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Global Election Super-Cycle Raises Risk of Political Violence, Large Insurance Losses

Insurance Journal

Almost half the world’s population will go to the polls before the end of 2024, which raises the threat of political violence and possible large insurance losses, according to Allianz Commercial in a new report. An unprecedented “super-cy...

Posted: Apr 11, 2024

Farmers appoints Eric Coleman as President of Business Insurance

Reinsurance News

Farmers Insurance has recently announced the appointment of Eric Coleman as the new President of Business Insurance. In his new role, Coleman will directly report to Raul Vargas, CEO of Farmers, and assume responsibility for spearheading commercia...

Posted: Apr 11, 2024

Argo hires Julie Saunders as Head of Inland Marine

Reinsurance News

Argo Group has appointed Julie Saunders as SVP, Head of Inland Marine, where she will reportedly oversee the lines underwriting team and develop innovative marine insurance solutions to meet client needs. Saunders holds two decades of industry exp...

Posted: Apr 11, 2024

73% of insurers currently invest in private markets or plan to do so: Mercer & Oliver Wyman

Reinsurance News

Nearly three-quarters (73%) of insurers currently invest in private markets, or plan to do so in 2024, while nearly four in 10 (39%) are aiming to increase their private market allocations, according to Mercer and Oliver Wyman – businesses o...

Posted: Apr 11, 2024

Guy Carpenter hires PartnerRe’s Richard Chu as MD, Credit, Bond & Political Risk, Global Specialties

Reinsurance News

Guy Carpenter, the global risk and reinsurance specialist and a business of Marsh McLennan, has appointed Richard Chu as Managing Director, Credit, Bond & Political Risk, Global Specialties, effective immediately. Chu will be based in Singapor...

Posted: Apr 11, 2024

Risk Theory launches surplus lines insurer Amherst Specialty

Reinsurance News

Risk Theory, a privately held specialty lines insurance manager, has launched Amherst Specialty Insurance Company. Amherst is a Texas domiciled and a wholly-owned affiliate within the Risk Theory group of companies, and is an authorized surplus li...

Posted: Apr 11, 2024

Unlocking Savings and Protection with One80’s Parking Garage Program

Insurance Journal

April 11, 2024 — As urban spaces continue to evolve and expand, the importance of efficient parking infrastructure cannot be overstated. Yet, for property owners and managers, the cost of insuring parking structures alongside main buildings has...

Posted: Apr 11, 2024

Aon names Mike Pedel as Head of Global Benefits

Reinsurance News

Global insurance and reinsurance brokerage Aon has appointed Mike Pedel as its new Head of Global Benefits, effective immediately, based out of London. Pedel will report to Lambros Lambrou, Human Capital Chief Executive Officer, and will join the...

Posted: Apr 11, 2024

Sayata launches AI-powered platform for enhanced risk assessment

Reinsurance News

Sayata, a marketplace for insurance brokers and carriers, has recently launched the Sayata Risk Engine: an AI-powered platform designed to revolutionise risk assessment and underwriting for insurance carriers and MGAs. Asaf Lifshitz, Co-Founder an...

Posted: Apr 11, 2024

EU Parliament Approves Law to Slash Trucks’ Carbon Footprint

Insurance Journal

The European Parliament voted on Wednesday to pass a law to reduce carbon dioxide emissions from trucks, which will require most new heavy-duty vehicles sold in the EU from 2040 to be emissions-free. The law will enforce a 90% cut …

Posted: Apr 11, 2024

Peak Re expands Structured Solutions team to deliver customised reinsurance to clients

Reinsurance News

Hong Kong-based global reinsurer Peak Re has expanded its Structured Solutions team to enhance product diversity and deliver customised reinsurance solutions to both its Property & Casualty (P&C) and Life & Health (L&H) clients. Th...

Posted: Apr 11, 2024

Acies MGU unveils construction-focused MGA, Phoenix Specialty

Reinsurance News

Acies MGU, the technology and data-driven managing general underwriter (MGU), has launched Phoenix Specialty, a new specialist managing general agent (MGA) serving the construction sector. The MGA will be led by managing director Tim James, subjec...

Posted: Apr 11, 2024

Ping An Insurance’s Delayed Trust Repayment Shows Lingering Property Woes

Insurance Journal

Ping An Insurance (Group) Co.’s trust business delayed repayment on a property-linked investment product, showing how the financial giant’s asset-management operations are still reeling from China’s prolonged real estate downturn. P...

Posted: Apr 11, 2024

Sompo names Hideo Nakano Head of Japanese Interest Accounts

Reinsurance News

Sompo has appointed Hideo Nakano as Head of Japanese Interest Accounts (JIA), Asia Pacific (APAC), with effect from April 1, 2024. In this newly created role, Nakano-san is tasked with leading the JIA teams across the APAC region to drive strategy...

