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According to a survey conducted by Gartner, the rapid growth and usage of generative artificial intelligence (GenAI) has led to a significant surge in the demand for comprehensive audit coverage of AI-related risks. In August 2023, Gartner surveye...
Posted: Mar 25, 2024
Deadliest Landslide Memorial Opens on 10th Anniversary The small community of Oso, Washington, on Frida...
Posted: Mar 25, 2024
An employee of a diagnostics firm in Virginia who was injured when she fell on a crosswalk on her way to work is not entitled to workers’ compensation benefits. The Virginia Workers’ Compensation Commission (VWCC) has upheld a deputy comm...
Posted: Mar 25, 2024
Global insurance provider RSA Insurance has appointed Tony Collman as the Property Director in its UK Specialty Lines business, effective immediately. Collman has been leading the Property business on an interim basis since December 2023, after Ne...
Posted: Mar 25, 2024
Global specialty re/insurer Chaucer has entered into the weather insurance market with a new parametric weather product to cover non-damage business interruption. The new product aims to provide coverage for weather-related losses for weather even...
Posted: Mar 25, 2024
The Russian oil-export machine funding the Kremlin’s war in Ukraine is finally getting some grit in its gears. Indian oil refiners — Moscow’s second-biggest customers after China since the 2022 invasion — will no longer accept tankers own...
Posted: Mar 25, 2024
Manulife Financial Corporation has agreed to reinsure CAD 5.8 billion (USD 4.4 billion) of reserves of low ROE Canadian universal life block to RGA Life Reinsurance Company of Canada. RGA Life Reinsurance Company of Canada, a subsidiary of global...
Posted: Mar 25, 2024
Marsh, the insurance broker, risk adviser and a unit of Marsh McLennan, announced the creation of Edgware Re Ltd., a group captive insurance company for organizations seeking more control and stability in their cyber insurance programs. Based in Berm...
Posted: Mar 25, 2024
As global warming raises temperatures, a California work safety board has approved standards that would require companies to protect employees from excessive indoor heat, particularly in warehouses. The rules still need to overcome opposition by anot...
Posted: Mar 25, 2024
With the cost of 2023 cybercrime estimated at $8 trillion worldwide, it’s high time to review the cybersecurity measures that actually work. The post
Posted: Mar 25, 2024
According to global credit rating agency AM Best, the US property & casualty (P&C) industry recorded a $21.2 billion net underwriting loss in 2023, which slightly improves upon the $24.9 billion loss recorded in the prior year. These preli...
Posted: Mar 25, 2024
Insurance Business Magazine - US
Posted: Mar 25, 2024
Insurance Business Magazine - US
Posted: Mar 25, 2024
What Industry Executives Are Saying About Loss Reserves, Social Inflation At carriers...
Posted: Mar 25, 2024
Insurance Business Magazine - US
Posted: Mar 25, 2024
CHARLESTON, W.Va. (AP) — West Virginia, which has the highest rate of adult cigarette use in the nation, became the 12th state to ban smoking in vehicles with children present under a bill signed by Republican Gov. Jim Justice on …
Posted: Mar 25, 2024
FORT LAUDERDALE, Fla. (AP) — Two crew members on a Holland America cruise ship died during an “incident” in the ship’s engineering space, the cruise line said. The unidentified crew members died Friday while the Florida-based Nieuw...
Posted: Mar 25, 2024
Ageas SA/NV has stated that following the rejection of the two recent attempts to engage with the Board of Directors of Direct Line Insurance Group plc, it will not make an offer for the firm. Brussels-headquartered insurer Ageas was not able to i...
Posted: Mar 25, 2024
Bermuda-based Everest Group has promoted Jim Williamson to lead its reinsurance and insurance businesses. Williamson currently serves as Everest’s EVP, Group Chief Operating Officer and Head of the Company’s Reinsurance Division, where he has repo...
Posted: Mar 25, 2024
Predictions that the property/casualty insurance industry is in the midst of repeating the type of loss reserving cycle that accompanied the hard market of the beginning year of this century may be overblown, according to an analyst. In fact, William...
Posted: Mar 25, 2024
B.P. Marsh and Partners, the specialist private equity investor in early-stage financial services businesses, has completed the sale of its entire shareholding in Paladin Holdings Limited, the holding company of CBC UK Limited. B.P. Marsh has reve...
