Month: June 2022

June 30, 2022

Turkey’s insurance association is in talks with the country’s Treasury on a potential inflation-indexed bond issue, the group’s head told Reuters, as insurers seek a new mechanism to protect their capital from soaring inflation. Turkey’s inflation rate hit 73.5% in […]

June 30, 2022

Imprecise forecast and modelling, “flood dementia”, and inadequate early warning systems are some of the issues to be addressed to improve flood resilience and prevention, according to Zurich. Last year, the extreme weather event “Bernd” caused great human suffering, and […]

June 29, 2022

A unit of Carlyle International Energy Partners LP has assumed the full risks of operating a new gas field in the Romanian waters of the Black Sea as insurers shun the zone because of its proximity to the war in […]

June 29, 2022

New South Carolina grand jury indictments have been filed against controversial insurance fraud attorney Alex Murdaugh and his alleged accomplice Curtis Eddie Smith. Murdaugh, 54, is currently in jail on a $7 million bond following more than 70 criminal charges […]

June 28, 2022

China’s third-most populous province Henan will launch pilot programs for catastrophe insurance in six cities that were the hardest hit by historic floods last summer. Aside from its capital Zhengzhou, trials are to be set up in the cities Anyang, […]

June 28, 2022

Taiwan’s financial regulator said on Tuesday that seven Taiwanese insurance companies have not received interest due on May 27 on Russian Eurobonds after a grace period ended on Sunday evening. Russia defaulted on its international bonds for the first time […]

June 27, 2022

Group of Seven nations are discussing a cap on the price of Russian oil that would work by imposing restrictions on insurance and shipping, according to people familiar with the matter. The potential mechanism would only allow the transportation of […]

June 27, 2022

Florida’s Office of Insurance Regulation (OIR) has established the personal property and commercial property insurance rates of Citizens Property Insurance Corporation – the state-backed insurer of last resort – for 2022. The OIR held a virtual public rate hearing to […]

June 24, 2022

Homeowners in the US got new guidance to help them defend against increasingly frequent wildfires and associated rising insurance premiums. The Insurance Institute for Business & Home Safety, a research nonprofit funded by insurers, announced it has developed the first […]

June 24, 2022

The Insurance Information Institute (Triple-i) has released a damning report which has warned that Florida’s current homeowners’ insurance market is “on the verge of failure,” thanks to rampant fraudulent roof repair schemes and excessive insurance litigation. Triple-I found that thanks […]

June 23, 2022

The head of a small, South Florida investment firm has been charged with insurance fraud after he submitted a $300,000 roof-leak claim to his insurer, American International Group, along with allegedly fake photos of mold and other damage to his […]

June 23, 2022

Global specialty insurance and reinsurance underwriter AXIS Capital has now secured its latest catastrophe bond at attractive terms, with the upsized $140 million of peak-peril catastrophe reinsurance protection from its new Northshore Re II Ltd. (Series 2022-1) catastrophe bond issuance […]

June 22, 2022

Resolution Re, part of global life insurance group Resolution Life, has entered into a reinsurance agreement with Dai-Ichi Life, a large life insurer in Japan. The agreement includes the transfer of a closed book of whole of life policies totalling […]

June 22, 2022

The fact some large and previously significant catastrophe exposed reinsurance firms have announced plans to pull-back and reduce exposures this year bodes well for pricing right through into 2023, according to analysts from JP Morgan. With property catastrophe reinsurance rates […]

June 21, 2022

The hard market for cyber insurance, which is expected to continue for “some time,” and a lack of capacity has made captive insurers an “attractive risk management option for corporations,” said AM Best in a recent recent market report. As […]

June 21, 2022

Insurance Business America (IBA) has teamed up with the Latin American Association of Insurance Agencies (LAAIA) for a special report. Founded in 1969 as “the voice of independent insurance agents,” LAAIA aims to ensure a healthy insurance environment by providing […]

June 20, 2022

Activity within the global non-life legacy insurance market is ‘buoyant’, according to a new note from AM Best. The firm said that demand and supply side factors are driving high levels of activity in the legacy insurance market, with transaction […]

June 20, 2022

The “green transition” to renewable energy is expected to create inflationary pressure over the next decade. And the faster renewables are adopted, the worse this problem is expected to become in the medium term. However, according to a new forecast […]

June 17, 2022

Louisiana insurance commissioner Jim Donelon recently held a press conference to address the cancellation of about 29,000 policies by the insurance company Lighthouse Excalibur. Years of severe storms have led to expensive insurance claims in the state, overwhelming insurance companies […]

June 17, 2022

Westminster Council has called on UK government reinsurer Flood Re to be expanded due to its ‘restrictive criteria’ making it unavailable to private renters or properties with four flats or more. As reported by London’s Evening Standard newspaper, the council […]