Month: October 2022

October 31, 2022

Insured losses for the severe storms, which hit Southern Australia on Oct. 28-30, 2021, are estimated at A$972 million (US$623.1 million), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. This fourth and final estimate dropped […]

October 31, 2022

A US Navy veteran has pleaded guilty to charges related to an insurance fraud scheme that bilked a program that compensates service members who suffer serious and debilitating injuries while on active duty. Christopher Toups, who at the time of […]

October 28, 2022

As the volume of vehicle collisions is slowly returning to pre-pandemic levels, with repair costs rising to all-time highs, and replacement parts becoming much harder to source, US auto insurance customer satisfaction levels for 2022 have dropped, a new report […]

October 28, 2022

Re/insurance broker Aon has posted flat revenue of $2,696 million for the third quarter of 2022, as growth in its Reinsurance Solutions segment offset a decline in revenues across all other segments. The Reinsurance Solutions segment grew its revenue by […]

October 27, 2022

Rising interest rates and a weakening economic picture affecting pricing and demand is setting insurers for low premium income growth in 2023, according to a recent EY report. In the the latest EY ITEM Club Outlook for Financial Services analysts […]

October 27, 2022

Goosehead Insurance, Inc. has reported a net income of $3 million for the third quarter of 2022, a 43% decrease compared to $5.3 million from the same period last year. The company noted that the decrease was due to higher […]

October 26, 2022

Manuel and Marcy Silva combed through the charred rubble that used to be their home, searching for any salvageable bits in the wake of the largest wildfire in New Mexico history. Manuel found two of his high school wrestling medals. […]

October 26, 2022

Ping An Insurance (Group) Co., China’s second-largest insurer by market value, said profit dropped 6.3% in the first nine months as a slump in the stock market hurt investment returns and an economic slowdown hampered sales. Net income fell to […]

October 25, 2022

The US-based insurtech Entegral has launched a new vehicle claim assistance software called Smart Assist, a SaaS (software as a service) that helps digitize and automate the auto insurance claims process for customers. Entegral’s platform is integrated and open software […]

October 25, 2022

The future of this year’s Insurance Business America (IBA) rising stars are so bright, they need sunglasses. At the start of summer this year, the IBA team invited insurance professionals across the US to nominate the most exceptional young talent […]

October 24, 2022

Climate change remains at the top of insurance companies’ biggest concerns even as Russia’s invasion of Ukraine stokes geopolitical and energy-related fears within the industry. Global warming is considered as the biggest risk to society in the next five to […]

October 24, 2022

California’s insurance regulator has implemented new rules that now require insurers to assess the wildfire risk of their customers’ properties and provide insurance discounts to those with safer properties. “Protecting Californians from deadly wildfires means everyone doing their part, including […]

October 21, 2022

Florida’s besieged property insurance industry is hoping the second time will be the charm, after Gov. Ron DeSantis announced that he is working with lawmakers to schedule another special session to help stablilize the market. The governor’s office did not […]

October 20, 2022

With the recent launch of the Amazon Insurance Store, Amazon could become a “serious threat” to the ‘big four’ price comparison sites of household insurance – Compare the Market, Go Compare, MoneySuperMaket, and Confused.com – ruling the UK market, according […]

October 20, 2022

The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook, according to analysts at Morgan Stanley. Cat model estimates for Hurricane Ian’s flood-based insured losses are […]

October 19, 2022

Hurricane Fiona is estimated to have caused C$660 million (US$436.8 million) in insured damage, according to the Insurance Bureau of Canada (IBC), which quoted initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ). Hurricane Fiona is the most costly extreme […]

October 18, 2022

A federal judge in western Pennsylvania has ruled that losses from the COVID-19 pandemic and related government shut-down orders do not trigger business interruption (BI) coverage under Erie Insurance’s (Erie) commercial “all risk” property policies. Reuters reported that Chief US […]

October 18, 2022

According to a recent Goldman Sachs report, commercial pricing is expected to continue to show modest deceleration in the quarter. This is mainly due to higher investment yields and improved underwriting over the past several years which have modestly outweigh […]

October 17, 2022

Florida’s property insurer of last resort Citizens Property Insurance Corporation said Friday that it is now estimating a hurricane Ian claim-count of around 100,000, down dramatically from its earlier assessment of a burden of over 225,000 claims being anticipated. Now, […]

October 17, 2022

Two of Australia’s largest insurers have both slashed their reserve provisions for business interruption claims from the COVID-19 pandemic after last week’s test case ruling. As we reported last week, the second test case in the High Court of Australia […]