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Insurance Business Magazine - US
Posted: Oct 15, 2024
Insurance Business Magazine - US
Posted: Oct 15, 2024
What if you reprioritized compliance? What if you saw compliance as a critical component of your core business functions, and not as a necessary sidecar, an obstacle to overcome for your onboarding?
Posted: Oct 15, 2024
Stoïk is on track to have 5k policyholders and €25 million in premiums by the end of the year.
Posted: Oct 15, 2024
Inari, a technology solution provider for global insurance and reinsurance companies, has partnered with Diesta, which offers streamlined premium processing platforms for insurance intermediaries. This partnership will integrate Diesta’s pre...
Posted: Oct 15, 2024
CORTEZ, Fla. (AP) — Floridians recovering from Hurricane Milton, many of whom were journeying home after fleeing hundreds of miles to escape the storm, spent much of Saturday searching for gas as a fuel shortage gripped the state. In St. …
Posted: Oct 15, 2024
Progressive, the property and auto-focused insurance group, has revealed that incurred property losses and allocated loss adjustment expenses (ALAE) related to hurricanes Helene and Milton did not exceed the $200 million retention under its occurr...
Posted: Oct 15, 2024
Nearly two weeks after Hurricane Helene downed power lines and washed out roads all over North Carolina’s mountains, the constant din of a gas-powered generator is getting to be too much for Bobby Renfro. It’s difficult to hear the nurses...
Posted: Oct 15, 2024
The Ardonagh Group, the London-based independent insurance distribution platform, announced it has completed the A$2.3 billion (US$1.6 billion) acquisition of PSC Insurance Group Ltd. The completion of the acquisition in the APAC region sees PSC̵...
Posted: Oct 15, 2024
French reinsurer SCOR has announced the appointment of Paula Bourke as Chief Executive Officer (CEO) of Life and Health (L&H), Australia & New Zealand, effective immediately. Bourke brings over 26 years of industry experience to the role,...
Posted: Oct 15, 2024
Property Insurance claims from Hurricane Milton had topped more than 123,000 by Sunday, with some $1.5 billion in estimated insured losses. That’s already more than the claims and losses reported for Helene, which made landfall in Florida two w...
Posted: Oct 15, 2024
For the second-straight year, the US title insurance sector witnessed its volume of direct premium written decline, falling 32% to $14.3 billion in 2023, which according to AM Best, reflects housing and macroeconomic trends. It’s important t...
Posted: Oct 15, 2024
Vermont’s insurance regulator has approved an affiliation of Union Mutual Fire Insurance Co. with the Massachusetts-based mutual insurer Norfolk & Dedham Group. Under the now-approved “acquisition of control” transaction that wa...
Posted: Oct 15, 2024
The West African Development Bank (BOAD) has launched the “Shock Resilient Loans” program under its sovereign loan portfolio, covered by parametric insurance against natural and health disasters, supported by Munich Re. The project’s p...
Posted: Oct 15, 2024
Florida’s Hurricane Milton caused private insured losses of about $36 billion, estimated catastrophe modeler Karen Clark & Co. The estimate includes losses from wind, storms surge, and inland flooding to personal, commercial and industrial...
Posted: Oct 15, 2024
QBE International Markets is set to launch a new US Inland Marine offering by 2025, making it available in all 50 states as part of its expansion of specialty products and the addition of a new team. The team and product will be added to QBE Inter...
Posted: Oct 15, 2024
A Russian missile hit a fourth cargo ship in Ukraine this month, as the Kremlin ramps up its attacks on Kyiv’s trade infrastructure. A grain storage facility at Odesa port was attacked on Monday, killing one person and injuring two …
Posted: Oct 15, 2024
BlackRock, a global asset management firm, reports that insurers are focusing on increased investments in private markets, clean energy infrastructure, and innovative technology in 2024, according to its 13th annual Global Insurance Report. For th...
Posted: Oct 15, 2024
rradar, a UK legal enterprise, has announced the appointment of Matthew Williams as Managing Director (MD) of its newly launched insurance vehicle, rrelentless. By leveraging Williams’ expertise, he will help to drive forward the firm’s strategic...
Posted: Oct 15, 2024
Specialist Risk Group (SRG), an insurance intermediary majority-owned by Warburg Pincus and Temasek, has announced its expansion into the Asia Pacific (APAC) region and its plans to acquire HL Suntek Insurance Brokers Pte. Ltd. (HL Suntek). Based...
Posted: Oct 15, 2024
The UK government has urged people to ensure they are prepared for flooding this winter after an unusually wet September. The warning marks “Flood Action Week” which starts Monday and coincides with the anniversary of last year’s St...
Posted: Oct 15, 2024
Argo Group has appointed renowned risk, actuarial, and underwriting veteran Kevin Madigan as Head of Capital Management, based in New York. Known for his experience particularly across the property & casualty (P&C) space, Madigan also has...
