Top

Month: April 2021


Regulatory / Legal

Democrat State Rep. Wilson to Run for Georgia Insurance Commissioner

April 30, 2021

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Billion dollar losses possible from night of large hail in Oklahoma & Texas

April 29, 2021

Via: Artemis BM

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 […]


Financial, Risk Management

Lancashire near doubles P&C reinsurance premiums written in Q1

April 29, 2021

Via: Artemis BM

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 […]


Brokers, Regulatory / Legal

Former insurance broker accused of fraud, charged with 90 counts

April 28, 2021

Via: Insurance Business

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 […]


Geo-Political, Risk Management

Chubb reports $700m of pre-tax catastrophe losses on winter storm

April 28, 2021

Via: Artemis BM

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%, […]


Geo-Political, Risk Management

New Jersey to Bake Climate Change Risk Into Policies, Share Costs

April 27, 2021

Via: Insurance Journal

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 […]


Regulatory / Legal

Compliance committee criticises draft broker code

April 27, 2021

Via: Insurance News

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 […]


News

Insurance Business America reveals the nation’s top producers

April 26, 2021

Via: Insurance Business

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 […]


Geo-Political, Risk Management

Q1 catastrophe losses 33% higher than 10-year average: Jefferies

April 26, 2021

Via: Artemis BM

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 […]


News

Climate Change Activists Protest at Lloyd’s of London, Dumping a Load of ‘Coal’

April 23, 2021

Via: Insurance Journal

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. […]


Geo-Political, Risk Management

Cyclone Seroja’s southerly path raises insurance challenges

April 23, 2021

Via: Insurance News

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 […]


Cyber Risks, Risk Management

Geico Customer Data Breach May be Part of Unemployment Insurance Scam

April 22, 2021

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Climate change could take 18% off global GDP, warns Swiss Re

April 22, 2021

Via: Artemis BM

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. […]


Financial, Risk Management

Global reinsurer capital grows 4% to new high of $650bn: Aon

April 21, 2021

Via: Reinsurance News

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 […]


News, Regulatory / Legal

Florida Regulator Nixes Citizens Request to Remove Rate Cap on New Business

April 21, 2021

Via: Insurance Journal

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 […]


Regulatory / Legal

Louisiana Bills Promote Private Flood Insurance, Target Staged Accidents

April 20, 2021

Via: Insurance Journal

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 […]


Geo-Political, Risk Management

Travelers reports highest-ever level of Q1 catastrophe losses

April 20, 2021

Via: Artemis BM

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 […]


Financial, Regulatory / Legal, Risk Management

“Significant increase” in litigated Florida claims in Q1: United (UPC)

April 19, 2021

Via: Artemis BM

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 […]


Geo-Political, Risk Management

Catastrophe bond & related ILS issuance nears $6bn already in 2021

April 19, 2021

Via: Artemis BM

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 […]


InsurTech

How Is AI Revolutionizing Insurance?

April 16, 2021

Via: TechBullion

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 […]