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Tag: Insurance


InsurTech

How Is AI Revolutionizing Insurance?

April 16, 2021

Via: TechBullion

AI is revolutionizing all fields of life, and the insurance industry is no exception. Insurance firms can automate various manual activities with AI and machine learning, driving higher customer loyalty and providing their services quicker. According to Google Trends, since […]


Risk Management, Trends

Insurance premiums a taxing issue for filers

April 8, 2021

Via: Business Insurance

Are insurance premiums tax-deductible? Forty-nine percent of Americans think so, according to a recent survey of 1,550 people conducted by the consumer research and analysis website ValuePenguin.com. That means people could be heading for trouble with the Internal Revenue Service […]


Regulatory / Legal

Is It Covered?: A Flood of Uncovered Claims

April 6, 2021

Via: Insurance Journal

On a recent insurance social media page, an agent was looking for a market for a $2 million home that had experienced a $540,000 plumbing leak claim and the carrier had nonrenewed. A few weeks earlier, another agent had been […]


News

Aggregate value of insurance sector M&A deals up sharply in Q1

April 5, 2021

Via: Business Insurance

First-quarter mergers and acquisitions involving U.S. and Bermuda-based insurance industry companies produced an aggregate deal value of $21.16 billion, according to a report Monday from S&P Global Market Intelligence. This year’s first-quarter tally tops full-year deal totals for 2019 and […]


News

Varney Insurance Agency launches Varney Re

April 5, 2021

Via: Insurance Business

Varney Insurance Agency has announced the formation of Varney Re, a Bermuda-based reinsurance company. Varney Re is a specialist alternative risk transfer reinsurance company that will serve a North American client base. Tod Austin (pictured above) has been appointed chief […]


InsurTech

K2 announces acquisition of insurtech Loss Run Pro

April 1, 2021

Via: Reinsurance News

K2 Insurance Services has announced its acquisition of Montana-based insurtech Loss Run Pro (LRP). LRP was founded in early 2020 by Reghan Brandt and focuses on harnessing technology to solve issues across the insurance placement process. K2 considers this a […]


Financial, Risk Management

Major re/insurance players commit $2mn to Oasis Loss Modelling Framework

March 23, 2021

Via: Reinsurance News

A number of the world’s biggest players in re/insurance have committed additional funds to support the development of open source catastrophe modelling platform Oasis. Companies include Aon, Allianz, AXA, Chubb, Guy Carpenter, Hannover Re, Lloyd’s, RenaissanceRe, Swiss Re, SCOR, Willis […]


News

Fajardo Joins JAG Insurance Group as Director of Marine Insurance

March 12, 2021

Via: Insurance Journal

JAG Insurance Group (JAG), a South Florida-based commercial insurance agency with Florida offices in Coral Gables and Delray Beach, as well as Charlotte, N.C., has added Andy Fajardo as director of Marine Insurance. As a commercial lines coverage specialist (CLCS), […]


Regulatory / Legal

State high court rules insurer can claw back defense costs

March 12, 2021

Via: Business Insurance

An insurer that paid defense costs for a policyholder involved in a liability dispute can recoup those costs if it is later determined that it did not owe a duty to defend the case, a divided Nevada Supreme Court ruled […]


Regulatory / Legal

California Commissioner Says Insurers Overcharged Drivers During Pandemic

March 11, 2021

Via: Insurance Journal

Lara is now directing auto insurance companies to report by April 30 how they will return additional premium back to California policyholders that was reportedly over-collected in 2020. He is also directing commercial insurance companies to provide data about commercial […]