Posted: Mar 25, 2024
Posted: Mar 25, 2024
Ageas said it will halt its pursuit of UK insurer Direct Line Insurance Group Plc after two takeover proposals were rejected this year. The Belgian insurer had put forth an offer valuing Direct Line at about £3.2 billion ($4.1 billion) …
Posted: Mar 25, 2024
Saudi Reinsurance Company (Saudi Re) has announced the appointment of Ahmed Al-Jabr as Acting Chief Executive Officer of the Company, effective April 1, 2024. The company’s board members greenlighted the appointment on March 15, 2024, while the in...
Posted: Mar 25, 2024
Independent specialist re/insurance broker BMS has bolstered its financial and professional risks (Finpro) division by hiring Tom Spraggs, Richard Austwick, and Tom Woolcott, who will each join the division following the fulfilment of their contra...
Posted: Mar 25, 2024
Hong Kong’s temperature on Sunday reached the highest recorded level during the month of March in 140 years, according to the city’s observatory. The maximum temperature measured at the Observatory was 31.5C (88.7F) — the highest reported...
Posted: Mar 25, 2024
In a move aimed at fostering a conducive insurance regulatory environment and aiding the systematic development of the country’s reinsurance sector, the Insurance Regulatory and Development Authority of India (IRDAI) has announced the approv...
Posted: Mar 25, 2024
Independent specialist re/insurer Apollo has partnered with Munich Re Syndicate Limited (MRSL) and Tokio Marine HCC International (TMHCCI) to lead its recently launched Lloyd’s Marine Builders’ Risk Consortium. Apollo’s new consortium, which went...
Posted: Mar 25, 2024
It’s every cryptocurrency project’s nightmare: Well-resourced hackers — perhaps backed by a rogue state like North Korea — strike out of nowhere, dismantling cyber defenses and making off with millions of dollars in customer funds. Many c...
Posted: Mar 25, 2024
PEOs take off much of the administrative workload of running a strong workers’ comp program. The post How Profe...
Posted: Mar 25, 2024
Guy Carpenter, a global risk and reinsurance specialist and business of Marsh McLennan, has appointed Ben Savill as CEO of Pacific, effective from the 1st of April, 2024. Savill holds more than 27 years of market experience, having most recently s...
Posted: Mar 25, 2024
FTI Consulting has published its European Insurance M&A Barometer Report for 2023, revealing that despite increasing interest rates, the year remained highly active for insurance mergers and acquisitions (M&A) throughout Europe. FTI Consul...
Posted: Mar 25, 2024
Worst Is Over: Most of Casualty Reserve Hole May Be Fill...
Posted: Mar 25, 2024
Insurity, a provider of cloud software for insurance carriers, brokers, and MGAs, has partnered with OIP Robotics (OIPR), an Insurtech data and software solutions lab, to transform data processing within P&C insurance through artificial intell...
Posted: Mar 25, 2024
BASTROP, Texas (AP) — A cement truck veered into a school bus carrying more than 40 pre-K students returning from a field trip to a Texas zoo Friday, killing a boy on the bus and a man in another vehicle, …
Posted: Mar 25, 2024
BASTROP, Texas (AP) — A cement truck veered into a school bus carrying more than 40 pre-K students returning from a field trip to a Texas zoo Friday, killing a boy on the bus and a man in another vehicle, …
Posted: Mar 25, 2024
Web Connectivity Limited (WCL), a wholly owned subsidiary of insurtech provider Zywave, has agreed to supply its ACORD4ALL mappings to Velonetic, a joint venture between Lloyd’s, tech firm DXC and the International Underwriters’ Associ...
Posted: Mar 25, 2024
Hiscox, headquartered in Hamilton, Bermuda, named Leigh Hellrung as chief operating officer in the U.S. Hellrung will serve on the Hiscox U.S. leadership team. Bringing over 20 years of industry experience to the role, Hellrung will lead all aspects...
Posted: Mar 25, 2024
Columbus-domiciled Nationwide, a diversified financial services and insurance company in the United States, has achieved record-level sales for the third consecutive year in a row. The insurer stated that significant rate and underwriting actions...
Posted: Mar 25, 2024
Chrysler is recalling nearly 286,000 vehicles in the United States over a manufacturing defect that might cause the side curtain airbag inflators to rupture, the National Highway Traffic Safety Administration (NHTSA) said on Friday. The right and lef...
Posted: Mar 25, 2024
US aviation authorities are considering drastic measures to curb growth at United Airlines Holdings Inc., including preventing the carrier from adding new routes, following a series of safety incidents. The Federal Aviation Administration has discuss...
Posted: Mar 25, 2024
UnitedHealth Group said on Friday its Change Healthcare unit will start to process the medical claims backlog of more than $14 billion as it resumes some software services disrupted by a cyberattack last month. The company has been scrambling to R...
Posted: Mar 25, 2024