Tag: Insurance

August 10, 2023

The insurance industry is hyper fixated on an issue that is extremely relevant to the property sector, namely valuation. That is according to Ben Beazley (pictured), executive vice president, national accounts property at Jencap Group. “Valuation is the hottest topic […]

August 9, 2023

Software-driven financial services firm Porch Group has revealed exposure to reinsurance contracts arranged via Vesttoo and has thus realised a charge of $48.2 million in its Q2 results. Porch noted that in Q3, Homeowners of America (HOA), a subsidiary of […]

August 9, 2023

Car insurance is designed to protect you financially if you get involved in an accident or your vehicle gets stolen. While this may seem straightforward at first glance, there are several layers to this type of policy that you need […]

August 8, 2023

Insurance companies are increasingly incorporating environmental, social and governance (ESG) factors into their underwriting processes when they examine risk. However, despite the increasing adoption of ESG-related factors by insurers, political polarization and divergent political stances on the utility of ESG […]

August 8, 2023

Insurance mergers and acquisitions (M&A) have remained resilient amid economic volatility driven by a banking crisis and high interest rates. Faced with uncertainty and other headwinds such as technology disruption, insurance CEOs are betting big. Large-scale, transformational M&A deals are […]

August 7, 2023

Britain said on Wednesday [Aug. 2] it would start work on setting up new rules specially designed to prevent a big insurance company collapse from crashing the financial system. Regulators have already introduced rules to deal with ailing banks after […]

August 7, 2023

As insurtech Vesttoo continues its investigation into the alleged fraudulent letters of credit (LOCs) used as collateral in its transactions, the firm has reiterated its commitment to “working with alternative investors and brokers to ascertain alternative collateral” for its clients. […]

August 4, 2023

According to the latest Global InsurTech Report from Gallagher Re, new funding for the insurtech sector decreased to $916.71 million in the second quarter of 2023. This represents a decline of 34% from the previous quarter’s total of $1.39 billion. […]

August 3, 2023

The adoption of generative artificial intelligence (AI) like ChatGPT is projected to take off across the insurance landscape, with one expert putting the timeline at 12 to 18 months. Vikas Bhalla, executive vice president and head of insurance at data […]

August 2, 2023

For the first time in three years, Florida’s struggling domestic residential property insurers have posted a quarterly profit, according to an analysis by S&P Global Market Intelligence. Excluding Citizens Property Insurance Corp., Florida property insurers reported $38.6 million in profit […]

August 2, 2023

Gradient AI, a software provider for the insurance industry, has announced a new partnership. American Trucking and Transportation Insurance Company, a Risk Retention Group (ATTIC, RRG), has selected Gradient AI’s claims management solution to enhance their ability to predict claim […]

July 31, 2023

Global commercial insurance pricing rose 3% in the second quarter of 2023, down from 4% in Q1, according to Marsh, which pointed to two notable trends during Q2: a moderation in cyber rates and continuing challenges in property insurance, which […]

July 31, 2023

A number of repair shops have come forward with accounts of how insurance companies are using a collections agency to “intimidate” them into paying for things like rental car fees and total loss charges. Repairer Driven News spoke to three […]

July 28, 2023

On July 17, 2023, the Innovation, Cybersecurity and Technology (H) Committee of the National Association of Insurance Commissioners (NAIC) released for comment a highly anticipated model bulletin (Model Bulletin) on regulatory expectations for the use of artificial intelligence systems (AI […]

July 28, 2023

QBE North America has announced the launch of a new cyber insurance program with Converge, a new managing general agent (MGA) that will act as program administrator. The program will be broken down into two separate distribution structures, ConvergeElements and […]

July 27, 2023

Re/insurance broker WTW has posted 7% organic revenue growth for the second quarter of 2023, as total revenues increased by 6% to $2.16 billion. WTW saw net income decline by 16%, from $114 million to $96 million, while income from […]

July 27, 2023

Global reinsurance giant Munich Re has issued a preliminary estimate of $43 billion for first-half 2023 natural disaster insured losses around the globe, a figure that is well below the estimates issued by leading reinsurance brokers. Broker estimates of industry […]

July 26, 2023

The New Jersey Supreme Court has agreed to decide whether a hostile/warlike action exclusion in an all risks property insurance policy applies in a case involving insurance coverage for a 2017 Russian cyberattack. The state’s high court will hear an […]

July 25, 2023

Farmers Insurance has been forced to rescind tens of thousands of nonrenewal notices to Georgia customers that were scheduled to take effect in August, according to the state’s insurance and safety fire commissioner. Commissioner John F. King said that Farmers […]

July 25, 2023

AM Best will review collateral arrangements at rated fronting insurance companies following fraud claims at Vesttoo, an insurtech that connects capital markets participants with reinsurance risks. “Although the details and scope of this issue remain unclear, AM Best is monitoring […]