Posted: Apr 11, 2024

Tech Update: Sayata Risk Engine Flags High-Risk Accounts With AI; Canopy Connect and Hawksoft Launch...

Insurance Journal

Sayata Unveils AI-Powered Risk Engine That Flags High-Risk Accounts Sayata has launched the Sayata Risk Engine, an AI-powered platform that uses sophisticated AI to flag specific high-risk accounts expected to drive up loss ratios. Sayata’s Ris...

Posted: Apr 11, 2024

Tech Updates: Sayata Risk Engine Flags High-Risk Accounts With AI; Canopy Connect and Hawksoft Launc...

Insurance Journal

Sayata Unveils AI-Powered Risk Engine That Flags High-Risk Accounts Sayata has launched the Sayata Risk Engine, an AI-powered platform that uses sophisticated AI to flag specific high-risk accounts expected to drive up loss ratios. Sayata’s Ris...

Posted: Apr 11, 2024

GIC Re targets domestic growth after strong April 1 renewals: Chairman, Narayanan

Reinsurance News

India’s General Insurance Corporation Reinsurance (GIC Re) continues to focus on growth within its domestic portfolio following strong April 1 2024 renewals, says Ramaswamy Narayanan, Chairman & MD of GIC Re, in an interview with CNBC TV...

Posted: Apr 11, 2024

NAIC Adopts Climate Resilience Strategy to Close Coverage Gaps, Improve Recovery

Insurance Journal

To assist property insurers in reducing losses and speeding up recovery from natural disasters, the National Association of Insurance Commissioners’ (NAIC) adopted the first-ever National Climate Resilience Strategy for Insurance. Developed und...

Posted: Apr 11, 2024

US Senate Votes to Reject Rule to Cut Greenhouse Gas Emissions on Highways

Insurance Journal

The U.S. Senate on Wednesday passed a resolution that would overturn a federal agency’s rule requiring states to measure and set declining targets for greenhouse gas emissions from vehicles using the national highway system. The Federal Highway...

Posted: Apr 11, 2024

Everen elects new Board of Directors to serve until March 2025

Reinsurance News

Bermuda-headquartered energy insurer Everen Limited’s shareholders, at its Annual General Meeting (AGM), elected a new Board of Directors who will serve until March 2025. The newly elected Board convened and appointed John Weisner as the Chair of...

Posted: Apr 11, 2024

Europe’s Wildfires in 2023 Were Among Worst This Century: Report

Insurance Journal

The 2023 wildfire season in the Europe was among the worst this century, according to a European Commission report published on Wednesday. Last year, more than half a million (504,002) hectares, an area twice the size of Luxembourg, was scorched &#82...

Posted: Apr 11, 2024

FTC Asks Congress for Authority Over Its Own Consumer Cases

Insurance Journal

The US Federal Trade Commission is asking Congress to change the law so it can handle its own privacy settlements and other consumer protection cases that it’s currently forced to refer to the Justice Department. The DOJ has been slow-walking &...

Posted: Apr 11, 2024

Florida Public Adjuster, Renter Charged with Filing Claim on Rental Home

Insurance Journal

Florida authorities have charged a public adjuster and a rental property tenant with fraud after they allegedly falsified documents, filed a false claim and received a check from Scottsdale Insurance Co., a Nationwide surplus lines subsidiary. The Fl...

Posted: Apr 11, 2024

Florida Public Adjuster, Renter Charged With Filing Claim on Rental Home

Insurance Journal

Florida authorities have charged a public adjuster and a rental property tenant with fraud after they allegedly falsified documents, filed a false claim and received a check from Scottsdale Insurance Co., a Nationwide surplus lines subsidiary. The Fl...

Posted: Apr 11, 2024

Probe Underway of Fatal Crash Inolving Ford Mustang With Assisted Driver System

Insurance Journal

The U.S. National Transportation Safety Board (NTSB) said on Wednesday it was opening an investigation into a March 3 fatal crash between a Ford F.N Mustang Mach-E and two stationary cars on the I-95 interstate highway in Philadelphia. In March, &#82...

Posted: Apr 11, 2024

Alliant Insurance Services Acquires Vinsa Insurance Associates in California

Insurance Journal

Alliant Insurance Services acquired Vinsa Insurance Associates within its Alliant Public Entity division, expanding its footprint in California. Based in Lancaster, California, Vinsa is an independent property/casualty insurance agency that specializ...

Posted: Apr 11, 2024

US Investigators Interview Cargo Ship Personnel in Maryland Bridge Collapse

Insurance Journal

U.S. National Transportation Safety Board chair Jennifer Homendy said at a Senate hearing Wednesday that investigators had conducted interviews with key cargo ship personnel in the investigation of the March 26 Baltimore bridge collapse. The Dali car...

