Month: October 2022

October 14, 2022

An insurance agency association is calling for California Insurance Commissioner Ricardo Lara to reconsider his moratorium on auto insurance rate filings, as the group claims that the measure has severely limited options for consumers in the state. “Commissioner Lara’s Rate […]

October 14, 2022

The global reinsurance industry is undoubtedly a vital part of the risk value chain, but it needs to go back to basics and avoid the mistakes of the last five to 10 years, according to industry experts. Speaking yesterday on […]

October 13, 2022

The parent company of Universal Property & Casualty Co., the second-largest property insurer in Florida, projects its total losses from Hurricane Ian to be about $1 billion, well below its $3 billion reinsurance coverage. The statement came a week after […]

October 13, 2022

Cyber insurance rate increases have decelerated nearly 80% on average in just six months, according to a new report from Marsh. According to Marsh’s latest quarterly US cyber insurance market update, the market began to embrace a new paradigm toward […]

October 12, 2022

The first insurance company in the U.S., The Friendly Society, was established in Charleston, South Carolina, in 1735, according to the Insurance Information Institute’s insurance handbook, meaning the industry is now nearly 300 years old. But experts at the Insuretech […]

October 12, 2022

Quandri developed what it asserts is a simple tool to automate time consuming, repetitive and high-volume processes for insurance agencies and brokerages: A software robot, or bot. About that bot – you can even name it. That’s the basic premise […]

October 11, 2022

Louisiana Insurance Commissioner Jim Donelon approved a significant rate hike for Louisiana Citizens residential property insurance policies, a move the insurance department blamed on rising costs of reinsurance. Donelon approved Citizens’ request for a 63% rate increase, which will go […]

October 11, 2022

According to Insuramore, a provider of marketing services focusing on the insurance sector, despite the auto (motor) insurance sector remaining a tough market, some challengers are growing profitably. The firm’s recently published ranking for the market shows that its gross […]

October 7, 2022

Cyber insurance will likely eventually become as ubiquitous as public liability or professional liability coverage, according to a new report by Global Insurance Law Connect (GILC), an alliance of insurance law firms. GILC’s first-ever Cyber Insurance Report included insights from […]

October 7, 2022

Initial data from the Florida Office of Insurance Regulation (FLOIR) reveals that more than 375,000 claims have been filed after hurricane Ian, mostly related to residential property, as the entity reports total estimated insured losses of close to $3.28 billion. […]

October 6, 2022

Lloyd’s of London is investigating a possible cyber attack and has taken initial precautions in response, the re/insurance market has confirmed. “Lloyd’s has detected unusual activity on its network, and we are investigating the issue. As a precautionary measure, we […]

October 6, 2022

Reforming European Union insurance rules to release billions of pounds of capital is a key part of the UK government’s program to boost the economy. The market turmoil unleashed by the mini-budget may make such ambitions harder to deliver. The […]

October 5, 2022

Auto insurance carriers must pay uninsured motorist benefits to insureds who are injured by motor vehicles while walking or bicycling, even if their policies explicitly provide coverage only to occupants of insured automobiles, an Illinois Appellate Court panel ruled. The […]

October 5, 2022

Insurance-linked securities (ILS) market sources had been forecasting a busy pipeline of catastrophe bond deals for the remainder of 2022 and into early 2023, but at the same time capital raising was not happening as quickly as some would like […]

October 4, 2022

EPIC Insurance Brokers and Consultants has acquired The National Benefit Corp (TNBC), a full-service service insurance marketing organization based in West Des Moines, IA. TNBC, founded in 1977, offers advisors a wide range of financial products such as life and […]

October 4, 2022

Insured losses to onshore property from Hurricane Ian could range between $42 billion and $57 billion, according to a new estimate from Verisk Extreme Event Solutions. The projection includes estimated wind, storm surge, and inland flood losses resulting from Ian’s […]

October 3, 2022

Late last week President Joe Biden signed legislation passed by Congress to extend the National Flood Insurance Program’s authorization to Dec. 16, 2022. “NFIP reauthorization is an opportunity for Congress to take bold steps to reduce the complexity of the […]

October 3, 2022

Hurricane Ian is one of the most severe tropical cyclones to make landfall in Florida – and its resulting economic loss could break records, a new report from DBRS Morningstar has found. The global credit rating agency has projected that […]