Month: March 2022

March 16, 2022

A payment of the policy limits is not always enough to settle a vehicle accident. The insurer must also agree to all other requirements in a settlement offer for an agreement to be enforceable, the Georgia Court of Appeals has […]

March 15, 2022

Analysts at Moody’s have highlighted better overall property and casualty (P&C) results among the largest four European reinsurers, which they say are mainly a function of significantly lower COVID-19 losses than in 2020. For P&C business, new COVID-19 claims fell […]

March 14, 2022

Germany’s Talanx Group, the parent of reinsurer Hannover Re, has confirmed that its net income reached a record €1,011 million in 2021, thanks mainly to continued growth and optimisation programs in its primary insurance operations. Notably, gross written premiums saw […]

March 14, 2022

Broking giants Aon and WTW have both announced plans to withdraw all businesses from Russia, in response to the country’s invasion of Ukraine. Following the lead of Marsh McLennan last week, this means the world’s three largest insurance brokers have […]

March 11, 2022

The COVID-19 pandemic has now been with us for almost two years. In that time, it has brought hardships and lost profits to many sectors of the business community, from hotels to restaurants to brick-and-mortar stores. As a result, a […]

March 11, 2022

New data released by The Reinsurance Association of America (RAA) shows an increase in both profitability and net premiums for US property and casualty (P&C) reinsurers over 2021. The data, collected by RAA from 17 reinsurers globally, shows that the […]

March 10, 2022

Tesla and other car makers represent a growing threat to incumbent auto insurers, even though they have little direct impact on the insurance market today, Moody’s Investors Services said. In a report titled, “Tesla’s insurance venture puts incumbents under added […]

March 9, 2022

A new study from Steel City Re claims that companies implementing ESG and reputational risk strategies have seen almost-immediate effects on their stock price. The report says that those implementing these strategies saw their stock prices go 5% above market […]

March 9, 2022

WTW has appointed David Singh as Head of Climate Analytics and Exposure Management for its Insurance Consulting and Technology business, where he will be based in London. Singh served as the Group Head of Exposure & Portfolio Management at global […]

March 8, 2022

The Vermont Supreme Court has denied a bid by a manufacturer of asbestos products to bypass Vermont law in determining the allocation of losses for insurance purposes. In so doing, the Vermont court sided with Ambassador Insurance Co., which has […]

March 8, 2022

Private equity firms, corporations and strategic investors increasingly sought out transactional risk insurance last year to reduce deal risk, according to a new report by Marsh. The report, Transactional risk insurance 2021: Year in review, found that the transactional risk […]

March 7, 2022

Insurers have received over 86,000 claims related to the floods in south-east Queensland and New South Wales, says the Insurance Council of Australia (ICA). The ICA says that most claims (72%) comes from Queensland, and that 83% of the total […]

March 7, 2022

Due to a combination of strong underwriting profitability and positive investment income, the P&C sector resulted in a very successful year, according to DBRS Morningstar, which also reported that reinsurance companies performed significantly better compared to 2020, despite higher catastrophe […]

March 4, 2022

The Texas Department of Insurance, Division of Workers’ Compensation (DWC) reported more than 78,000 COVID claims and 422 fatalities as of Feb. 6, 2022. DWC’s March report, “COVID-19 In The Texas Workers’ Compensation System,” is based on a data call […]

March 4, 2022

The Russian invasion of Ukraine has increased the risk of cyberattacks and potential claim costs for property/casualty (P/C) insurers globally that offer cyber coverage, the majority of which is underwritten in North America. Such attacks may also further test the […]

March 3, 2022

Britain will ban Russian companies from the multi-billion dollar aviation and space insurance market in London, the world’s largest commercial and speciality insurance center, the finance ministry said on Thursday. Russian companies in the aviation or space industry will be […]

March 3, 2022

Major cities across the US have seen an “unprecedented” surge in auto thefts and carjackings in recent years, the National Insurance Crime Bureau (NICB) has warned. Testifying before a US Senate Committee on the issue of car thefts, NICB president […]

March 2, 2022

As cyber threats have continued to grow, one segment of the market that has been especially impacted is education, according to guests on the most recent episode of The Insuring Cyber Podcast. “This is a segment that is squarely a […]

March 2, 2022

With the March 11 scheduled close of its regular session fast approaching, the Florida Legislature remains so focused on putting the finishing touches on its various culture-war signaling bills that one might think Tallahassee hasn’t noticed that the state’s property […]