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Tag: Featured


Financial, Risk Management

JP Morgan analysts highlight significant improvements in reinsurers’ earnings potential during 2023

May 30, 2023

Via: Reinsurance News

JP Morgan analysts assert that substantial progress has been witnessed in the underlying earnings potential of reinsurers during 2023, indicating a notable improvement. Substantial evidence supports their belief in the considerable improvement within the industry’s underlying profitability. “…we believe that […]


Regulatory / Legal

Texas Cotton Farmers Seek Improvements to Crop Insurance

May 25, 2023

Via: Insurance Journal

On the eve of another drought-ridden growing season, farmers from the High Plains are asking state and national lawmakers to provide a stronger financial safety net. In Austin and Washington, D.C., farmers from the 41-county High Plains region, which includes […]


InsurTech

How Much Should Insurers Trust AI Chatbots?

May 24, 2023

Via: Insurance Journal

Whether it’s underwriting, claims or customer service, it seems that artificial intelligence is top of mind for the insurance industry right now. William Bennett, partner at law firm Saxe, Doernberger & Vita, said on this episode of The Insuring Cyber […]


News

Swiss Re leaves Net-Zero Insurance Alliance

May 23, 2023

Via: Insurance Business

Swiss Re, the world’s number two reinsurer, has joined fellow reinsurance giants Munich Re and Hannover Re in cutting ties with the United Nations-convened Net-Zero Insurance Alliance (NZIA). In an emailed statement to Reuters, Swiss Re confirmed its decision to […]


Regulatory / Legal

Insurers Latest Target of U.S. AGs ESG Antitrust Concerns

May 22, 2023

Via: Insurance Journal

Insurers and reinsurers who are members of the Net-Zero Insurance Alliance (NZIA), received a letter from 23 attorneys general raising potential legal concerns that might arise from their commitment to collaborate with other insurers to advance an “activist climate agenda.” […]


Financial, Risk Management

Revealed – global insurance premium income

May 22, 2023

Via: Insurance Business

Total global insurance premium income amounted to nearly €5.6 trillion (about $6.05 trillion) last year, according to a new report by Allianz Trade. Life remained the largest insurance segment at €2.6 trillion, followed by property-casualty (€1.8 trillion) and health (€1.1 […]


News

Fraudulent Filings in Massachusetts Could Be Distorting U.S. Jobless Claims Reports

May 18, 2023

Via: Insurance Journal

Fraudulent filings for state unemployment insurance aid in Massachusetts could be distorting U.S. weekly unemployment claims data, economists warned on Wednesday, making it harder to get a clear picture of the labor market in the short-term. A surge in applications […]


Regulatory / Legal

Fla. Appeals Court Upholds Lawyer’s $104,000 Fine for Sabotaging Med Mal Trial

May 17, 2023

Via: Insurance Journal

An attorney with one of Florida’s largest insurance defense firms must pay more than $100,000 in sanctions after deliberately trying to sabotage a medical malpractice suit in order to win a mistrial, a Florida appeals court has decided. The 6th […]


InsurTech

Insurtech WeFox Raises $110 Million in Extension to 2022 Funding Round

May 17, 2023

Via: Insurance Journal

Wefox Holding AG, an insurance-technology firm based in Berlin, raised $110 million to build a platform that will make its technology available to other insurers. JPMorgan Chase & Co. and Barclays Plc provided half the funds as a revolving credit […]


News

Beazley launches new medical insurance product for the US and UK market

May 16, 2023

Via: Reinsurance News

Specialist insurer Beazley has announced the launch of its streamlined Miscellaneous Medical Liability insurance product called “MiscMed” for the US and London markets. Beazley’s MiscMed product provides protection for medical professional liability exposures arising out of a wide range of […]


Financial, Risk Management

Export credit market shows strong growth: Berne Union

May 15, 2023

Via: Reinsurance News

Berne Union, the global association for the export credit and investment insurance industry, has reported that its market showed “strong growth” across business lines in 2022 and a fall in claims paid overall. Looking at the data, analysts concluded that […]


InsurTech

Insurtech Funding Up 38% Over Q4 2022: Gallagher Re

May 11, 2023

Via: Insurance Journal

Insurtech funding increased nearly 38% from Q4 2022 to Q1 2023, from about $1 billion to about $1.4 billion, according to a new analysis released by Gallagher Re. The U.S. leads France and the UK as the nation funding the […]


Regulatory / Legal

It’s Time to Roll up Our Sleeves and Rebuild the Florida Insurance Market

May 10, 2023

Via: Insurance Journal

With the Florida legislative changes passed in December – prohibiting assignments of benefits and one-way attorney fees – there is now an opportunity to change the dynamic in Florida and create a more stable market. Historically, the main tools to […]


Regulatory / Legal

Accountant Charged With $10 Million in Construction Workers’ Compensation Fraud

May 9, 2023

Via: Insurance Journal

Manhattan District Attorney Alvin Bragg, Jr. announced two indictments of a certified public accountant for defrauding the New York State Insurance Fund (NYSIF) of more than $10 million in workers’ compensation insurance premium payments. Accountant Steve Lyon Lyon was charged […]


Financial, Risk Management

Hard market condition impacting P&C books, reports Amwins

May 9, 2023

Via: Reinsurance News

A new survey of property and casualty (P&C) brokers and agents has found that 97% of respondents feel that recent hard market conditions are impacting their books of business, while 95% say their clients risk being underinsured due to high […]


Financial, Risk Management

Eclipse Re issues nearly $18.8m in private cat bonds, its first of 2023

May 9, 2023

Via: Artemis BM

Eclipse Re Ltd., a private syndicated collateralised reinsurance note, private catastrophe bond issuance and reinsurance transformer platform owned and operated by Artex Capital Solutions, has completed the issuance of two private cat bond arrangements totalling almost $18.8 million of risk […]


Cyber Risks, Risk Management

Lloyd’s of London Requires Insurers to Add Exclusions to Limit Coverage for State-Backed Cyberattacks

May 9, 2023

Via: JD Supra

As discussed in a previous post, cyber insurance demand and premiums have significantly increased in recent years. Fitch Ratings forecasts that cyber-related premiums could balloon to $22.5 billion by 2025. Those increases presumably reflect considerable claims activity, including in connection […]


Financial, Risk Management

NFIP claims paid after Hurricane Ian exceeded $3.4bn in March

May 4, 2023

Via: Reinsurance News

By the end of March 2023, National Flood Insurance Program (NFIP) claims paid after Hurricane Ian had surpassed $3.4 billion, with more than 46,000 NFIP flood insurance claims received. As we wrote previously, by mid-January 2023, the NFIP had paid […]


Regulatory / Legal

California Assembly Passes Insurance Accelerator Bill for Clean-Fuel Truck Fleets

May 4, 2023

Via: Insurance Journal

The California State Assembly unanimously voted for a bill that will help accelerate the transition to clean-air technology by making sure clean fleets have access to available and affordable commercial insurance. Assembly Bill 844, the Clean Fleet Insurance Accelerator legislation […]


Regulatory / Legal

Law firm, partners fined $2 million for “massive insurance fraud scheme”

May 3, 2023

Via: Insurance Business

Louisiana Insurance Commissioner Jim Donelon has fined Texas law firm McLenny Moseley & Associates (MMA) and associated partners $2 million for hurricane-related insurance fraud involving at least 850 Louisiana homeowners and policyholders. “The illegal insurance scheme perpetrated by McClenny Moseley […]