Month: August 2021

August 31, 2021

The insolvent Boy Scouts of America (BSA) has laid out a plan to pay sexual abuse claimants through a trust fund, but now lawyers are disputing whether an insurance unit associated with Chubb has to contribute to said fund. As […]

August 30, 2021

Anyone who works in cyber insurance knows that the industry is never static. It’s a constantly evolving business as the risks change all the time, and this has never been more apparent than right now, said panelists for Insurance Journal’s […]

August 30, 2021

Hurricane Ida roared ashore in Louisiana yesterday, with sustained winds of 150 mph and higher gusts after the hurricane rapidly intensified on approach to land. Ida remains a hurricane at this time and is now soaking the state, while still […]

August 27, 2021

Argo Group International Holdings, an underwriter of specialty insurance, has announced an agreement to sell the renewal rights of its contract binding property and casualty business to Mesa Underwriters Specialty Insurance Company (MUSIC), the excess and surplus lines subsidiary of […]

August 27, 2021

Analysts at insight and consultancy firm Insurance DataLab have stressed that, despite substantial rate increases over recent months, further price rises will be needed to offset losses within the Lloyd’s market. Lloyd’s premiums have increased by more than 50% year-on-year […]

August 26, 2021

The US Justice Department has announced that two lawyers and two surgeons in New York have been indicted on mail- and wire-fraud charges, for their alleged role in a complex $31 million insurance fraud scheme involving staged accidents that spanned […]

August 26, 2021

Onshore property losses covered by insurance after recent hurricane Grace are expected to reach around US $330 million, according to catastrophe risk modeller Karen Clark & Company (KCC). Hurricane Grace impacted parts of the Caribbean and Mexico, where it made […]

August 25, 2021

ELEMENT, the Berlin-based insurtech, announced a partnership with managing general agent, Parametrix Insurance, launching parametric cloud outage insurance for companies in Germany. The product is designed to cover financial losses due to downtime of third-party IT and cloud infrastructure providers. […]

August 25, 2021

Christian Mumenthaler, Chief Executive Officer (CEO) at Swiss Re, has argued that data and digitalisation will be key levers for re/insurers to tackle ‘uninsurable’ risks and reduce the global protection gap. Writing as part of a recent blog post, the […]

August 24, 2021

The US property-casualty industry grew its net underwriting income by 28% in the first six months of the year over the first half of 2020, according to a new AM Best report. The information is detailed in a new Best’s […]

August 24, 2021

With environmental, social and governance (ESG) playing an increasingly important role in the re/insurance market, analysts at Aon have argued that setting clear and transparent ESG targets will be critical for companies during their renewals. Aon cited research that shows […]

August 23, 2021

Gov. Ron DeSantis’ new technology office is supposed to resolve the state’s longtime tech woes and lead the state’s defense against cybersecurity threats. A year into its inception, the office is struggling. In the last several months, the new Florida […]

August 23, 2021

Analysts at RBC Capital Markets have observed strong growth among foreign insurers in the Chinese market, in contrast to local players who have seen volumes stagnate. And RBC expects to see a continuation in this shift, noting that insurers who […]

August 20, 2021

A controversial Russian pipeline to Europe can deliver its first batches of natural gas to Germany this year, according to Gazprom PJSC. The Nord Stream 2 link can ship 5.6 billion cubic meters of the fuel in 2021, the Russian […]

August 20, 2021

In what may be considered one of the largest whistleblower lawsuits in US history, a complaint has been filed which names 315 auto insurance companies as defendants. The lawsuit seeks to recover billions of dollars for the federal and certain […]

August 19, 2021

Tokio Marine Insurance Singapore Ltd. (TMiS), a subsidiary of Tokio Marine Group, announced it was hit by a ransomware cyber attack. Upon a detection of the attack, TMiS immediately took necessary measures including the isolation of the network to prevent […]

August 19, 2021

Hannover Life Reassurance Company of America (Hannover Re US) has announced a collaboration with ExamOne, a Quest Diagnostics Company, to incorporate ExamOne’s innovative LabPiQture data into hr | ReFlex, Hannover Re’s automated underwriting solution for life insurers. The integration will […]

August 18, 2021

W&W Group, or Wüstenrot & Württembergische AG, a major German insurance carrier, has reported that it expects a €400 million gross loss from the flooding in July, but this will be minimised by its catastrophe reinsurance program. It was the […]

August 18, 2021

When it comes to constructing a catastrophe bond fund it is important to consider market limitations, in terms of size and the availability of diversification. Given the cat bond market is only so large, there is a point at which […]

August 17, 2021

If you’re having trouble wrapping your mind around the spree of natural catastrophes currently plaguing the world—from deadly July floods in Germany and China to the wildfires still burning in Greece, California and Siberia —you may be interested to know […]