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Month: September 2022


Risk Management, Trends

Grim picture for January 1 property reinsurance renewals

September 30, 2022

Via: Insurance Business

Property reinsurance renewals at mid-year 2022 “experienced significantly tighter conditions” than the renewals at January 1, according to Guy Carpenter. The Guy Carpenter US Property Catastrophe Rate on Line Index – a proprietary index of rate-on-line movements on brokered excess […]


InsurTech

Insurtech weekly news roundup: Sept. 30

September 30, 2022

Via: Insurance Business

This week, nine new insurtechs have joined the annual cohort program for Lloyd’s Lab. COVU hired a number of new executives. Cover Whale unveiled two new technology platforms. Stere raised a seed financing round. Marsh McLennan’s Guy Carpenter arm will […]


Regulatory / Legal

Connecticut Regulates ‘Defense Within Limits’ Provisions by Insurers

September 29, 2022

Via: Insurance Journal

Connecticut’s insurance regulator has provided commercial insurers with updated guidance on “defense within limits” policy provisions including the lines of insurance on which they may be included and the consumer disclosure required. The guidance from the Connecticut Insurance Department (CID) […]


Geo-Political, Risk Management

Editorial: Hurricane Ian promises an insurance storm

September 29, 2022

Via: Insurance Business

As I type, Hurricane Ian is bearing down on the west coast of Florida and looking likely to make landfall in the Port Charlotte area. Having intensified to a category four storm – with winds of 155mph just a couple […]


Regulatory / Legal

Florida regulator recommends placing FedNat Insurance into receivership

September 28, 2022

Via: Insurance Business

The Florida Office of Insurance Regulation (OIR) has requested a judge to place FedNat Insurance into receivership, citing the insurer’s precarious financial situation. The Sunrise, FL-based FedNat is estimated to have about 1,500 open claims in another state, Louisiana. Its […]


News

Long arbitration and legal procedures for lessors and re/insurers of stranded aircrafts in Russia

September 28, 2022

Via: Insurance Business

According to a recent report by DBRS Morningstar the risk of a prolonged Russian invasion of Ukraine will further complicate the resolution of aircraft leasing insurance claims which would take years to settle, with experts believing that this would require […]


News

Arbella Insurance Group announces new CIO

September 27, 2022

Via: Insurance Business

The Arbella Insurance Group has announced that Matt Postulka has rejoined the company as vice president and chief information officer. He will report to Paul Brady, senior vice president and head of technology and operations. In his new role, Postulka […]


Geo-Political, Risk Management

Understanding present and future wildfire risks

September 27, 2022

Via: Insurance Business

GIA Map is betting it has a successful future helping carriers and others understand present and future risk of wildfires and other hazards. Launched in 2017 in California, the tech startup is an underwriting hazard system for both underwriting and […]


InsurTech

Covr announces collaboration with Citi

September 26, 2022

Via: Insurance Business

Covr Financial Technologies has announced a collaboration with Citi to help its US financial advisors and clients more effectively integrate life insurance and long-term care coverage into their financial plans. Citi’s advisors and clients can use Covr’s platform to access […]


Financial, Risk Management

JP Morgan confident that reinsurance pricing will increase in 2023

September 26, 2022

Via: Reinsurance News

Analysts at JP Morgan are confident that the reinsurance market will show further hardening in 2023, despite already seeing several years of prices increasing. The report states that at the 2022 mid-year renewals, the market saw some business unable to […]


Cyber Risks, Risk Management

Beazley probes insurance needs of digital health businesses

September 23, 2022

Via: Insurance Business

A new report by Beazley Plc has taken a deep dive into the opportunity-rich world of digital health businesses, a majority of which, it turns out, are not adequately insured. The Spotlight on digital health and wellness 2022 report was […]


Geo-Political, Risk Management

Munich Re aims to push boundaries of climate insurability, say leaders

September 23, 2022

Via: Reinsurance News

Executives at Munich Re say the company is aiming to “push the boundaries of insurability” in its efforts to help understand and mitigate the impacts of climate change. Speaking at a briefing during the 2022 RVS event in Monte Carlo […]


News

Markets/Coverages: BHSI Launches Multiple New Policies in Spain

September 22, 2022

Via: Insurance Journal

Berkshire Hathaway Specialty Insurance (BHSI) announced the introduction of new property damage, general liability, D&O, professional indemnity and marine cargo insurance policies in Spain. “Launching our proprietary policy wordings in Spain is indicative of our commitment to leading domestic and […]


News

Florida’s Citizens Property Insurance hits over a million policies

September 22, 2022

Via: Insurance Business

New data from Citizens Property Insurance – Florida’s insurer of last resort – reveals that it had added about 8,000 policies last week, bringing the insurer’s total policyholder count to just over a million. As of September 16, Citizens’ total […]


Brokers

Gallagher recruits Tim Wright as Consultant for aerospace practice

September 21, 2022

Via: Reinsurance News

Insurance broker Gallagher has announced the appointment of Tim Wright as a Consultant within its global aerospace practice. In his new role Wright will be responsible for supporting international space clients with risk management and specialist insurance advice, as well […]


Regulatory / Legal

Insurer Loses Bid to Recover $340M Payout for Dubai Hotel Fire

September 21, 2022

Via: Claims Journal

An insurance company that was ordered to pay more than a billion Dirhams in damages for a 2015 New Year’s Eve fire in Dubai has lost a civil lawsuit that it filed to try and recover the money. Two years […]


News

Erie Insurance internship program named one of industry’s best

September 20, 2022

Via: Insurance Business

Erie Insurance’s Future Focus internship program has been named one of the industry’s top 50 best internship programs by Rising Insurance Star Executive (RISE), an industry group founded to help advance young talent in the insurance sector. This is the […]


Financial, Risk Management

Coalition of Insurers, Pension Funds Commit $7.1 Trillion to Support 1.5°C Climate Goal

September 20, 2022

Via: Insurance Journal

A coalition of pension funds and insurance companies that includes Allianz SE, the California Public Employees’ Retirement System and Zurich Insurance Group AG have committed to managing $7.1 trillion of assets in line with the Paris Agreement’s goal of limiting […]


Geo-Political, Risk Management

Hurricane Fiona drenches Puerto Rico & Dominican Republic. Bermuda on alert

September 19, 2022

Via: Artemis BM

Hurricane Fiona has impacted Puerto Rico heavily with the island experiencing a historic rainfall event, as two-foot of rains are forecast from the storm, with locally maximum amounts of up to 30 inches warned. The storm is largely causing impacts […]


Financial, Risk Management

Global insurance sector outlooks at risk from high inflation & rising interest rates: Fitch

September 16, 2022

Via: Reinsurance News

In a new report, Fitch Ratings has warned that insurance sector outlooks in several markets across the world could move to deteriorating if both high inflation and rising interest rates continue to persist beyond the rating agency’s latest forecasts. Analysts […]