US winter storm Uri set to inflict record-breaking, multi billion-dollar industry losses

February 19, 2021

Winter storm Uri, currently wreaking havoc across southern US states, looks set to become the largest on record for re/insurers, potentially surpassing the cost of 2017’s hurricane Harvey. Storm Uri landed over the US’ President’s Day weekend bringing damaging ice […]

Florida regulator approves nearly 100 insurance rate increases

February 12, 2021

Florida’s Office of Insurance Regulation had approved nearly a hundred insurance rate increases – reflecting the dire insurance industry conditions in the state. According to court documents obtained by News 6 WKMG, dozens of property insurance companies filed for insurance […]

Commercial insurance price increases break records again

February 4, 2021

Another quarter brings another round of price increases for global commercial insurance. This time, prices jumped by 22% in Q4 of 2020, according to Marsh’s “Global Insurance Market Index.” The latest increase is the largest since the index was launched […]

Geo-Political, Risk Management

Universal estimates Q4 cat losses at $76m

February 18, 2021

Via: Reinsurance News

Universal Insurance Holdings, the Florida headquartered and expansive primary insurance carrier, has announced that it expects to incur a total net impact of $76.0 million due to catastrophe losses in Q4. This figure ($57.7 million after-tax) covers estimated weather events […]

Regulatory / Legal

New York Court Finds Insurer Not Responsible for Theater’s COVID-19 Losses

February 17, 2021

Via: Insurance Journal

The Supreme Court of the state of New York, Nassau County, has dismissed a movie theater’s claims that its insurer is responsible for covering its COVID-19 related losses and that its insurance brokers were negligent in providing insufficient coverage. This […]

Risk Management, Trends

What insurers can expect from the Biden administration

February 17, 2021

Via: Insurance Business

President Joe Biden has officially started his term, and with the Democrats back in power after four years of Republicans guiding American policies, there are sure to be many changes afoot – some of which will have implications for the […]