Month: February 2023

February 28, 2023

ACORD, the global standards-setting body for the insurance industry, has released the results of a survey on the future of insurance. ACORD CEO Bill Pieroni presented the findings of the Insurance 2040: Prospects and Predicaments for Innovation & Value Creation […]

February 28, 2023

Hudson Structured Capital Management Ltd. (HSCM) – conducting its insurance business as HSCM Bermuda – has announced the launch of the HSCM Insurance Credit Strategy. Concurrent with the launch, Security Benefit Life Insurance Company (SBL), subject to certain conditions, has […]

February 28, 2023

Analysts at the World Bank have estimated that the recent devastating earthquakes that occurred in Turkey will result in some $34 billion of economic costs, based on direct physical damages. At this level, losses from the February quakes would be […]

February 28, 2023

Insurance Business has released the list of the America’s top specialist insurance brokers for 2023. The winners of the seventh annual top specialist brokers list possess unique insights and highly developed skill sets tailored to their specialty to help retail […]

February 27, 2023

The cyber-insurance market, battered by a rash of pandemic-era ransomware attacks, is making a comeback. Price hikes are moderating, new carriers and fresh sources of capital are emerging, and companies can better afford coverage. Cyber-insurance pricing increased 10% from a […]

February 27, 2023

Flood risk management is under strain, unable to cope with current levels of risk even as global flood risk is set to increase in the coming years, according to a report by Marsh McLennan. The company’s latest Flood Risk Index, […]

February 24, 2023

Global corporation ITT has again been denied coverage under its “all-risk” policy for business costs and losses it sustained due to Covid-19. The Second Circuit Court of Appeals has affirmed a ruling by the federal district court for Connecticut that […]

February 23, 2023

Louisiana Senator Jay Luneau has filed a bill seeking increased fairness in how auto insurance rates are determined, by prohibiting insurers from using policyholders’ genders as a factor in setting rates. The bill, SB11, was filed for the regular legislative […]

February 23, 2023

A New York appeals court last week upheld the dismissal of Madison Square Garden’s Covid-19 business interruption claim against Factory Mutual Insurance Co. The court agreed with a New York County court’s dismissal in January, 2002 after it found that […]

February 23, 2023

A California fund to encourage wildfire innovation and lower the severity and frequency of catastrophic wildfire is getting a $25 million boost. Walnut Creek, Calif.-based CSAA Insurance Group made a $25 million commitment to the California Wildfire Innovation Fund, a […]

February 22, 2023

Strong recent merger and acquisition (M&A) activity has coincided with the increased use of warranty and indemnity insurance for mid-to-high value transactions in the New Zealand market. Advisors and insurers expect this trend to accelerate over the coming months and […]

February 21, 2023

Mercury Insurance has been recognized by Forbes as one of the country’s best midsize employers for 2023. To compile its “Best Midsize Employers” list, Forbes partnered with market research firm Statista to survey 45,000 employees working for companies employing at […]

February 20, 2023

The insurance industry is in a period of transition as it adapts to today’s geopolitical and socio-economic climate, new ways of working, new risks faced by our clients – and much more. Sandrine Girszyn (pictured), chief human resources officer for […]

February 20, 2023

Auto and home insurance rates in the US lagged behind the inflation rate in 2020 and 2021, laying the groundwork for the premium increases which occurred last year and will continue into 2023, according to the Insurance Information Institute (Triple-I). […]

February 17, 2023

Germany’s Allianz on Friday swung to a fourth-quarter net profit, rebounding after taking big charges a year earlier for a U.S. funds scandal and as a higher investment margin boosted its life and health insurance business. But its asset management […]

February 16, 2023

Amid spiking insurance rates, Farmers Insurance has been canceling property insurance policies in San Diego, CA communities due to wildfire risk. The insurer recently dropped renewal for 115 condominiums in Scripps Ranch, citing their heightened wildfire risk. Over the past […]

February 16, 2023

Total property insurance and reinsurance industry losses from the dual Kahramanmaras, Turkey earthquakes are estimated at $2.4 billion, with economic losses pegged at close to $20 billion, according to Karen Clark & Company (KCC). These estimates do not include losses […]

February 15, 2023

Coalition, which has been hailed as the first active insurance provider preventing digital risks before they strike, has announced an expansion of its cybersecurity offering to large US enterprise businesses with annual revenues of up to $5 billion. In a […]

February 15, 2023

In recognition of February as Earthquake Awareness Month, the Missouri Department of Commerce and Insurance (DCI) has published the latest findings of its earthquake preparedness report, which revealed that residents of the New Madrid Seismic Zone remain “largely uninsured.” The […]

February 14, 2023

Indian fintech startup InsuranceDekho raised $150 million from a clutch of investors led by Goldman Sachs Asset Management, an unusually large investment round that will help it target an under-served domestic market. TVS Capital Funds co-led the equity and debt […]