Month: July 2022

July 29, 2022

Every insurance professional needs a personal brand that sets them apart from everyone else. A defined personal brand sets a strong first impression and guides the trajectory of an individual’s career. But discovering a personal brand is a process that […]

July 29, 2022

Lloyd’s of London insurer Ascot and broker Marsh MMC.N on Friday launched marine cargo and war insurance for grain and food products moving from Ukrainian Black Sea ports, removing a hurdle to getting shipments underway. Russia and Ukraine signed a […]

July 28, 2022

Once again, the U.S. led the way in the first half of 2022 with the highest level of weather-related losses, which, globally, reached $65 billion in the period, of which slightly more than 50% were covered by re/insurance, according to […]

July 28, 2022

For now a third year in a row, the California Wildfire Fund is going without reinsurance or any form of risk transfer in 2022, as the market pricing on offer still does not meet the Fund’s goal of extending its […]

July 27, 2022

Adit Ventures has agreed to seed Aanika Re, a Bermuda-based insurance vehicle wholly owned by Aanika Biosciences. Aanika Biosciences is a Brooklyn based synthetic biology startup that uses microbes to improve food safety. The company was founded in 2018 by […]

July 27, 2022

Inflation is “beginning to bite” in the UK motor insurance market causing adverse trends, particularly relating to claims inflation, analysts at J.P. Morgan have observed. A drop in claims inflation in the near term is hard to imagine, analysts highlighted, […]

July 27, 2022

Property and casualty insurance holding company United Insurance Holdings Corp. (UPC Insurance) has estimated that it incurred catastrophe losses of $21 million during the second quarter of 2022. This figure is before income taxes and net of expected reinsurance recoveries, […]

July 26, 2022

Brown & Brown is reporting revenues of $839.7 million in its Q2 22 results. The firm said that this included a $112.4 million (15.5%) increase compared to Q2 21. Income before income taxes was $198.8 million, increasing 6.7% from the […]

July 26, 2022

A quarter of firms operating at Lloyd’s of London have reached the commercial insurance market’s target for 35% of leaders to be women, though progress on diversity was “incremental,” Lloyd’s said in a report on Monday. Lloyd’s has been trying […]

July 25, 2022

NI Holdings has announced pre-tax catastrophe losses of approximately $49m, net of reinsurance, for the three months ended June 30, 2022. According to the firm, losses were primarily in the Home/Farm and Private Passenger Auto segments driven by multiple severe […]

July 25, 2022

A former lead claims examiner for the Michigan Unemployment Insurance Agency (MUIA) is headed to prison for participating in a $1.5 million pandemic-related insurance scam. Jermaine Rose has been sentenced to two years in federal prison for his part in […]

July 22, 2022

Rating agency Demotech sent a letter to 17 Floridian insurers on Tuesday explaining that they are likely to have their A ratings downgraded on July 26th, a move the Florida Office of Insurance Regulation (OIR) describes as an “example of […]

July 21, 2022

US property and casualty insurer RLI Corp. has reported a net loss of $2.2 million in the second quarter of 2022, compared to net earnings of $81.8 million from the same period last year. The company’s operating earnings for the […]

July 21, 2022

Comprehensive car insurance premiums have increased by 6% (£32) during the last 12 months, with UK motorists now paying £554 on average, according to data from WTW and Confused.com Car Insurance Price Index. WTW recently warned that UK motor claims […]

July 20, 2022

Insider threats are cyber attacks that come from within a company. They can happen when former or current employees, or even third party contractors that work with the company, make inadvertent errors, discover vulnerabilities, or intentionally steal data. “It’s the […]

July 20, 2022

Damage from large wildfires in Europe has jumped dramatically, with a 75% increase in the amount of land burnt in the last year, according to new analysis by Chaucer. In June and July of this year, parts of Europe have […]

July 19, 2022

The recent ruling by a California court of appeal to reverse a lower court’s dismissal and reinstate a COVID-19 related business interruption (BI) lawsuit filed against a division of global insurer Allianz, has the potential to set a “worrying precedent”, […]

July 19, 2022

A trio of investment bank insurance and reinsurance equity analyst teams have all forecast that US domestic catastrophe losses will be reported as above-average in the coming results season, with convective storms, hail and derecho events seen as drivers. As […]

July 18, 2022

Lex Machina has released its 2022 insurance litigation report, examining trends including case filings, venues, judges, law firms, parties, and damages across federal district and appellate courts from 2017 to 2021. In 2021, 14,793 insurance cases were filed in federal […]

July 18, 2022

The insurance industry has acquired a reputation for sluggishness. In my experience, however, the appetite to embrace change among insurers and reinsurers is strong. Especially when there is the very real prospect of improving the offering to customers, the products, […]