Month: January 2023

January 17, 2023

Britain’s proposed changes to capital rules for insurers could lead to the government having to bail out policyholders, as happened 20 years ago after the near-collapse of life assurance company Equitable Life, the Bank of England said on Monday. Late […]

January 17, 2023

As the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders, which now includes 127 “seriously committed” executives from some of the world’s largest companies, continues to make progress, Christian Mumenthaler, CEO of reinsurance giant Swiss Re, is seeing the […]

January 13, 2023

Corporations in New York’s construction industry will face increased fines of up to $500,000 if they are found criminally liable for worker deaths or serious injuries. Gov. Kathy Hochul signed into law what has been named Carlos’ Law. The legislation […]

January 13, 2023

Pennsylvania auto insurers will not be able to surcharge private passenger policyholders with claims unless their aggregate claim cost over a three-year period exceeds $2,100. This new threshold is effective in July and is up from the current $1,900. Insurers […]

January 12, 2023

German reinsurance giant Hannover Re has brought the first private catastrophe bonds that we’ve learned of in 2023, with three Seaside Re cat bond lites totalling $32.5 million of risk capital issued, the latest, use of its Kaith Re transformer […]

January 12, 2023

In a unanimous decision, the Ohio Supreme Court found that appellee EMOI Services, LLC’s (“EMOI”) businessowners insurance policy does not cover losses resulting from a ransomware attack on EMOI’s computer software systems. EMOI, a computer software company, was the target […]

January 12, 2023

Chapter 11 bankruptcy as a means for resolving mass tort claims In recent years, a growing number of defendants have sought to use reorganization under chapter 11 of the United States Bankruptcy Code to obtain permanent and complete relief from […]

January 11, 2023

The key areas of focus in 2023 will be: Financial resilience The combination of the on-going recession and high inflation provide a very challenging economic outlook for insurers. For life insurers, the PRA has identified the potential threat of firms […]

January 10, 2023

Louisiana lawmakers passed several bills last legislative session in response to insurers’ handling of recent natural disasters, five of which went into effect Jan. 1, 2023. The legislation resulted from a shaken homeowners insurance market that experienced eight insurers leave […]

January 10, 2023

AM Best has unveiled the latest edition of its top largest insurers – with UnitedHealth Group maintaining its top spot on the list for the eighth consecutive year. The rankings were published in the January 06, 2023 issue of Best’s […]

January 9, 2023

Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against “remote probability catastrophe and systemic events”, opening up a much larger source of capital for the firm, according to a report […]

January 9, 2023

New to Insurance? Here’s Three Reasons Why You Should Stay the Course Ask any insurance industry veteran and they’ll tell you it’s a career worth having. Whether they own an independent agency, work as a producer for a larger brokerage, […]

January 6, 2023

Insured damages from Hurricane Fiona are now estimated at over C$800 million (US$591.2 million), according to the Insurance Bureau of Canada (IBC), quoting the Catastrophe Indices and Quantification Inc. (CatIQ). Hurricane Fiona remains the most costly extreme weather event ever […]

January 6, 2023

A list of industry trade groups have submitted a cautioning joint letter to the Federal Insurance Office (FIO) in response to its request for comments on a “Potential Federal Insurance Response to Catastrophic Cyber Incidents.” The industry groups involved in […]

January 5, 2023

Insurtech MGA Loadsure has just guaranteed itself enhanced freight protection offering in the coming year with new capacity backing from Tokio Marine Kiln. Leading specialist international insurer Tokio Marine Kiln has undertaken this partnership with Loadsure to forward one of […]

January 5, 2023

Analysts at Fitch Ratings have stated that rising rates have been largely favourable for US life insurer investment portfolios, driving higher investment income as reinvestment rates exceed book yields. The rising rates have played a large role in helping to […]

January 4, 2023

The geopolitical and macroeconomic shocks of the past year have led to a highly challenged and complex January 1 renewal period, according to global broking group Howden. In its renewal report titled The Great Realignment, Howden noted how high inflation, […]

January 4, 2023

P&C insurer Chubb, has announced the launch of a new global climate business unit, drawing on the company’s technical capabilities in underwriting and risk engineering, and also bringing together Chubb units engaged in traditional, alternative and renewable energy, climate tech, […]

January 3, 2023

Managing general agency Johnson & Johnson announced that it recently acquired the assets of Statewide Insurance Corp as it looks to expand into a number of Southwestern states. Founded in 1964, Statewide Insurance Corp is among the oldest general agencies […]

January 3, 2023

CRESTA, the re/insurance industry organisation that provides a global standard for risk accumulation zones and cat industry losses, has released its Q4 update of the CRESTA Industry Loss Index (CLIX), highlighting a significant rise in weather-related catastrophe losses over the […]