Month: February 2022

February 28, 2022

Descartes Underwriting, a parametric-specialized provider of corporate insurance against nat cat and climate risks, has formed a new partnership with Reask, a tropical-cyclone risk analytics firm. The collaboration aim to expand parametric cyclone insurance into new locations by combining wind […]

February 28, 2022

Catastrophe risk modeller RMS has estimated that insurance industry losses from windstorms Dudley (Ylenia) and Eunice (Zeynep), which battered parts of Europe in February, will be between €3 billion and €4.5 billion. Of this total, RMS expects storm Eunice to […]

February 23, 2022

Brussels-headquartered multinational insurer Ageas has reported an insurance net result of €1,070 million over 2021, up 11% from €960 million in the previous year. The company attributed this result to the strong operating performance of its life operations, which generated […]

February 23, 2022

Global beverage and food giant the Coca Cola Company’s pension fund allocation to insurance-linked securities (ILS) shrank in 2021, dipping 9% which we expect is largely due to the impacts of natural catastrophe losses across the year. The ILS investments […]

February 22, 2022

A Rhode Island woman is headed to federal prison for stealing insurance payments meant for the customers of the auto repair shop where she worked as an office secretary, according to the Department of Justice. Idalee Johnston, 48, devised a […]

February 22, 2022

Analysis by global reinsurance broker, Gallagher Re, finds that by 2040 the cyber market will become comparable in size to either property or casualty as the segment experiences a second wave of growth from 2023. Gallagher Re’s cyber reinsurance team […]

February 21, 2022

Global insurance carrier Allianz has expanded its aggregate reinsurance protection for 2022 and also raised its catastrophe budget for the year, after the company experienced a particularly high burden from nat cat losses in 2021. Allianz’s recently published full year […]

February 21, 2022

Insurance and reinsurance markets are facing losses into the billions after the impacts of two severe European windstorms, Dudley (Ylenia) and Eunice (Zeynep), while the jet stream continues to drive low pressure systems across the Atlantic and towards the continent. […]

February 18, 2022

Things are moving fast in Florida’s distressed property insurance market. Just days after St. Johns Insurance Co. announced it would stop writing new homeowner business in Florida, the Demotech rating agency withdrew the carrier’s financial stability rating on Thursday, due […]

February 18, 2022

The fire that emerged on the Felicity Ace cargo ship, which was loaded with luxury cars as it departed Germany for the U.S. on February 9th, could result in a loss for the marine re/insurance market of as much as […]

February 17, 2022

Insurer groups this week sought to take their battle with Washington Insurance Commissioner Mike Kreidler to the Supreme Court of Washington. The American Property Casualty Insurance Association, the Professional Insurance Agents of Washington, and the Independent Insurance Agents and Brokers […]

February 17, 2022

The U.S. National Highway Traffic Safety Administration opened its second defect investigation related to Tesla Inc.’s Autopilot, subjecting more scrutiny to the carmaker’s driver-assistance technology. The agency said Thursday it’s launching a preliminary evaluation of unexpected braking by Tesla Model […]

February 16, 2022

Pennsylvania Governor Tom Wolf announced that Insurance Commissioner Jessica Altman will resign her position Feb. 25. Altman has accepted a position as chief executive officer of Covered California, that state’s health insurance marketplace. Mike Humphreys, the Pennsylvania insurance department’s chief […]

February 16, 2022

A California man is headed to prison after admitting to unemployment insurance fraud to the tune of more than $170,000. Kier Jordan Parker, 25, fraudulently obtained unemployment benefits by submitting multiple unemployment claims in other people’s names and using benefits […]

February 15, 2022

Numerous class action suits have been filed against auto insurers regarding the valuation of vehicles that are total losses. These cases typically allege that insurers are undervaluing vehicles in some common way or in violation of a state regulation. The […]

February 15, 2022

COVID-19 Business Interruption Coverage Litigation This is the third installment of our series of articles reviewing some of the key trends and developments currently impacting the U.S. insurance industry. The issuance of various governmental orders requiring businesses to temporarily modify […]

February 14, 2022

The Supreme Court of California has ruled that State Farm does not have to refund homeowners $100 million, after it denied appeals from both the state insurance commissioner and a consumer advocate group. In 2016, then-insurance commissioner Dave Jones deemed […]

February 14, 2022

California Insurance Commissioner Ricardo Lara and emergency management leaders in Gov. Gavin Newsom’s Administration on Monday announced “Safer from Wildfires,” an insurance framework that incorporates wildfire safety measures while intending to make homes and businesses more resilient. “Safer from Wildfires” […]

February 11, 2022

The former owner of a group of health spas and clinics in Los Angeles has admitted to participating in a $20 million insurance fraud scheme involving Botox injections, laser hair removal and other procedures, federal prosecutors said. Roshanak Khadem, 54, […]

February 11, 2022

Brookfield Reinsurance has reported that its net income fell by $43m in the three months ending 2021, a $45m swing from the same period the year before. Announced in its latest results, the firm said that it had a loss […]