Month: March 2023

March 31, 2023

Britain on Thursday launched a long-awaited consultation on reforming rules brought in after the global financial crisis to make top bankers accountable for their decisions, saying a globally competitive finance sector is key to economic growth. Britain broke regulatory ground […]

March 31, 2023

According to a report published by Swiss Re, there has been an upward trend in natural catastrophe-insured losses over the past six years. The data shows a rise of about 5‒7% in average annual losses established over the last 30 […]

March 31, 2023

Global alternative asset manager, Apollo Global Management, Inc., has closed an agreement for its affiliated companies, third-party insurance managed accounts, and other institutional clients to invest $500 million into surplus notes issued by Reinsurance Group of America’s (RGA) wholly owned […]

March 30, 2023

The South Carolina Supreme Court on Wednesday handed down three opinions that resolve two questions about insurance law. One decision will probably disappoint auto insurers; another will please carriers in the liquor liability line. In two separate decisions, the high […]

March 30, 2023

Russia still relies on Western insurers to cover more than half of the tanker fleet that exports its oil, according to data compiled by Bloomberg, and the country’s energy officials are voicing concerns about the situation. The Group of Seven […]

March 30, 2023

“The insurance industry is traditionally risk-averse, which can create a barrier to the adoption of new technologies,” according to Thoughtworks domain specialist Davnit Singh (pictured above). In conversation with Insurance Business’s Corporate Risk channel, Singh summed up some of the […]

March 29, 2023

Embedded insurance – insurance integrated into a product or service – has quickly become a mainstay in the auto, electronics, and travel space. But one expert believes that this innovative type of insurance is ripe for wider adoption amid the […]

March 28, 2023

Hong Kong has now listed the first catastrophe bond notes on its stock exchange, with the World Bank issued $350 million of IBRD – Chile 2023 cat bond notes now housed on the Hong Kong Exchanges and Clearing Limited (HKEX). […]

March 27, 2023

Georgia lawmakers have approved a bill that, if signed into law, would end the longstanding “use-and-file” mechanism on auto insurance rate filings in the state. The state Senate last week voted 49-2 in favor of House Bill 221, a measure […]

March 27, 2023

A New York-licensed pain management doctor has been sentenced to 36 months in prison for his participation in a scheme to obtain fraudulent insurance reimbursements and other compensation from fraudulent trip-and-fall accidents. Damian Williams, U.S. Attorney for the Southern District […]

March 24, 2023

The Insurance Council of New Zealand (ICNZ) has recorded more than 40,000 claims for Cyclone Gabrielle totalling approximately $890 million, of which roughly $70 million has been paid. Cyclone Gabrielle caused significant flooding and landslides across the North Island of […]

March 24, 2023

PCF Insurance Services (PCF) is at a “moment of convergence” after investing heavily in data and technology capabilities last year. The independent commercial insurance brokerage, one of the fastest growing in the US, is ready to fuel its organic growth […]

March 23, 2023

More than 18 months after he pleaded guilty to absconding with almost $5 million in premiums, a Florida insurance agent has been sentenced to 14 years in prison. John M. Thomas, 52, the former owner of Thomas Insurance agency in […]

March 23, 2023

The World Bank has assisted in the structuring of a cyclone reinsurance arrangement to protect Mozambique’s state insurer against the impacts of major storms, working alongside parametric insurtech PULA and managing general agent Africa Specialty Risks (ASR). The US $35 […]

March 23, 2023

In a new report, rating agency Moody’s Investors Service has highlighted the much improved outlook for reinsurance-linked returns, through its comments on the big four reinsurers. The report details the challenges faced, including a reduction in earnings in 2022 for […]

March 22, 2023

Coalition Inc., a cyber-insurance provider that tries to curb digital risk, has designed technology that simulates large-scale attacks to help insurers identify potential weaknesses in their portfolios and prevent widespread losses. The San Francisco-based company’s model measures cyber risks in […]

March 22, 2023

Natural disasters in 2022 brought global economic losses of US$275 billion, of which insurance covered 45%, or US$125 billion, according to Swiss Re’s latest sigma report. Claims from Hurricane Ian in Florida, record breaking losses from hailstorms in France, floods […]

March 21, 2023

The Silicon Valley Bank (SVB) collapse is increasing awareness of risks in the financial system and could reverse some of the softening in insurance markets this year, according to Amwins CEO Scott Purviance. “When you’re allocating capital and taking risk […]

March 21, 2023

Analysts at AM Best have reported that the US Life/Annuity (L/A) insurance segment remains well-positioned to meet challenges in 2023, supported by high levels of risk-based capitalization, strong liquidity profiles, and robust sales in annuity products. Despite this strong position, […]

March 21, 2023

CompScience Insurance Services has announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies. Josh Butler, Founder and CEO, CompScience, commented, “We are pleased to be partnering with Nationwide and […]