Month: February 2021

February 26, 2021

A bill filed in the Illinois General Assembly would transfer the responsibilities for investigating workers’ compensation fraud to the state insurance department. Under HB 2947, the pending business of the Illinois Workers’ Compensation Commission’s Insurance Compliance Division would be transferred […]

February 26, 2021

Chubb has announced the launch of a new travel insurance partnership with Travix, a global online travel company. The collaboration will offer Chubb’s travel insurance plans to customers using Travix websites to make their travel arrangements. Customers can arrange for […]

February 25, 2021

LAS VEGAS (AP) — Class action lawsuits were filed in Nevada against 10 major auto insurance companies on Tuesday, contending that the companies charged excessive insurance premiums during the pandemic by failing to account for a drop in driving and […]

February 25, 2021

AXA XL, the commercial property & casualty insurance and reinsurance arm of the AXA Group, saw a significant increase in prices at the January 2021 reinsurance renewals, compared to price increases a year earlier. In reporting the AXA Group results […]

February 24, 2021

RESILIENT. It’s a term often used to describe the insurance distribution market, and one that continues to attract the hungry eyes of the investment community. Despite the COVID-19 pandemic and resulting socio-economic challenges – a global recession and strained labor […]

February 24, 2021

Liberty Mutual Holdings Co. Inc. on Tuesday reported net income of $162 million for the fourth quarter of 2020, compared with a net loss of $301 million in the year-earlier period, due to favorable core underwriting results across the insurer’s […]

February 23, 2021

The Wyoming Department of Insurance is now enabling candidates for insurance licensure to schedule exams online through testing vendor Pearson VUE and their OnVUE online proctoring service. Online testing will begin on March 2. “The weather and long distances in […]

February 23, 2021

In an industry where most leadership roles are still dominated by men, the women in last year’s Elite Women showcase proved that they are slowly changing the status quo. After receiving hundreds of nominations from insurance professionals around the country, […]

February 22, 2021

A former Iowa insurance agent has been charged money laundering and fraud, among other charges, the Iowa Insurance Division reported. Michael J. Heiberger, age 52, of Epworth, has been charged with one count of money laundering (C Felony), six counts […]

February 22, 2021

Willis Towers Watson (WTW), together with global specialty and commercial insurance products provider Liberty Specialty Markets, has launched a new insurance product designed to help organizations deal with reputational crises. The new reputational crisis insurance was developed through an exclusive […]

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 […]

February 19, 2021

The insurance and reinsurance industry is likely to experience a “transition year” in 2021, as its recovery from the impacts of the COVID-19 pandemic continues, alongside reducing exposure to it from property and casualty (P&C) contracts, analysts at RBC have […]

February 18, 2021

The Maryland Insurance Administration (MIA) has issued civil administrative orders carrying penalties of nearly $500,000 against five individuals and four companies for insurance fraud and acting as public adjusters without a license. The administration noted in a press release that […]

February 18, 2021

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 […]

February 17, 2021

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 […]

February 17, 2021

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 […]

February 16, 2021

A rise in crime committed via social engineering is prompting a growing number of businesses to add coverage for related exposures through their commercial crime insurance policies, experts say. The COVID-19 pandemic has led to an increase in cyber-related crime […]

February 15, 2021

EU regulator the European Commission has approved the acquisition of re/insurance broker Miller by global private equity firm, Cinven, and GIC, Singapore’s sovereign wealth fund. First announced in November 2020, the EC has now given the green light to the […]

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 […]

February 12, 2021

Specialty insurer and reinsurer Brit has suggested that the COVID-19 pandemic could “significantly exceed” the $107 billion claims estimate predicted by Lloyd’s last year. The comments contrast with the view of some other analysts, such as those at Berenberg, who […]