion and EUR 1.9 Billion

AIR Worldwide Estimates Insured Losses for Winter Storm Ciara-Sabine Will be Between EUR 1.1 Billion and EUR 1.9 Billion

BOSTON, Feb. 14 (Korea Bizwire) — Catastrophe risk modeling firm AIR Worldwide estimates that insured losses due to wind from Winter Storm Ciara-Sabine will range between EUR 1.1 billion and EUR 1.9 billion, the majority of which are expected in Germany, France, and the United Kingdom. AIR Worldwide is a Verisk (Nasdaq:VRSK) business. Storm Ciara was [...]

Controversy Sparks After Insurance Bill Says Pets Equivalent to Humans

Controversy Sparks After Insurance Bill Says Pets Equivalent to Humans

SEOUL, Jan. 28 (Korea Bizwire) — A bill has recently been proposed to consider pet insurance as equivalent to human insurance plans, raising new controversies as to how pets are to be identified in insurance programs. The bill, proposed by Rep. Kim Byung-wook of the ruling Democratic Party, intends to consider pet insurance plans as [...]

Alzheimer’s Insurance Increasingly Popular Among S. Koreans

Alzheimer’s Insurance Increasingly Popular Among S. Koreans

SEOUL, Jan. 16 (Korea Bizwire) — Insurance plans for Alzheimer’s disease have jumped in sales after the illness gained public interest in recent months. The Korea Credit Information Services reported on Wednesday that the number of applications for Alzheimer’s insurance plans reached 1.3 million early last year, up threefold since the second half of the [...]

Seoul to Introduce Citizen’s Safety Insurance That Covers All Citizens

Seoul to Introduce Citizen’s Safety Insurance That Covers All Citizens

SEOUL, Oct. 4 (Korea Bizwire) — The Seoul Metropolitan Government announced on Thursday that it will introduce a Citizen’s Safety Insurance policy which will disburse as much as 10 million won (US$8,300) to victims of various accidents starting next year. The city government will be in charge of signing an insurance contract with an insurance [...]

Insurance Policy-linked Loans Rise amid Economic Slowdown

Insurance Policy-linked Loans Rise amid Economic Slowdown

SEOUL, Sept. 25 (Korea Bizwire) — Insurance policy-backed loans grew more than 20 percent over the past three years, data showed Wednesday, indicating that more people took out loans despite the risk of canceling insurance schemes before maturity amid a slowing economy. According to the data compiled by the Financial Supervisory Service, insurers’ outstanding policy [...]

Experts Anticipate Boom in Pet Insurance Market Following Stricter Animal Registration Policies

Experts Anticipate Boom in Pet Insurance Market Following Stricter Animal Registration Policies

SEOUL, Sept. 18 (Korea Bizwire) — Following an announcement from the government that animal registration policy will be subject to stricter implementation, experts are anticipating an increase in demand for pet insurance. The Ministry of Agriculture, Food and Rural Affairs announced on Tuesday that it will come up with stricter animal-related regulations to ensure implementation [...]

Xceedance and Oasis LMF Announce On-Demand Catastrophe Modelling Services

Xceedance and Oasis LMF Announce On-Demand Catastrophe Modelling Services

LONDON, Sept. 8 (Korea Bizwire) — Xceedance, a global provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions, announces the availability of On-Demand Catastrophe Modelling Services, using the Oasis Loss Modelling Framework (Oasis LMF). The offering comprises several global and regional catastrophe modelling companies that implement models on the Oasis platform. It [...]

Innovative Pet Insurance Plan Offers Point System for Health Goals

Innovative Pet Insurance Plan Offers Point System for Health Goals

SEOUL, Jul. 26 (Korea Bizwire) — Insurance services will provide point benefits on a trial basis within this year if companion animals achieve their target health goals. The Financial Services Commission (FSC) said Thursday it has designated five more innovative financial services, including point benefits for companion animals. To that end, insurtech startup SmallTicket will [...]

Blue Zebra Insurance Deploys the MGA Agility Suite from Xceedance

Blue Zebra Insurance Deploys the MGA Agility Suite from Xceedance

BOSTON, Jun. 3 (Korea Bizwire) — Xceedance, a global provider of insurance consulting, managed services, technology, data sciences, and blockchain solutions, today announced that Blue Zebra Insurance (Blue Zebra) has successfully deployed the company’s MGA Agility Suite to modernize policy lifecycle management processes. Blue Zebra required a flexible insurtech platform with modern functionality to compete [...]