February 15, 2024
Via: Reinsurance NewsCyRisk, an innovator in cyber risk management and data analytics, has introduced its latest solution, the Privacy Risk Insights Underwriting platform. Designed to meet the escalating demands of the cyber insurance sector amid a surge in privacy claims, this state-of-the-art […]
February 15, 2024
Via: Reinsurance NewsJapanese insurer Mitsui Sumitomo Insurance (MSI), owner of Lloyd’s of London underwriter MS Amlin, is investing in the UK hub as it announces its plans to increase its underwriting capacity to £3 billion in the next five years. According to […]
February 14, 2024
Via: Repairer Driven NewsThe National Council of Insurance Legislators (NCOIL) Property & Casualty Insurance Committee has adopted an act that provides states with a template for making changes to public adjuster licensing code and other professional standards. The NCOIL Public Adjuster Professional Standards […]
February 12, 2024
Via: JD Supra“The wholesale insurance market in particular has a long way to go in having an inclusive culture … areas for improvement include … preventing and handling non-financial misconduct,”1 stated the Financial Conduct Authority (FCA) last autumn. This message was reinforced […]
Geo-Political, Risk Management
February 9, 2024
Via: Insurance JournalThe economic losses from the latest round of California storms will be significant, with many of these losses may not be insured because only 2% of California residents have purchased flood insurance, David Blades, associate director, industry research and analytics, […]
Geo-Political, Risk Management
February 7, 2024
Via: Insurance JournalWisconsin Governor Tony Evers has proclaimed February 4-10, 2024, Flood Insurance Awareness Week in Wisconsin to recognize the state’s increasing flood risk and the importance of having appropriate insurance coverage. “Now is the time to prepare for spring flooding and […]
February 2, 2024
Via: JD SupraOn January 17, 2024, the New York State Department of Financial Services (“NYDFS”) issued a proposed circular letter for comment regarding the “Use of Artificial Intelligence Systems and External Consumer Data and Information Sources in Insurance Underwriting and Pricing” (the […]
January 24, 2024
Via: JD SupraAfter George Floyd’s death in May 2020, companies (including their directors and officers) are facing increasing liability exposure and scrutiny from both sides of the political aisle relating to diversity, equity, and inclusion (DEI) initiatives. While coverage under a directors […]
January 23, 2024
Via: Insurance BusinessAn in-depth analysis conducted by Novidea, a provider of cloud-based, data-driven insurance management platforms, found 75% of insurance organizations worldwide are gearing up to embrace new core insurance management platforms within the next two years. This revelation comes from the […]
January 22, 2024
Via: JD SupraTexas Insurance Co. sued Talisman Specialty Underwriters Inc. for breaching the parties’ managing general agent (MGA) agreement by authorizing the issuance of hundreds of insurance policies by Texas Insurance in sectors (like marine and energy) where Talisman Specialty did not […]
January 5, 2024
Via: Insurance BusinessNew equity research from Jefferies highlights that in the global property-catastrophe reinsurance market, prices have seen an additional increase of 3% on a risk-adjusted basis, following a 37% rise last year. The trend suggests continued robust demand in the industry, […]
January 4, 2024
Via: Insurance JournalMarsh, a business of Marsh McLennan headquartered in New York, hired Andy Stirk as U.S. chief growth officer effective January 16. Stirk is based in New York. With 20 years of insurance industry experience, Stirk rejoins Marsh from Ascot Group, […]
January 4, 2024
Via: Insurance BusinessAon has announced a new collaboration with the African Development Bank and Amini, focusing on enhancing crop insurance capacity across Africa and aiming to bolster the resilience of smallholder farmers and promote the adoption of nature-positive practices. Central to this […]
January 4, 2024
Via: Reinsurance NewsKBW Europe’s recent discussion on the January 1 reinsurance renewals, led by William Hawkins and Darius Satkauskas, reveals promising insights into the industry’s outlook for 2024. Hosted with industry experts David Flandro of Howden Re and James Vickers of Gallagher […]
January 3, 2024
Via: Insurance JournalThe Travelers Cos. completed its previously announced acquisition of Corvus Insurance Holdings Inc., a cyber insurance managing general underwriter. The $435 million acquisition was first announced in November 2023, which Travelers said would boost its middle-market excess and surplus lines […]
Geo-Political, Risk Management
January 2, 2024
Via: Insurance JournalThe largest non-US natural catastrophe in 2023 was the Kahramanmaras Earthquake Sequence in Turkey on Feb. 6, which generated an industry loss of US$5.8 billion, the largest ever cat loss for the Turkish insurance market, according to CRESTA, the Zurich […]
August 18, 2023
Via: Insurance JournalTim Temple, a Baton Rouge Republican who spent 20 years in the insurance industry, will be Louisiana’s next insurance commissioner after the only other candidate dropped out of the race Wednesday. The statewide position was been thrust into the spotlight […]
August 17, 2023
Via: Insurance JournalWorld Insurance Associates LLC announced that R&S Insurance Agency, Inc. (“R&S”) of Stoughton, Wisconsin has joined World as of August 1, 2023. Terms of the transaction were not disclosed. R&S has been providing insurance products and services to individuals, families […]
August 16, 2023
Via: Repairer Driven NewsAuto insurance shopping increased 12% during Q2 compared to the same period last year, according to a new TransUnion report. TransUnion’s quarterly Insurance Personal Lines Trends and Perspectives report, released Tuesday, attributed the rise to vehicle sales and the quest […]
August 15, 2023
Via: JD SupraCulminating a four-year-long process, a key working group of insurance regulators has adopted new standards for determining whether an investment held by an insurance company should be characterized as a “bond” evidencing a “creditor relationship.” This “principle-based” bond definition will […]