What’s new in insurance - stories from around the globe
Earthquake insurance in Oklahoma is getting very expensive. There were a record 890 earthquakes of 3.0 magnitude or higher in 2015, compared with a total of just 12 between 2000 and 2008. Premiums have quadrupled. 119 companies offer earthquake cover in the state, but four companies hold 60% of the market.
Only one-third of Mexico’s 40 million vehicles have any kind of insurance coverage. The Mexican insurance industry association AMIS blames the fact that only 14 of 32 Mexican states have mandatory insurance laws. AMIS said the government spends about 130bn pesos ($5.3bn) to repair damage caused by uninsured drivers.
Berkshire Hathaway launched cyber insurance in New Zealand. The policy covers business interruption and third party liabilities from a data breach, rectification expenses, and emergency response costs. Berkshire Hathaway is teaming up with California cyber security company Symantec to provide incident response services.
Insurer Manulife told a Hong Kong agent to remove a social media post claiming it offered an insurance plan aimed at Pokemon Go players. The post claimed to offer cover of up to HK$400,000. Earlier, an 18-year-old Pokemon Go player fell into a river in Tai Po trying to retrieve his phone which had slipped out of his hand. A survey found that 8% of Pokemon players reported bumping into other people, walls and objects.
Pakistan’s conventional and Islamic insurance companies have agreed with the country’s Central Depository Company (CDC) to share claims information. Under the agreement, all stakeholders in the insurance and takaful industry can access the database.