Tag: Featured

October 2, 2023

Washington Insurance Commissioner Mike Kreidler sent a letter asking insurance companies and adjusters working with communities impacted by the Gray and Oregon Road fires to expedite the approval process for debris removal. Speeding up the process will help assure people […]

October 2, 2023

The United States insurance industry is grappling with a persistent wave of social inflation, with liability claims costs surging by an annual average of 16% over the last five years, according to Swiss Re Institute. This trend far outpaces the […]

September 27, 2023

Allstate reported $551 million in catastrophe losses in August alone, prompting the insurer to implement 7% rate increases throughout five locations. When announcing its catastrophe losses, which totaled $864 million pre-tax for July and August combined, Allstate said the Maui […]

September 27, 2023

In a strategic move aimed at bolstering cybersecurity practices for American businesses, Chubb, the world’s largest publicly traded property & casualty insurance company, has embarked on a collaboration with SentinelOne, a renowned leader in the field of cybersecurity. This partnership […]

September 26, 2023

Customers in Florida are more dissatisfied with their homeowners’ insurance than customers in any other state, according to a new report from Clearsurance.com. The report found that Florida homeowners deal with several issues that make homeowners’ insurance more complicated than […]

September 26, 2023

Miller, a leading independent specialist (re)insurance broker, and Clearwater Dynamics (CWD), in collaboration with Ukrainian authorities, have joined forces to introduce comprehensive War Risks insurance coverage for vessels operating in the Black Sea. This groundbreaking solution leverages Clearwater Dynamics’ cutting-edge […]

September 26, 2023

The offshore wind industry is poised for growth, but developers and their insurers need to successfully manage a range of risks to successfully scale this industry globally, said Allianz in a recent report. In ‘A turning point for offshore wind’, […]

September 20, 2023

In finalising the insurance and reinsurance industry loss estimate for Japanese typhoon Nanmadol, which struck the country in September 2022, catastrophe loss data aggregator PERILS AG has lowered the total to JPY 125.9 billion, while also saying that its data […]

September 20, 2023

Home insurance costs that have soared in much of the US may get even higher. Tens of millions of properties around the country are insured at prices that haven’t caught up with the danger of hurricanes, wildfires and floods, according […]

September 19, 2023

When the wording of insurance policies conflict with each other and can’t be reconciled, insurers must share defense expenses, a federal appeals court said in a case that stemmed from lawsuits against school personnel. “The district court concluded that the […]

September 18, 2023

Illinois homeowners are facing skyrocketing property insurance premiums rivaling those of wildfire and hurricane-prone regions. Conversations about America’s property insurance crisis are typically focused on states that are frequently subjected to extreme weather events like California and Florida, but Illinois […]

September 18, 2023

Under-fire Israeli insurtech Vesttoo, which is at the heart of a letter of credit (LOC) fraud scandal, is now claiming hundreds of millions of dollars back from its two ousted co-founders, as well as persons that worked to source investors, […]

September 13, 2023

Two proposed class actions have been filed in federal court in Massachusetts against Mapfre U.S.A. Corp. and its affiliate Commerce Insurance Co. over a recent data breach that one of the lawsuits contends may have exposed customer data for more […]

September 13, 2023

Data collected from carriers participating in a recent WTW survey reveals an overall increase of 6.1% in commercial lines insurance prices. This represents a slight uptick from the previous quarter (Q1’23), which recorded a 5.6% increase. In its latest survey, […]

September 12, 2023

African Risk Capacity Limited (ARC Ltd), Africa’s pioneering sovereign parametric development insurer, has announced a groundbreaking achievement with a record total payout of US$60 million in 2022. This milestone marks the largest payout since the company’s establishment in 2014, underscoring […]

September 12, 2023

During Swiss Re’s press briefing at RVS Monte Carlo 2023, Gianfranco Lot, Swiss Re’s Chief Underwriting Officer, Property & Casualty Reinsurance, explained that cyber insurance is yet to evolve to the same levels as property cat. Within their property cat […]

September 11, 2023

Reinsurers are hoping the profitability party will last as reinsurance pricing and structural changes to tighten terms and conditions have increased returns to above the cost of capital for the first time in a decade. As with previous market cycles, […]

September 7, 2023

Growing fears about the state of the world are pushing more people to take out insurance even as prices rise, Lloyd’s of London Chief Executive Officer John Neal said. Rising inflation, recession worries, climate threats and geopolitical tensions are making […]

September 6, 2023

Among the highlights of S&P Global Ratings’ briefing into where the global reinsurance sector stands in 2023, it was highlighted that the sector is stabilising as ‘green shoots emerge in underwriting’. Amid ‘much-needed’ structural changes in reinsurance underwriting, S&P has […]

September 6, 2023

In a recent market analysis, AM Best’s report reveals that the insurance-linked securities (ILS) market is experiencing favourable conditions, resulting in advantageous terms and conditions for renewed and new programs. This has led to a significant surge in yields for […]