Month: January 2021

January 29, 2021

Insurance Business America (IBA) magazine has just released its 2021 Top Specialist Brokers list spotlighting 42 of the country’s most impressive individuals that found success through specialization. Whether it’s delivering communicable disease coverage and cyber policies for the COVID-19 era, […]

January 29, 2021

The round also featured participation from Kairos, Lakestar VC, and Lakehouse VC. Rhino has raised a total of $132.7 million since 2017. Rhino’s security deposit insurance acts as a “direct replacement” for a cash security deposit. Renters pay the firm […]

January 28, 2021

Global insurtech investment reached a record $7.1 billion in 2020 despite substantial challenges to the re/insurance sector, according to a new report by Willis Towers Watson. A total of 377 deals were completed throughout the year, the most in any […]

January 28, 2021

Through the end 2020 property/casualty insurers have paid or reserved $7.7 billion on claims of all types in Louisiana through the end of 2020 from Hurricanes Laura, Delta and Zeta, the state insurance department reported. This data represents the first […]

January 27, 2021

The cost of property insurance is expected to continue rising for the foreseeable future, according to Risk Placement Services’ (RPS) 2021 U.S. Property Market Outlook. The effects of the firming property market will be felt by every commercial insurance buyer, […]

January 27, 2021

Analysts at Jefferies have estimated that re/insurance industry losses from catastrophes were 16% below the long-term average in December 2020. Amongst these losses, winter weather and severe storms featured as the most prominent perils, accounting for 71% of the total […]

January 26, 2021

Central Asian countries will benefit from a better understanding of their natural disaster risks, which in time could lead to greater use of risk transfer, insurance and reinsurance capacity in the region, as the World Bank supports a multi-peril risk […]

January 26, 2021

A former North Carolina congressman and state Republican Party leader who lied to FBI agents about a bribery scandal received a pardon from outgoing President Donald Trump in his final hours in office. Federal authorities said ex-Rep. Robin Hayes participated […]

January 25, 2021

A former insurance agent in Johnson County, KS has pleaded guilty to charges of insurance fraud, and has been ordered to pay nearly $86,000 in restitution. Armond R. Peghee, 42, pleaded guilty in Johnson County District Court to one count […]

January 25, 2021

Re/insurance broker Aon has estimated that catastrophe losses insured by the private sector or by government-sponsored programs totalled $97 billion over 2020. Overall economic losses were estimated at $268 billion, caused by 416 catastrophe events, leaving a protection gap of […]

January 22, 2021

Following a landmark pandemic business interruption (BI) ruling by an Ohio judge against Zurich American, analysts at KBW and Credit Suisse have warned that the case could have wider ramifications for the insurance and reinsurance industries. In the recent Ohio […]

January 21, 2021

Insurance agents and brokers should prepare for a big agency errors and omissions (E&O) litigation wave to crash their shores in 2021. Agency E&O claims are a lagging indicator, meaning plaintiffs typically only go after agents and brokers after they […]

January 21, 2021

Reports from re/insurance broker Guy Carpenter (GC) show that casualty reinsurance renewals varied widely at January 1, 2021, with negotiations influenced by individual circumstances such as loss experience, covered lines and classes written. But despite this divergence, analysts believe that […]

January 20, 2021

There were 744 announced insurance agency mergers and acquisitions in 2020, up nearly 20% from 649 reported in 2019. The surge resulted from the pent-up supply of pending transactions from earlier in the year coupled with sellers looking to avoid […]

January 20, 2021

Advancements in artificial intelligence are in many ways a double-edged sword for the cyber insurance industry. Increasingly diverse and sophisticated cyber attacks have dramatically increased the demand for cyber coverage, offering a lucrative opportunity for insurers to capitalize upon. However, […]

January 20, 2021

Insurers are wary of emerging financial lines risks and are approaching directors’ and officers’ (D&O) and management liability renewals as if a fiscal cliff is imminent, Gallagher says. The financial lines market has become an increasingly difficult area of insurance […]

January 20, 2021

Infectious diseases and a number of climate change-linked threats have dominated a risk survey as part of an annual World Economic Forum (WEF) report produced in collaboration with Zurich Insurance Group and Marsh. About 58% see infectious diseases as a […]

January 19, 2021

North Carolina Insurance Commissioner Mike Causey took the oath of office for his second term as North Carolina’s Insurance Commissioner last week. Causey was sworn in Jan. 9 by North Carolina Chief Justice Paul Newby in a socially distanced ceremony […]

January 19, 2021

The Texas Division of Workers’ Compensation (DWC) has extended until June 2021 its mandatory data call for information related to COVID-19 injuries reported to selected insurance carriers on or after Dec. 1, 2019. The data call was originally issued on […]

January 19, 2021

Mergers and acquisitions among insurance brokerages accelerated in the fourth quarter of 2020, capping a record-setting year, according to data from Optis Partners LLC. There were 290 fourth-quarter transactions involving U.S. and Canadian brokerages, third-party administrators and related managing general […]