Month: March 2022

March 31, 2022

A Connecticut woman has been sentenced to 66 months in prison for her role in an insurance and loan fraud scheme worth $33 million. Erin Verespy, 50, was accused of misappropriating client healthcare funds and defrauding multiple lenders. The chief […]

March 31, 2022

The Lloyd’s re/insurance marketplace announced the next 11 insurtech start-ups that will join the eighth cohort of the Lloyd’s Lab in its 10-week program. Lloyd’s Lab, the market’s innovation accelerator, brings together insurtech, insurers, and brokers to test new, innovative […]

March 30, 2022

Zurich Insurance said it has removed the letter “Z” from its social media branding as a result of Russia’s use of the letter during its war in Ukraine. “The Zurich brand has been around for 150 years. It is a […]

March 30, 2022

Georgia’s state insurance regulator has fined Anthem Blue Cross Blue Shield a hefty $5 million after an official investigation found that the insurer violated multiple consumer laws. The $5 million fine is the largest Georgia’s Office of Commissioner of Insurance […]

March 29, 2022

Cancellation clauses could limit aviation insured losses from Ukraine crisis, according to analysts at Jefferies. The analysts believe that when Russia introduced a law that allowed Russian airlines to register planes locally, this is the first point in time that […]

March 28, 2022

A study from Towergate Insurance Brokers suggests that more than 90% of commercial properties are not insured properly due to rising rebuilding costs. Citing a recent 20% increase in the cost of materials, Towergate said that many businesses could be […]

March 28, 2022

In order to assert that it is under no obligation to cover alleged sexual abuse claims, two insurance companies have filed a lawsuit against a New York school district and a sexual abuse victim, in a move that has been […]

March 25, 2022

Russia’s top shipping company Sovcomflot (SCF), already struggling to find berths to discharge cargoes, is facing fresh pressure after the UK on Thursday joined countries that have slapped sanctions on it, with implications for insurance and certification. With a modern […]

March 25, 2022

Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has announced an investment in AuditCover Australia Pty Limited, a tax audit insurtech. AuditCover is structured as a tech-centric, end-to-end digital audit insurance platform that connects directly to accountants’ core systems. […]

March 24, 2022

Buckle, a digital financial services company for the gig economy, has completed a $15 million upsizing of its term loan with participation from Siguler Guff & Company, along with existing lender Hudson Structured Capital Management (conducting its re/insurance business as […]

March 24, 2022

A new report from Moody’s has stated that at this stage it is unclear whether insurers will have to pay all current claims for lessors, in regards to the new Russian aircraft law effectively preventing foreign lessors from repossessing their […]

March 23, 2022

The Texas Windstorm Insurance Association (TWIA) has revealed that it will seek a $2.04 billion reinsurance program for the 2022 hurricane season at upcoming renewals. During a meeting yesterday, TWIA’s board voted to adopt a multi-model view of risk for […]

March 23, 2022

S&P Global Ratings has announced plans to withdraw all of its outstanding ratings on Russian firms, in line with new regulations imposed by the European Union (EU). Earlier this month, S&P announced the suspension of its commercial operations in Russia, […]

March 22, 2022

Two property and casualty insurers and two brokers were included within a list compiled by Ethisphere of the most ethical companies in the world. The 16th annual report from Ethisphere, a company that defines and measures corporate ethical standards and […]

March 22, 2022

Two US state insurance commissioners have issued bulletins urging insurance companies operating within their jurisdictions to withdraw all financial support for Russia. California Insurance Commissioner Ricardo Lara and Georgia Insurance and Safety Fire Commissioner John F. King have each issued […]

March 21, 2022

Policyholders across Arizona will soon be shelling out more money for auto insurance as cars – and associated risks – return to the road in a post-lockdown setting. Arizona is one of the few states that do not require insurance […]

March 21, 2022

The government of New Zealand has introduced a bill to make the claims process following a natural disaster easier. The Natural Hazards Insurance Bill will reportedly make the the rules for mixed and multi-use buildings clearer, clarify regulations relating to […]

March 18, 2022

Aircraft-leasing firms working to retrieve planes from Russia are set to collide with an aviation-insurance industry bracing for an unprecedented barrage of claims. Lessors of planes stuck in Russia since the onset of sanctions have warned insurers of possible claims […]

March 18, 2022

The global insurance industry could be facing billions of dollars in losses as a result of Russia’s invasion of Ukraine, warns stakeholders. A Financial Times source said insurance marketplace Lloyd’s is potentially looking at overall losses worth somewhere between US$1 […]

March 17, 2022

The Illinois Department of Insurance has called on auto insurers to provide more information on how much insurance companies may have overcharged Illinois drivers during the 12-month pandemic period between March 2020 to February 2021. Insurers have come under scrutiny […]