Month: November 2021

November 30, 2021

China outlined new rules on Tuesday to safeguard the rights of drivers in its giant ride-hailing industry, requiring operators of the services to provide them with social insurance and make their earnings public. In a statement, the transport ministry said […]

November 30, 2021

Convex Group Ltd. announced that Convex Insurance UK Ltd. (CIL) and Convex Reinsurance Ltd. (CRL) have received approval from the National Association of Insurance Commissioners and the California Department of Insurance to operate as a reciprocal jurisdiction reinsurer, effective from […]

November 29, 2021

Moody’s Analytics has launched an asset-liability management (ALM) solution for insurance companies called of RiskIntegrity™ Investment Insight. The new tool combines data and modeling capabilities from across Moody’s Analytics to help insurers to build liability-aware investment portfolios and better evaluate […]

November 29, 2021

A prominent activist is calling on insurers like Swiss Re to explore suing major oil companies for climate-related damages, the latest volley in a years-long campaign that pits environmentalists against the insurance industry. The tactic urged by The Sunrise Project, […]

November 24, 2021

Global reinsurer Swiss Re has broadened its partnership with international IT services, consulting, and business solutions organisation, Tata Consultancy Services (TCS), in an effort to drive greater collaboration and innovation across the business. TCS is part of the Tata group, […]

November 23, 2021

Resilience Cyber Insurance Solutions has closed an $80 million Series C funding round, co-led by General Catalyst and Corey Thomas of Rapid7, with participation from Lightspeed Venture Partners, Founders Fund, Charles River Ventures, Shield Capital and Intact Ventures. Resilience will […]

November 23, 2021

New York’s highest court ruled on Tuesday that JPMorgan Chase & Co. is entitled to insurance coverage for $140 million of a U.S. Securities and Exchange Commission settlement with the former Bear Stearns Cos. over improper mutual fund trading. Reversing […]

November 22, 2021

Demex Group, an analysis and pricing platform for climate-linked risks is partnering with algorithmic underwriting managing general agent Vave on the delivery of extreme temperature insurance to commercial properties across the US. The intention is to embed Demex’s technology within […]

November 22, 2021

A Hudson County, New Jersey, man was indicted for allegedly causing fraudulent automobile insurance applications to be submitted on his behalf in an attempt to avoid paying the policy premiums. John A. Loor (also known as John A. Loor-Benitez) of […]

November 22, 2021

Workers and families with private health insurance would reap savings on prescription drugs from a little-noticed provision in President Joe Biden’s sweeping social agenda bill. It’s meant to break the cycle of annual price increases for widely used medicines. That […]

November 19, 2021

As the COVID-19 pandemic began to spread around the world last year, businesses faced unprecedented certainty and disruption, leading to a wave of insurance coverage disputes. Roughly a year and a half later, we are beginning to get some clarity […]

November 18, 2021

Cyber analytics provider, CyberCube has launched an updated version of Broking Manager, a solution designed specifically for insurance brokers. The new software enables brokers to instantly produce cyber financial loss reports on millions of companies while providing rich information to […]

November 18, 2021

Descartes Underwriting, the insurance technology (insurtech) focused managing general agency (MGA) that specialises in parametric and data-driven risk transfer products, has announced a new partnership that aims to revolutionise the way parametric earthquake risks are transferred. Descartes Underwriting has partnered […]

November 18, 2021

On May 7, 2021, pipeline operator Colonial Pipeline Company suffered a ransomware cyberattack on its namesake Colonial Pipeline. Hackers attacked computerized management equipment, effectively freezing one of the largest pipelines responsible for delivering gasoline and jet fuel across the Southeastern […]

November 18, 2021

The New York State Department of Financial Services (DFS) released final regulatory guidance to domestic insurers regarding their management of climate change risk, incorporating public comments DFS received on its initial draft released on March 25, 2021. The guidance aims […]

November 17, 2021

Broking giant Willis Towers Watson has predicted further stability for North American commercial insurance moving into 2022, thanks to strong capital returns and growing rate adequacy confidence. The broking giant welcomed this in its report, considering it evidence of a […]

November 16, 2021

Despite some improvements, the reinsurance sector continues to struggle to produce a meaningful return on capital, and as pressure builds on the impacts of climate change and secondary peril losses, there’s a real need for further rate momentum, according to […]

November 16, 2021

Florida insurance carriers and agents have complained for years about what they say are exorbitant plaintiffs’ attorney fees in claims dispute litigation, fees that can be four or five times the settlement or judgment amount. An appeals court decision flips […]

November 16, 2021

U.S. Representative Carolyn Maloney’s reintroduction of the Pandemic Risk Insurance Act (“PRIA”), which would create a shared public-private insurance program styled after the Terrorism Risk Insurance Act, has stirred skepticism among several trade groups. Many groups explain that their main […]

November 15, 2021

Christopher Croft, CEO of broker body LIIBA, has asserted that regulators will need to show more flexibility to help support the drive to achieve net zero in the insurance and reinsurance industries. Speaking online to the Association of Lloyd’s Brokers, […]