Month: July 2021

July 16, 2021

Severe flooding across a number of countries in Europe looks set to become one of the most expensive flood episodes on record, with the insurance and reinsurance industry expecting billion Euro industry losses. So far flooding has most severely impacted […]

July 15, 2021

Almost half (48%) of business insurance buyers say their trust in insurance has increased since the start of the pandemic, but only 54% believe that insurance is meeting their businesses’ challenges very well. A new report from specialty insurer Beazley […]

July 15, 2021

A new report from global reinsurance company Swiss Re suggests that a strong economic recovery from the COVID-19 pandemic will drive insurance market premiums much higher, lifting them to a record almost US $7 trillion by the end of 2021. […]

July 15, 2021

The Citizens Property Insurance Corporation’s Board of Governors approved rate adjustments that will raise average premiums by an additional 2.3% in February 2022. The board for the state-backed insurer unanimously voted in favor of the rate increases, which head to […]

July 14, 2021

Carnival Cruise Line is requiring all unvaccinated guests to purchase a travel insurance policy worth at least $10,000 before they can come aboard. The insurance requirement, which takes effect July 31, applies to cruise excursions leaving from Florida, the company […]

July 13, 2021

A relatively benign second quarter for global catastrophe losses will have been some good news for insurance, reinsurance and insurance-linked securities (ILS) interests after a challenging few years of losses. Analysts at RBC Capital Markets estimate that natural catastrophe losses […]

July 13, 2021

Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector $300 million to $400 million due to payouts for ticket and hospitality refunds, Fitch Ratings says. However, this is only 10%–15% of the […]

July 12, 2021

Insurance and reinsurance broking group BMS is expanding its US property catastrophe reinsurance broking footprint, as its BMS Re division has acquired Trean Intermediaries. Trean Intermediaries emerged in 2013 as a joint venture with Trean Corporation and has specialisms in […]

July 12, 2021

One of the biggest challenges to providing fully environmental, social and governance (ESG) aligned investment strategies in the insurance-linked securities (ILS) market is the inability to know what really lies beneath every transaction, in terms of what has been underwritten […]

July 12, 2021

A federal judge has halted enforcement of a section of Florida’s new property insurance reform (SB 76) law that restricts the advertisements and solicitations of roofing contractors. U.S. District Judge Mark Walker granted the injunction Sunday in response to a […]

July 9, 2021

Following the dismissal of its lawsuit against the California Department of Insurance (CDI), California Insurance Company (CIC) has publicized its intention to have its “day in court” to make its case on why it should be allowed to redomesticate its […]

July 8, 2021

The industry-loss warranty (ILW) focused mutual fund strategy offered by investment adviser City National Rochdale (CNR) has grown its net assets by roughly 9% during the last quarter of record. While overall net assets grew by 9%, the investments held […]

July 8, 2021

Climate change is not expected to impact all forms of investment in insurance-linked securities (ILS) uniformly, according to Twelve Capital, which means for ILS investors and managers, analysing climate exposure, as well as establishing and updating a house view on […]

July 7, 2021

InsurTech NY will be accepting applications for its growth-stage InsurTech accelerator. The application window will be open from July 7 to August 2 and applications will be accepted through the InsurTech NY website. The program is designed for growth-stage companies […]

July 7, 2021

Washington D.C. Mayor Muriel Bowser is working alongside the district’s Department of Insurance, Securities and Banking (DISB) to increase opportunities for high school and college students to pursue careers in financial services, including insurance, by expanding DISB’s Financial Services Academy […]

July 6, 2021

Florida Governor Ron DeSantis has vetoed a bill that would have repealed the state’s no-fault auto insurance system. Senate Bill 54 would have rewritten state laws, replacing personal injury protection coverage (the so-called “no-fault” system) with mandatory bodily injury coverage […]

July 6, 2021

The hard market in catastrophe bonds and insurance-linked securities (ILS) continued to weaken through the second-quarter of 2021, leading consultancy Lane Financial LLC to warn that pricing may return to neutral through to the end of the year. Lane Financial’s […]

July 2, 2021

We now have our first hurricane of the 2021 Atlantic tropical storm season, as tropical storm Elsa has intensified as anticipated and now becomes hurricane Elsa, with the forecast still bringing the storm towards Florida over the coming days. Hurricane […]

July 2, 2021

The global reinsurance market is approaching equilibrium, or so says a new report from Willis Re, the reinsurance division of Willis Towers Watson. Reinsurance rate increases continued for most major lines and territories during the 1.6 and 1.7 renewal period, […]

July 1, 2021

Global cyber reinsurance rates have soared by up to 40% in the July renewal season, reinsurance broker Willis Re said on Thursday, as ransomware attacks increase in number and severity. A ransomware attack on Colonial Pipeline in May shut the […]