Month: April 2021

April 30, 2021

A Democratic state House member announced on Wednesday that he’s running for Georgia insurance commissioner, aiming to defeat appointed Republican incumbent John King. Rep. Matthew Wilson of Brookhaven said he will advocate for lower insurance rates and to fully expand […]

April 29, 2021

Specialty insurance and reinsurance group Lancashire Holdings experienced some of the strongest growth in the firms history in the first-quarter of 2021, nearly doubling its P&C reinsurance premiums written during the period. At the same time, the company has reported […]

April 29, 2021

Once again a large hail storm event looks set to drive at least economic losses towards the billion dollar mark, perhaps insurance and reinsurance market losses too. Last night, areas of Oklahoma and Texas experienced severe convective storms that drove […]

April 28, 2021

An ex-insurance broker from Lake Forest, California has been charged with 90 counts – which include grand theft, theft from an elder, fraudulent insurance benefit claims, assisting in a false claim, making false entries in records or returns, and forgery […]

April 28, 2021

In reporting its first-quarter results late yesterday, global insurance and reinsurance giant Chubb revealed a $700 million pre-tax hit from catastrophe events, $657 million of which came from US storms. While Chubb’s P&C combined ratio was up slightly at 91.8%, […]

April 27, 2021

New Jersey will incorporate the impacts of climate change and rising seas into all its major policy decisions in the near future, and will seek to share the costs of protecting the state among all levels of government and the […]

April 27, 2021

The Insurance Brokers Code Compliance Committee has criticised a draft update of the code of practice for failing to sufficiently elevate cultural and behavioural standards and has called for a stronger stance on conflicts of interest. “The code must go […]

April 26, 2021

The insurance industry has been under intense pressure over the last 12 months, hit by a double whammy of the COVID-19 pandemic and a rapidly hardening market. Yet many insurance professionals have not just risen to the challenge, they have […]

April 26, 2021

So far in 2021, global insurance and reinsurance market losses from natural catastrophes and severe weather are estimated to be running some 33% higher than the 10-year average, by analysts at investment bank Jefferies. The majority of the catastrophe loss […]

April 23, 2021

Lloyd’s of London was the focus of climate change activists on Friday, when a group called “Insurance Rebellion” used a dump truck to deposit a large pile of fake coal in front of the Lloyd’s headquarters on One Lime Street. […]

April 23, 2021

Cyclone Seroja has caused extensive damage to WA farming properties in addition to towns close to the coast, while the rare path of the storm and its intensity has left a range of rebuilding and insurance challenges, a Sedgwick loss […]

April 22, 2021

Auto insurer Geico recently reported that fraudsters have been stealing license numbers of its customers for the past few months and possibly using them to fraudulently apply for unemployment benefits. In a data breach notification filed with California’s data privacy […]

April 22, 2021

Driving home the importance of climate risk mitigation, resilience building and also the role of insurance or reinsurance in providing climate risk transfer, global reinsurer Swiss Re warns that the world’s economy risks a significant hit as the climate changes. […]

April 21, 2021

Analysts at Aon have reported that global reinsurer capital increased by 4% year-on-year to a new high of $650 billion at the end of 2020. According to Aon, the increase was driven by strong capital market recovery from the COVID-19 […]

April 21, 2021

New policyholders coming into Florida’s insurer of last resort will not face higher rates than existing insureds under an order issued by the Florida Office of Insurance Regulation. The regulator’s decision comes after Citizens Property Insurance Corp. President & CEO […]

April 20, 2021

Louisiana insurance regulators have proposed separate pieces of legislation that would promote the writing of private flood insurance in the state and increase penalties associated with staged auto accidents. A third bill would expand the authority of the insurance commissioner […]

April 20, 2021

U.S. primary insurance carrier Travelers has reported what its CEO Alan Schnitzer calls its “highest-ever level of first quarter catastrophe losses”, which it appears are largely due to the US winter storms. Travelers doesn’t break out its losses from February’s […]

April 19, 2021

The litigation issue and resulting loss inflation and amplification continues for Florida homeowners’ insurers, with the latest report from United Insurance Holdings (UPC Insurance) suggesting that the issue is worsening in 2021. United (UPC) reported on Friday that it has […]

April 19, 2021

Despite still being less than four months through the year, issuance of new catastrophe bonds and other related insurance-linked securities (ILS) we track here at Artemis is already approaching $6 billion in 2021. Issuance of catastrophe bonds has continued apace […]

April 16, 2021

AI is revolutionizing all fields of life, and the insurance industry is no exception. Insurance firms can automate various manual activities with AI and machine learning, driving higher customer loyalty and providing their services quicker. According to Google Trends, since […]