Online auto insurance purchases on the increase

According to Insurance.com the number of auto insurances bought in the US over the internet rose by 20%. It is reflecting the growing shift in the direction of people doing their financial transactions on the net.

"During the past five years we have seen a tremendous growth on our site as a result of customers' increased confidence level with the internet," said Insurance.com President Lou Geremia. "We've embraced this new growth by adding over 100 licensed insurance agents to our sales center and have extended our sales center hours to 8 a.m. to 1 p.m. Eastern Standard."

New California auto insurance policy proposal

On February 24th there is to be a formal hearing for a new California auto insurance policy that might result in the auto insurance rates rising in some counties as much as 35 percent.

The idea relates to rising rates in urban areas as well as more in relation to personal driving record.

Insurance Australia readying to acquire almost a quarter of China Pacific

Insurance Australia Group (IAG) is preparing to buy 24.9% stake in China Pacific Property Insurance (CPPI). IAG is Australia’s largest auto and home insurance company.

CPPI has already sold a 24.9% of its shares to Carlyle Group and Prudential Financial, which is rated as the 3rd largest life insurance company in the US.

The investment is related to China’s insurance market having grown 20% over the past 5 years.