Posted: Oct 15, 2024
Specialist Risk Group (SRG), the London-based specialist insurance intermediary that is majority-owned by Warburg Pincus and Temasek, announced its launch in Asia Pacific with a new subsidiary in Singapore. As the first part of its expansion plans, S...
Posted: Oct 15, 2024
Karen Clark & Company (KCC) has estimated that the privately insured loss from Hurricane Milton will be close to $36 billion in the US from wind, storm surge, and inland flooding. This estimate, based on the high-resolution KCC US Hurricane Re...
Posted: Oct 15, 2024
The likelihood of a La Niña weather event in coming months has decreased, Australia’s weather bureau said on Tuesday, adding that if the phenomenon did appear, it would be weak and short-lived. The development of La Niña and its opposite, ̷...
Posted: Oct 15, 2024
This post is part of a series sponsored by AgentSync. Historically, compliance has been seen as a necessary evil for insurance carriers. The dynamic often pits compliance or operations teams against sales, it causes silos, and it sows division in ...
Posted: Oct 15, 2024
As per a new report by Fitch Ratings, positive pricing trends in the London market are anticipated to continue into H2 2024, though at a slower rate than in 2023, following a period of high inflation, pandemic and natural disaster losses, and chal...
Posted: Oct 15, 2024
According to Milliman, a global consulting and actuarial firm, hurricane Milton is likely to be a manageable event for the reinsurance industry, but a major one for insurance carriers in the State of Florida and could even put some companies under...
Posted: Oct 15, 2024
Posted: Oct 15, 2024
Posted: Oct 15, 2024
Counterpart, a management and professional liability insurtech, has announced the appointment of industry veteran, Jim Smith, as its Director of Digital Distribution. With the hire of Smith, Counterpart – backed by Aspen, Markel, and Westfie...
Posted: Oct 15, 2024
Southeast Asia could see higher-than-normal rainfall in the coming months, threatening further disruptions to agriculture, tourism, and industrial output in a region already hit by a series of storms this year. Weather forecasters predict wetter cond...
Posted: Oct 15, 2024
Global insurer AXA’s Future Risks Report 2024 reveals a heightened sense of vulnerability regarding the risks facing societies; nonetheless, both experts and the general population express renewed confidence in insurers to tackle existing and emer...
Posted: Oct 15, 2024
Arch Capital Group Ltd., the Bermuda-based re/insurer, announced that Nicolas Papadopoulo has been named chief executive officer and is joining the board of directors effective immediately. Papadopoulo has held his current positions of president and...
Posted: Oct 15, 2024
PERse, the managing general underwriter (MGU) specialising in renewable energy and part of Ryan Specialty Underwriting Managers, has added three new renewable energy casualty experts to its Americas team, who each join the firm following Ryan Spec...
Posted: Oct 15, 2024
Damage to private property from Iran’s recent missile barrage on Israel amounted to 150 million to 200 million shekels ($40 million to $53 million), according to figures provided by Israel’s tax authority, making it the costliest since th...
Posted: Oct 15, 2024
The Singapore government will block a proposed S$2.2 billion ($1.7 billion) deal by Allianz SE to buy a majority stake in a homegrown insurance firm, three months after the transaction sparked a public backlash. The government decided it wouldn’...
Posted: Oct 15, 2024
Jimmy Lim, Head of Engineering Underwriting Asia at Swiss Re, stated that the Asian Development Bank estimates the Asia-Pacific (APAC) region needs to invest almost USD 2 trillion each year in infrastructure. This substantial investment is critica...
Posted: Oct 15, 2024
Property intelligence company, Arturo has unveiled a “revolutionary” AI-powered solution for insurers that will enhance property insights and risk management. The new solution, named Change Detection, leverages state-of-the-art AI and geospatial i...
Posted: Oct 15, 2024
Honda Motor said it is recalling 2 million cars and SUVs in North America over an issue that can make steering more difficult and increase the risk of a crash. The recall by the Japanese automaker includes various 2022 through …
Posted: Oct 15, 2024
Johnson & Johnson’s successful use of a “court-shopping” legal tactic to advance its latest plan for resolving thousands of cancer claims spotlights a controversial bankruptcy maneuver corporations have long employed to avoid un...
Posted: Oct 15, 2024
KNOXVILLE, Tenn. (AP) — Authorities in eastern Tennessee continued Friday to investigate a container suspected of holding large amounts of dynamite, warning residents that evacuations will likely remain in place throughout the night. “Until we...
Posted: Oct 15, 2024
WASHINGTON (AP) — Residents in the states hit by Hurricane Helene who had coverage through the federal flood insurance program but let it lapse before the storm hit may be able to renew it and still be covered from the …
Posted: Oct 15, 2024