Month: October 2021

October 18, 2021

Analysts at risk modelling company Russell Group have warned that just under $2 billion of UK trade imports could be impacted in the run-up to Christmas if the current ports delays at Felixstowe continue into December. But with supply chains […]

October 15, 2021

AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has estimated that catastrophe losses from the third-quarter of 2021 will cost the company around $250 million, before tax ($219 million, after-tax). The main contributor to […]

October 15, 2021

The CATCo Reinsurance Opportunities Fund Ltd., the listed, retrocession focused insurance-linked securities (ILS) fund strategy managed by Markel CATCo Investment Management, has again seen its net asset value (NAV) rise after another reduction in catastrophe loss reserves, this time from […]

October 14, 2021

Lockton Companies, the world’s largest independent insurance brokerage, has announced the launch of Lockton’s Emerging Asset Protection (LEAP) team. The team focuses on providing customized risk transfer services for companies in the digital asset space and providing education and expertise […]

October 14, 2021

Comprehensive car insurance premiums have fallen by 16% (equating to £97) since the third quarter of 2020, with UK motorists now paying £514 on average, according to a Willis Towers Watson-supported price index from Confused.com. Although the rate of decline […]

October 13, 2021

The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as underwriting, rating and insurance producer and sales issues. That’s according to a review by Wolters Kluwer […]

October 13, 2021

Munich Re Ventures, the venture capital arm of Munich Re Group, has closed its new $500 million investment fund, with plans to focus, in part, on insurtech and cybersecurity. The new financing arm, dubbed Munich Re Fund II, will also […]

October 12, 2021

Silent cyber exposures in the United States property insurance market are accumulating to such a degree that a new report suggests a $12.5 billion industry loss from non-physical damage could flow to property carriers, should a major event occur. Silent […]

October 12, 2021

Arch Capital Group, the Bermuda headquartered specialty insurance and reinsurance company, has pre-announced an estimated up to $345 million of catastrophe losses for the third-quarter, which it has based on an expected industry loss burden of at least $47 billion. […]

October 11, 2021

Tesla will launch its own brand of auto insurance in Texas this week, founder Elon Musk said during a Oct. 7 shareholders call addressing the company’s headquarters relocation from Silicon Valley to Austin, Texas. In January the state insurance department […]

October 11, 2021

Former Georgia Insurance Commissioner Jim Beck will have to wait a little longer to learn his fate, after his sentencing date was postponed until Tuesday. Federal prosecutors are now asking that he serve 10 years in prison and pay fines […]

October 8, 2021

In what could arguably be called the greatest foul play in their professional careers, 18 former NBA players were charged in New York federal court for their alleged involvement in a massive health insurance fraud scheme. Prosecutors said that the […]

October 8, 2021

The reinsurance business of independent insurance broker Lockton has added Patrick Bousfield to its Bermuda office as a Senior Broker. Bousfield joins Lockton Re from Gallagher Re in New York, where he led the firm’s cyber offering as part of […]

October 7, 2021

A former employee with Washington, D.C.’s Metropolitan Police Department (MPD) was sentenced to 78 days in jail for her involvement in an insurance fraud scheme, as well as in a separate $40,000 bribery scheme. Kendra Coles, 46, of Beltsville, MD, […]

October 7, 2021

U.S. property and casualty insurance company, RLI Corp., has pre-announced estimated pre-tax catastrophe losses of between USD 30 million and USD 35 million for the third-quarter of 2021. RLI is scheduled to release its third-quarter 2021 financials after the market […]

October 6, 2021

Independent agents’ satisfaction with carriers has surged as industry changes have placed a renewed focus on the independent agent channel, according to a new study by J.D. Power. J.D. Power’s 2021 U.S. Independent Agent Performance and Satisfaction Study, developed in […]

October 6, 2021

A winery in Calistoga, CA is suing its excess insurer, claiming that it was sold a “useless” insurance policy after the insurer refused to cover wildfire-related damages. Fairwinds Estate Winery filed its complaint in Napa County Superior Court, accusing Kinsale […]

October 5, 2021

Global reinsurance giant Swiss Re has announced that it expects an estimated impact of USD 750 million from Hurricane Ida, based on insurance and reinsurance industry losses of between USD 28 billion to USD 30 billion. Hurricane Ida made landfall […]

October 5, 2021

The Florida Insurance Guaranty Association is urging insurers to hold off on sending homeowners’ policy renewals until state regulators decide if they will approve a surcharge on premiums to help cover more than $168 million in claims left from two […]

October 4, 2021

The federal government Friday rolled out a flood-insurance program revamped to reflect worsening climate change, a program that will raise rates for millions of homeowners in wealthy coastal areas and humble inland communities alike. The Federal Emergency Management Agency in […]