Databases In Cloud Poised To Make Impact
Posted on December 13th, 2010
Databases in the cloud are expected to impact the database industry more than any other upcoming technology, according to a database trends survey of more than 1,200 industry professionals. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. More than one-third of those surveyed (34%) selected databases in the cloud as the technology destined to wield the greatest impact on the database community. Virtualization ranked second at 27%, followed by solid state disks (15%), visual tuning (12%), and collaboration technologies (8%). Read more…
Tags: Impact
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Property owners suffer squatter surge
Posted on December 12th, 2010
Property owners are increasingly looking to take out insurance coverage to protect against the risk of squatters occupying their properties, according to Aviva.
The internet is being exploited by squatters to provide information regarding vacant properties and their legal rights.
In response to the rising problem the Home Office has released guidance for concerned property owners.
During the last two years demand for legal expenses cover for property-related disputes has trebled, with a third of such claims relating to the eviction of unauthorised occupants.
Aviva Underwriting Manager Matt Gordon has stated that broker feedback indicates a substantial lack of knowledge amongst property owners when it comes to the legal status of squatters and their removal, in stark contrast to the squatters themselves.
Property owners must apply for an interim possession order (IPO) within 28 days of learning of the squatters’ presence, and after the IPO is granted the squatters must leave within 24 hours, or commit a criminal offence for which they may be arrested.
Tags: Property Owners, Squatter
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Bachus, Issa Confirmed as Committee Chairs
Posted on December 8th, 2010
Rep. Spencer Bachus was approved by the Republican conference Wednesday to become chairman of the Financial Services Committee next year. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. “This is a tremendous honor,” said Bachus in a press release. Bachus said he would protect the taxpayers by ending the concept of too big to fail, addressing the drain on the government from the conservatorship of Fannie Mae and Freddie Mac, and revisiting Dodd-Frank to remove any undue burdens.”As chairman of the committee, I will honor our pledge to America and act on the priorities the American people delivered us last November,” he said. Read more…
UK sees temperatures fall and claims soar
Posted on December 7th, 2010
As the mercury plunges the number of claims regarding burst and frozen pipes has rocketed, Lloyds TSB Insurance has stated.
The insurer has seen such claims increase sevenfold, with 5% of home insurance claims relating to burst/frozen pipes, and is urging homeowners to take steps to reduce the risk of suffering such problems.
Burst pipes can cause serious, extensive and expensive damage to homes, damaging structures and electrical wiring.
The risk is unlikely to diminish in the near future with the Met Office issuing a series of severe weather warnings throughout the country, particularly in Scotland and North-east England.
Lloyds TSB Insurance’s Tim Downes has stated that the average cost of repairing a burst pipe is £2,000, a hefty sum which is well worth taking precautionary measures to avoid.
The insurer advocates insulating lofts, pipes and water tanks, and leaving the heating on low to prevent freezing.
Homeowners should also know where their water stop tap is, and how to turn off the mains supply if necessary.
Home insurance is not the only type adversely affected by the winter weather, with AA Insurance reporting a spike in car insurance claims of 23%.
Tags: Claims, Temperatures Fall
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Five Taiwan firms bid for AIG’s unit
Posted on December 4th, 2010
Five Taiwanese companies are bidding for US insurance giant AIG’s local unit, Nan Shan Life, with offers of between two and three billion US dollars, the bidders and media said Saturday. Chinatrust Financial, Fubon Financial, Cathay Financial as well as a consortium of Ruentex Group and Pou Chen Corporation were among the bidders, said the Economic Daily News, citing unnamed sources. The fifth — a surprise inclusion — was the Goldsun Group, which was said to be working with Hong Kong-based Primus Financial Holdings, whose previous bid for Nan Shan Life was rejected by local authorities, the report said. The companies were offering between two and three billion US dollars. China
Tags: Five Taiwan, Unit
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Telematics Comes of Age
Posted on December 4th, 2010
Once a novelty, telematics is now becoming a burgeoning force in auto insurance, a new report from Novarica finds. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. Telematics, a portmanteau of telecommunications and informatics, refers to a group of technologies that afford insurers driving information directly from the insured’s vehicle. The popularity of services such as GM’s OnStar and shifting public notions of privacy, may make more motorists warm to telematics-based insurance. Ind Read more…