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Tag: policy


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 […]


Geo-Political, Risk Management

Oklahoma, Farmers Insurance Reach $25M Settlement Over Earthquake Claims

April 6, 2021

Via: Claims Journal

Oklahoma has reached a $25 million settlement with Farmers Insurance over the company’s handling of earthquake claims, state officials say. Oklahoma Attorney General Mike Hunter and Insurance Commissioner Glen Mulready say an investigation revealed that Farmers denied or failed to […]


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 […]


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 […]


Brokers

UK Broker, Specialist Risk Group, Acquires MGA CLS Risk Solutions

March 5, 2021

Via: Insurance Journal

Specialist Risk Group (SRG), a London-based insurance broker, has agreed to acquire CLS Risk Solutions (CLS RS), subject to regulatory approval. Financial details of the acquisition — its fourth so far this year — were not disclosed. Established in 2010, […]


Geo-Political, Risk Management

US winter storm loss creep likely to be prolonged: Aon

March 5, 2021

Via: Artemis BM

The complexities surrounding the development of an ultimate of insurance and reinsurance market losses from the recent US winter storm event are set to be significant, with broker Aon warning to expect a prolonged period of loss creep. winter-stormCurrently, estimates […]


Regulatory / Legal

Proposed legislation could drastically affect insurance employment

March 4, 2021

Via: Insurance Business

A trade group representing insurance professionals has warned that a proposed US House bill could reclassify insurance agents, brokers, and even financial advisors as employees, instead of independent contractors. The National Association of Insurance and Financial Advisors (NAIFA) is requesting […]


Risk Management, Trends

Reinsurers disappointed with January renewals: S&P

March 3, 2021

Via: Reinsurance News

Analysts at rating agency S&P global ratings have noted that reinsurers feel they haven’t fully benefitted from their results, despite the global reinsurance pricing gains from the January renewals. S&P Global RatingsAlthough this year’s renewal season started with high hopes, […]


News

Chubb announces travel insurance partnership

February 26, 2021

Via: Insurance Business

Chubb has announced the launch of a new travel insurance partnership with Travix, a global online travel company. The collaboration will offer Chubb’s travel insurance plans to customers using Travix websites to make their travel arrangements. Customers can arrange for […]


Regulatory / Legal

Illinois Bill Would Move Workers’ Comp Fraud Probes to Insurance Department

February 26, 2021

Via: Insurance Journal

A bill filed in the Illinois General Assembly would transfer the responsibilities for investigating workers’ compensation fraud to the state insurance department. Under HB 2947, the pending business of the Illinois Workers’ Compensation Commission’s Insurance Compliance Division would be transferred […]