Posted: Apr 11, 2024

Protective enters agreement to acquire ShelterPoint

Reinsurance News

Protective Life Corporation, a U.S. subsidiary of Dai-ichi Life Holdings, Inc., has revealed that its principal subsidiary, Protective Life Insurance Company, has agreed to acquire ShelterPoint Group, Inc. ShelterPoint is a provider of statutory d...

Posted: Apr 11, 2024

People Moves: IC International Appoints Kim VP; WCF Promotes Riedley to SVP and Curtis to CUO, Small...

Insurance Journal

IC International Appoints Kim Vice President IC International, headquartered in Honolulu, appointed Nova Kim as vice president. Kim oversees the execution of IC International strategy and provides oversight of daily operations. Kim has more than 30 y...

Posted: Apr 11, 2024

Oregon Schools Sued for $9M After Young Girl Allegedly Raped

Insurance Journal

A young girl and her guardian have sued an Oregon nonprofit organization, Portland Public Schools and Multnomah County for $9 million, alleging they were negligent when male classmates sexually abused her at school and raped her during an after-schoo...

Posted: Apr 11, 2024

EPA Sets First U.S. Drinking Water Standards to Limit Toxic PFAS

Carrier Management

EPA Sets First U.S. Drinking Water Standards to Limit Toxic PFAS Abou...

Posted: Apr 10, 2024

Which states have the safest Gen Z drivers?

NU Property & Casualty 360

Estimates from the NHTSA also showed that traffic deaths of people ages 15 to 24 increased 6% in the first half of 2023 compared to the same period in 2022.

Posted: Apr 10, 2024

Summoning the 'insurance genie' for portfolio-wide analysis

NU Property & Casualty 360

AI-driven chat bots could streamline recovery efforts and claims payouts based on comprehensive, portfolio-wide insights.

Posted: Apr 10, 2024

Pennsylvania issues AI guidelines for state-licensed insurers

NU Property & Casualty 360

The April 9 release outlines concerns over bias and transparency in AI-supported decisions, particularly in underwriting.

Posted: Apr 10, 2024

Earnix Names Craig Campestre CRO

IIR

The former Insurity and FIS executive will will lead and manage Earnix’s revenue generation efforts and enhance overall operational efficiency.

Posted: Apr 10, 2024

Sen. Rounds: Keeping Insurance State-Regulated

IA Magazine

Sen. Mike Rounds (R-South Dakota), spoke to Big “I” members on the importance of keeping insurance state-regulated, the impacts of inflation, and the inevitability of artificial intelligence (AI).

Posted: Apr 10, 2024

Number of vehicles stolen in U.S. again surpasses 1 million

NU Property & Casualty 360

As auto thefts rise across the country, lawmakers are considering measures to stem the tides.

Posted: Apr 10, 2024

Triple-I: Insurance Economic Drivers Outperforming Overall US GDP, and Likely to Gain Further Moment...

Insurance Information Institute

For immediate release New York Press Office, Loretta Worters 917-923-8245, [email protected]     NEW YORK, April 11, 2024—The economic drivers of the U.S. property/casualty (P/C) insurance industry are now growing faster than the nation’s Gross Domest...

Posted: Apr 10, 2024

Pet insurance gross written premiums grew more than 20% in 2023

NU Property & Casualty 360

The sector’s gross written premiums have been growing by 20%-30% annually since 2020.

Posted: Apr 10, 2024

Survey blames class action spike in-part on surge in 'employee activism'

NU Property & Casualty 360

Labor and employment class actions accounted for 43.4% of legal departments' class action matters in 2023 – an increase of nearly 10 percentage points from a year earlier.

Posted: Apr 10, 2024

Previsico Hires Aleksander Surowiak from Tractable AI to Supercharge Growth

IIR

Surowiak will define and execute an updated sales strategy and implement structures, systems, and processes to enable Previsico to achieve an ambitious growth plan.

Posted: Apr 10, 2024

Starr Insurance Selects SureGo Administrative Services as TPA

IIR

The agreement brings all Trawick International travel insurance claims fully in-house, to its SureGo Administrative Services division.

Posted: Apr 10, 2024

How ESG could transform insurance into a more sustainable sector

NU Property & Casualty 360

Insurance companies are in a unique and powerful position to influence behaviors.

Posted: Apr 10, 2024

Big ‘I’ Presents Member Awards

IA Magazine

This week, the Big “I” presented several awards to the members that represent the best of the association.

Posted: Apr 10, 2024

MassMutual and Genomics Extend Genetic Testing to More Policyholders

IIR

The expanded program offers eligible MassMutual policyowners aged 35-70 access to polygenic risk testing via a saliva test that identifies hidden risk for eight common conditions.

Posted: Apr 10, 2024