Tag: Featured

July 25, 2024

The West Virginia insurance commissioner is reminding all state and local governments and non-profit organizations that they could face penalties if they fail to obtain flood insurance on properties in flood hazard areas. “Please review your eligibility for the NFIP […]

July 24, 2024

On July 11, NYDFS issued Insurance Circular No. 7 to address the use of AI systems and External Consumer Data and Information Sources (ECDIS) in the underwriting and pricing of insurance policies in New York State. NYDFS outlined its expectations for insurers regarding […]

July 23, 2024

Transfers of oil at sea that involve a recently sanctioned Russian insurer may prevent western firms from paying claims if something goes wrong, a key provider of cover said. Moscow-based Ingosstrakh PJSC has emerged of a major insurer to Russian […]

July 23, 2024

Markel, a global specialty insurer, and MEA, an AI-driven platform for insurers, have announced a new strategic partnership, leveraging MEA’s GenAI solution to enhance its underwriting processes in International Wholesale operations. Martin Henley, CEO at mea platform, said: “We are […]

July 22, 2024

Law enforcement officials are continuing to investigate a July 13 shooting at a Butler, Pa. rally for former President Donald Trump’s 2024 election campaign. During the incident, the former president was injured, one spectator was killed, and two more were […]

July 18, 2024

Shares of Texas-based insurance broker TWFG, Inc. begin trading on the Nasdaq Global Select Market today under the symbol TWFG. TWFG said it expects to realize gross proceeds of $187 million and net proceeds of approximately $168.3 million from the […]

July 17, 2024

A recent poll from Reinsurance News suggests that AI-powered threats will drive the biggest losses across the cyber re/insurance market over the next two years. Hundreds of people from across the insurance and reinsurance industry responded to the poll. Of […]

July 16, 2024

Insurtech funding in Latin America (LatAm) fell to a historic low of $26 million during the first half of 2024, marking a 78% decline from the same period in 2023. Looking at the period between July 2023 – June 2024, […]

July 15, 2024

Joemar Flores, a spindly 28-year-old, gestured across his family’s farmland, nestled between a steep hill and a river, and expressed gratitude for the rice paddies in the distance. They’re still there, producing food and an income for him, thanks in […]

July 11, 2024

Fifth Third Bank agreed this week to pay a $5 million fine for illegally forcing vehicle insurance onto borrowers who had coverage. Fifth Third also agreed to pay a $15 million fine for illegal sales practices. The Cincinnati, Ohio-based bank […]

July 9, 2024

Specialist Risk Group (SRG), the insurance intermediary, has acquired the ongoing business of Carriagehouse. Established over three decades ago, Carriagehouse plays a key role in supporting the equestrian industry by providing a wide range of specialist products, including, policies for […]

July 9, 2024

Jamaica’s Minister of Finance, Dr. Nigel Clarke, has revealed that the country’s Tropical Cyclone policy with the Caribbean Catastrophe Risk Insurance Facility (CCRIF) has been triggered by Beryl, with a payment amount of $16.3 million. Clarke recently received the Preliminary […]

July 8, 2024

Hurricane Beryl made its U.S. landfall at Matagorda, Texas early Monday as a Category 1 hurricane. The storm has reportedly knocked out power to 1 million homes and businesses, but the storm’s overall impact to the insurance industry is expected to […]

July 3, 2024

Munich Re’s Risk Management Partners is teaming with CGI, the business and IT consulting services firm, in a move that is set to help insurers reduce claims, increase profits, and drive long-term value through climate risk mitigation. This partnership between […]

July 2, 2024

Alternative asset manager Blue Owl Capital Inc. has completed its previously announced acquisition of Kuvare Insurance Services LP (dba Kuvare Asset Management) (KAM), marking the official launch of Blue Owl Insurance Solutions. The $750 million acquisition enhances Blue Owl’s ability […]

July 2, 2024

On June 24, Gov. Kathy Hochul announced guidance issued by NYDFS in Circular Letter No. 6 (2024) informing insurers and related parties that, under the new Insurance Law § 3462, making coverage decisions based on a property’s status as an affordable housing development or […]

July 1, 2024

Zurich Insurance Group and Aon have introduced a new clean energy insurance facility to provide comprehensive coverage for blue and green hydrogen projects with capital expenditures up to $250 million. As part of this new initiative, Zurich serves as the lead insurer while […]

June 26, 2024

The emergence of genomics, the study of genes and its arrangements and interactions, has a role insurers should be taking note of, a recently released report by Swiss Re found. The report entitled “Genomics: Litigation Risks and Rewards,” suggests genomic […]

June 26, 2024

Insurers can no longer avoid the need to explicitly quantify geopolitical risk in their pricing, modelling and risk management processes, says Broadstone, the independent pensions, employee benefits, investment and insurance consultancy. Broadstone’s latest Insurance Risk Monitor states that the current […]

June 25, 2024

This year is predicted to be an active hurricane season in Florida and the southeastern United States. If you own property in Florida and other hurricane-prone areas, having the right hurricane insurance in place to protect your assets is critical. […]