Munich Re among insurers for colossal Vega rocket space insurance loss

Munich Re | July 12, 2019

Munich Re among insurers for colossal Vega rocket space insurance loss
Global reinsurance firm Munich Re has revealed itself as one of the insurers for the European Vega rocket, which failed about two minutes after lift-off from the European base in French Guiana on Thursday (July 11). The rocket was carrying a military observation satellite for the United Arab Emirates. A brief statement by Arianespace, the company that markets the imaging satellite, said the mission came to a swift end after a “launcher anomaly occurred. According to a Reuters report, the combined insurance policy for the rocket and satellite totalled 369 million euros (US$415.57 million). This was the 15th launch of Europe’s Vega rocket and it’s first failure. David Todd, head of space content at satellite analysis firm Seradata, told Reuters this is the largest ever space insurance loss

Spotlight

I had the opportunity to speak with some of the management at LV and numerous other people from the Government to Zap Map and Fully Charged. We all had one thing in common, how to make the future better through electric vehicles.

Related News

INSURANCE TECHNOLOGY

Encova Insurance Expands Relationship with Bold Penguin to Improve Distribution Capabilities

Encova Insurance, Bold Penguin | January 07, 2021

Bold Penguin, a rapidly growing insurance technology supplier, reports today that it has started revealing a digital commercial insurance solution as a team with Encova Insurance. Encova joins other territorial and public key insurance organizations to offer a quoting experience for entrepreneurs' approaches for its autonomous agents. As the small business space across the United States keeps on moving to digital, the requirement for precise, proficient admittance to commercial insurance has expanded. Small businesses and insurance agents the same profit by extended digital quoting capabilities that are controlled by Bold Penguin's technology. "Independent agents and businesses alike need a solution for quick, easy to use, accurate software when it comes to quoting small commercial opportunities. Encova has proven to be one of the more advanced organizations and we are happy to work together," said Marc DeLeonibus, Co-founder of Bold Penguin. "Our partnership with Encova is the latest example of how large insurance companies are being nimble and meeting their agency force in a more digital way." Encova and Bold Penguin declared their association in 2018. From that point forward, the two associations have been working intently on picking the correct enterprises, items, and key agents to move toward small commercial. The recently declared work smoothes out the rate, statement and tie measure and permits select Encova organizations to get to their items. "We're committed to creating the user experience our small business customers and our agents expect," Encova Executive Vice President, Commercial Lines and Life, Grady Campbell said. "Partnering with Bold Penguin allows us to execute this vision quickly and efficiently, allowing more small businesses to access the coverage they need to grow their businesses." Bold Penguin proceeds with its development by offering admittance to its Exchange to merchants, agents, insurtechs, and select key accomplices who work in taking care of small business insurance. Since the underlying dispatch of its foundation, Bold Penguin has helped handle in excess of 2 million statement begins. The organization has prepared applications across all significant lines of commercial inclusion, including overabundance and excess (E&S) and commercial auto by helping a developing rundown of dispersion and transporter accomplices. About Encova Insurance A super-regional carrier ranked in the top 20 mutual insurance companies in the United States, Encova includes more than 1,200 associates writing in 28 states and the District of Columbia, premiums in excess of $1 billion, a surplus in excess of $1.65 billion and assets in excess of $4.3 billion. The group markets insurance solutions through more than 2,000 independent agencies in the Midwest, Northeast and South. About Bold Penguin Bold Penguin is where technology enhances the human touch in commercial insurance. With a heavy focus on agents, Bold Penguin upgrades the user experience for businesses, creates an easy tool for agents, and offers a streamlined process of underwriting for carriers. Bold Penguin was founded in 2016 by a group of entrepreneurs who spent their early days working with Allstate, Nationwide and Progressive alongside regional carriers and established insurance agencies.

Read More

Car insurance premium index crystallize coronavirus impact

Willis Towers Watson | July 16, 2020

Sometimes you have to look a little beyond the headline figure to get the true picture. That is the conclusion of the latest Confused.com and Willis Towers Watson car insurance premium index. The firms reported a fall in prices of 5% (£39) to £770 during the last quarter – marking the largest drop since early 2018. Indeed, drivers are, on average, paying £19 (2%) less in 2020 for car insurance than they did at the same point last year based on the data the firms gathered from almost six million car insurance quotes. At the heart of the decline, unsurprisingly, is the coronavirus pandemic with the drop in traffic prompting a fall in accidents, and therefore claims.

Read More

Shift Technology, Selected to Support Fraud Detection Initiatives for Falcon Insurance Company.

Cision PR Newswire | September 14, 2020

Shift Technology, a provider of AI-native fraud detection and claims automation solutions for the global insurance industry, today announced the company has been selected to support fraud detection initiatives for Falcon Insurance Company. The Illinois-based auto insurer will deploy Force, Shift's fraud detection solution to accurately and efficiently uncover suspicious behaviors in the claims processes. Falcon has built a successful business on an ethos of simplicity, creativity, integrity, and efficiency. As such, the company strongly believes that the right combination of technology and expertise results in a fast and fair claims experience, the time when policy holders need insurers the most. Fraud negatively impacts the customer experience through not only higher premiums but also longer time to settlement. Knowing this, Falcon initiated a search for fraud detection technology that would meet their key requirements – ability to uncover a wide range of fraud, support for evolving fraud models – including those resulting from COVID-19 – and fast deployment and rapid return on investment.

Read More

Spotlight

I had the opportunity to speak with some of the management at LV and numerous other people from the Government to Zap Map and Fully Charged. We all had one thing in common, how to make the future better through electric vehicles.