Month: November 2022

November 30, 2022

Applied Systems, a global provider of cloud-based software that powers insurance businesses, has released the third quarter results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. The index shows that average premium rates increased year-over-year in […]

November 30, 2022

Broker and consulting firm USI Insurance Services is to team up with platform GK8 to launch a new plan giving the latter’s customers up to $1bn of dedicated cover. A joint statement from the two firms said that plan will […]

November 29, 2022

SMBC Aviation Capital has joined most of the world’s largest aircraft lessors in pursuing insurance claims through the courts over jets it owns that are stuck in Russia, an Irish High Court filing showed. Irish-headquartered SMBC recorded an impairment of […]

November 29, 2022

A former Amtrak employee has pleaded guilty to conspiring with her husband to steal almost $1 million in COVID-19-related unemployment insurance benefits and for dishonestly obtaining more than $63,000 in sickness benefits. Lizette Berrios Lathon, 45, of Moreno Valley, Calif., […]

November 28, 2022

Global consulting and actuarial firm Milliman has announced the release of Milliman Agile ALM, a software package that makes asset/liability management (ALM) and stochastic valuation accessible to insurers, helping them comply with Solvency II, IFRS 17, and other requirements. The […]

November 28, 2022

The Coalition Against Insurance Fraud has released a report estimating that annually, insurance fraud costs the US $308.6 billion. In 1995, the Coalition estimated this number at $80 billion, though at the time, only the property & casualty insurance line […]

November 22, 2022

A North Carolina insurance agent and two St. Louis tax attorneys have been indicted on charges related to a $200 million insurance scam and the operation of a fraudulent tax shelter that caused a tax loss to the IRS of […]

November 22, 2022

Nassau Financial Group, L.P. has entered into a definitive agreement for its subsidiary, Nassau Life Insurance Company (NNY), to acquire Delaware Life Insurance Company of New York (DLNY) from Delaware Life Insurance Company. The transaction is expected to close in […]

November 21, 2022

Ahoy!, a digital insurance managing general agent for recreational boating, has been named “Best Emerging InsurTech” by InsurTech Hartford as part of the Innovation Challenge Awards. “Ahoy! Insurance is building a tech-first product, designed by boaters for boaters, for a […]

November 21, 2022

Lloyd’s announced that the market’s claims from Hurricane Ian are estimated to be in the range of US$2.3 billion – US$3 billion, net of reinsurance, based on Q3 data provided by Lloyd’s syndicates. Lloyd’s estimates its net market share of […]

November 18, 2022

Convinced that the boom in leisure travel is permanent, Airbnb aims to expand its listings by convincing more people to turn their homes into short-term rentals. The company said Wednesday that it will increase the amount of liability coverage for […]

November 18, 2022

Chubb Ltd. announced it has received regulatory approval from the China Banking and Insurance Regulatory Commission to increase the company’s ownership in Huatai Insurance Group Co. Ltd. from 47.3% to 83.2%. Financial details of the deal were not disclosed. Huatai […]

November 17, 2022

The UK’s Pension Insurance Corporation (PIC) is predicting a pension risk transfer (PRT) market of £30bn over the next year. In its update on the market following the recent volatility, the PIC said that net business premiums during 2022 have […]

November 17, 2022

The insurance industry is forecasted to return to premium growth of 2.1% annually on average in real terms in 2023 and 2024 following total global premiums falling by an estimated 0.2% in real terms in 2022 due to inflation, which […]

November 16, 2022

Send Technology Solutions Ltd., the London-based insurtech, announced it has closed a Series A funding investment of £9 million ($10.7 million). The round was led by Venture Capital firm Breega with participation from Mercia and will enable Send to accelerate […]

November 16, 2022

Analysts at S&P Global Ratings note in a new report that EMEA insurers are facing a “perfect storm” of capital market volatility, recessionary risks and heightened inflation, even as rising interest rates support investment income. But Credit Analyst Volker Kudszus […]

November 15, 2022

The Texas Department of Insurance Division of Workers’ Compensation (DWC) announced that a Travis County district court judge convicted Sehgal & Sons Enterprises (Ultra Business Services Inc.) of first-degree felony in a scheme to defraud Texas Mutual Insurance Company (Texas […]

November 15, 2022

Homeowners in California may be paying some of the lowest home insurance rates when compared to the rest of America, but a new guide published by insurance quote comparison site ExpertInsuranceReviews.com reveals that there are a lot of strings attached […]

November 14, 2022

Brokerslink, a global broking business, has added Sammy Free, an insurance and reinsurance brokerage specialising in surety insurance, to its international network. From its headquarters in Spain, Sammy Free has been dedicated to enabling clients to obtain their guarantees in […]

November 14, 2022

New data from the California Department of Insurance suggests some progress in the department’s push for California’s $409 billion insurance industry to partner more with the diverse small businesses. The latest results from the California Insurance Diversity Survey for 2021 […]