Month: January 2022

January 31, 2022

Binance Holdings Ltd. has built up a $1 billion insurance fund for its users amid a barrage of hacks on cryptocurrency trading platforms, according to a memo. Binance, the world’s largest crypto exchange by trading volume, has been earmarking money […]

January 31, 2022

A Michigan insurance agent is headed to jail for a year for scamming her clients out of hundreds of thousands of dollars, according to the state’s attorney general. Alicia Holbrook-Bloink and her insurance firm, Holbrook Insurance Agency, pleaded guilty to […]

January 28, 2022

Property insurers have forced “crippling costs” onto residents of apartment blocks in the aftermath of the Grenfell disaster, the UK government said as it requested a review of the market. Some residents in medium- and high-rise buildings have seen their […]

January 28, 2022

Senior executives at investment specialist Neuberger Berman have highlighted insurance-linked securities (ILS) as an alternative asset class that should be particularly attractive to investors at this time. In an annual update to help guide clients investment decisions into 2022, Neuberger […]

January 27, 2022

The global pandemic has shown how vital it is for firms to understand the services they provide and to invest in their operational resilience. While COVID has accelerated the insurance industry’s digitalization, firms must strive for resilience by looking to […]

January 27, 2022

Progressive Insurance’s performance in December 2021 took a massive hit, with the company’s net income falling to $393.3 million from $706.0 million the year prior – a 44% year-over-year drop. Similarly, the company’s Q4 2021 net income dropped 43% to […]

January 26, 2022

The owners of high-end London restaurants The Wolseley and The Delaunay sued AXA Insurance UK Plc for as much as 4 million pounds ($5.4 million) over its failure to pay out on claims linked to the coronavirus lockdowns. Lawyers for […]

January 26, 2022

Resilience, a cyber insurance and security solutions managing general agent (MGA), has announced the establishment of a new captive reinsurance company. Through the captive, Resilience Cyber Insurance Solutions plans to retain a share of each risk it underwrites. This strategy, […]

January 25, 2022

A group of the world’s largest asset owners managing $10.4 trillion said on Tuesday they would step up their response to climate change and aimed to at least halve carbon emissions from their investment portfolios by 2030. The 69 members […]

January 25, 2022

General Motors (GM) is making the move to debut its performance-based auto insurance offering sometime during the first quarter of 2022, an executive has confirmed. According to Andrew Rose, president of GM’s insurance subsidiary OnStar Insurance and GM vice president […]

January 24, 2022

Catastrophe bonds increased in importance for the global reinsurance industry again in 2021, Fitch Ratings has said, as the record levels of issuance seen helped to make cat bonds an even larger pool of risk capital supporting reinsurer businesses. Momentum […]

January 24, 2022

Bank of America (BoA) has said that reinsurers in Europe should post strong last-quarter numbers for 2021, saying that figures for that period may be higher than expected. The bank said it believes that a strong Q4 2021 will contrast […]

January 21, 2022

The popular vacation rental app Airbnb has launched a new travel insurance offering for the guests it serves. Airbnb’s new custom-built guest travel insurance product is designed by the same team that created the company’s “AirCover Host” protection product for […]

January 21, 2022

The latest property insurance rate increase filings submitted by carriers in Florida are calling for really significant uplifts in pricing, suggesting the primary market still believes more rate is required to support sustainable profits, which implies reinsurance firming also needs […]

January 20, 2022

Insurtech Reask, an Australian science and technology company that focuses on natural hazard modeling, announced it has closed its seed funding round, led by Tencent, the global technology giant headquartered in China. The funding will support the next stage of […]

January 20, 2022

The Travelers Companies has today reported its net income of $1.3 billion for the fourth quarter of 2021, which was driven by higher net investment income and a higher underlying underwriting gain. At $1.333 billion, the insurer’s net income hit […]

January 19, 2022

The cost of a comprehensive car insurance policy in Britain is expected to be volatile this year, after rising 5% in the final quarter of 2021 as more drivers took to roads on easing COVID-19 curbs, a survey showed on […]

January 19, 2022

New Jersey Governor Phil Murphy, who has been sworn in for a second term, has signed into law some legislation to allow policyholders to sue their auto insurers for as much as three times the applicable coverage amount. SB 1559, […]

January 18, 2022

An insurance agent from West Valley City, UT has been served a five-year prison sentence for conspiracy to commit wire fraud, after he was found guilty of orchestrating an investment fraud scheme that targeted elderly clients. Tony Scott Sellers, 62, […]

January 18, 2022

Tenax Capital, the London based hedge fund manager that was founded by CEO Massimo Figna and now counts FOSUN as its major shareholder, believes that catastrophe bond pricing and terms & conditions will remain attractive through 2022, while more inflows […]