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While the active 2023 severe convective storm (SCS) season led to higher-than-average insured losses, these losses were not extreme, according to Karen Clark & Company’s (KCC) SCS Model. The KCC US SCS Reference Model offers a realistic depict...
Posted: Jul 19, 2024
A global tech outage that appeared to be related to issues at cybersecurity firm CrowdStrike and Microsoft on Friday affected operations in sectors including airports, airlines, media and banks. Below is a list of disruptions that have been reported:...
Posted: Jul 19, 2024
“We find it a little surprising to see as much competition as we do in the public space, knowing that there’s the old inventory of claims and there’s a new inventory continuing to build. It’s a little bit of a surprise to me to see the market as c...
Posted: Jul 19, 2024
The International Underwriting Association (IUA), representing insurance and reinsurance companies in London, has stated that London Market insurers will be essential in advancing new air mobility technologies in the coming years. The IUA emphasis...
Posted: Jul 19, 2024
The Travelers Companies, Inc. reported second quarter net income of $534 million, compared to a loss of $14 million during the same time a year ago, thanks to record net premiums of about $11.1 billion. The New York-based insurer posted …
Posted: Jul 19, 2024
The latest people news in the industry today. The post Matt Hannon Promoted to U.S. National Casualty Practice Leade...
Posted: Jul 19, 2024
KatRisk recently announced two key appointments: Petros Keshishian as the new Head of Model Engineering and John Tewhill as Enterprise Account Executive. Founded in 2012, KatRisk specialises in catastrophe modelling for various perils, including i...
Posted: Jul 19, 2024
The company provides membrane solutions for treating highly-impaired wastewater.
Posted: Jul 19, 2024
Safe-Guard is a provider of third-party private label finance and insurance protection products for the automotive, RV, marine, and powersports industries.
Posted: Jul 19, 2024
If everyone committed just one day a year to thinking through the risks and compiling an actionable plan, insureds and their employees would gain significant peace of mind and lives would be saved. The post
Posted: Jul 19, 2024
The latest people news in the industry today. The post Troy Bagwell Appointed as Commercial Lines Leader at Risk Str...
Posted: Jul 19, 2024
OneAdvent, the specialist managing general agent (MGA) and broker services platform, has partnered with risk management and security services organisation, Solace Global Risk, in a move that is set to provide a holistic insurance and risk manageme...
Posted: Jul 19, 2024
Independent agents play a critical role in helping clients find the right home insurance policies for them. They are also instrumental in sharing information about general safety considerations for homeowners, which is especially essential during the...
Posted: Jul 19, 2024
Longtime West Virginia insurance agent Charles Ludewig has decided to retire, paving the way for his agency to join the Leavitt Group, one of the largest privately held brokerages in the country. “I’m looking forward to this next chapter...
Posted: Jul 19, 2024
The spread of bird flu among poultry and dairy farms has heightened some health experts’ concerns that the process of killing and disposing of poultry infected with the virus may pose a risk to humans and livestock. Recent instances of …
Posted: Jul 19, 2024
Severe convective storms (SCS) that struck parts of the US and Canada from July 13-17, as well as several countries in Europe between July 11-17, are each expected to result in economic and insured losses totaling hundreds of millions of USD, acco...
Posted: Jul 19, 2024
MIAMI GARDENS, Fla. (AP) — Colombia’s soccer federation president and his son were among 27 people arrested during the crowd control issues that broke out at the Copa America final between Argentina and Colombia, a melee that may have caused &#...
Posted: Jul 19, 2024
A software update wreaked havoc on computer systems globally on Friday, grounding flights, forcing some broadcasters off air and hitting services from banking to healthcare. An update to a product offered by global cyberscurity firm CrowdStrike appea...
Posted: Jul 19, 2024
A worldwide tech outage crippled industries from travel to finance on Friday before services started coming back online after hours of disruption, highlighting the risks of a global shift towards digital, interconnected technologies. A software updat...
Posted: Jul 19, 2024
The Travelers Companies, Inc. has reported a net income of $534 million for Q2 of 2024 despite an underwriting loss of $65 million driven by substantial cat losses of $1.5 billion, which were offset by net favourable prior year reserve development...
Posted: Jul 19, 2024
Allstate Corp. said it recorded pretax catastrophe losses of about $2.1 billion in the second quarter. The Northbrook, Illinois-based insurer on July 18 said the total included $230 million of pretax catastrophe losses for the month of June from 18 &...
Posted: Jul 19, 2024
Insurance Business Magazine - US
Posted: Jul 19, 2024
US primary insurer Travelers decided to increase the size of its Northeast property catastrophe excess-of-loss (XoL) reinsurance treaty by $150 million at the July renewals, and also renewed its personal insurance hurricane cat XoL treaty with a h...
Posted: Jul 19, 2024
BASS RIVER, N.J. (AP) — Heavy rain overnight helped firefighters gain more control over a forest fire burning at a military bombing range in southern New Jersey. Fire officials said Wednesday that half an inch (1.3 centimeters) of rain fell …
Posted: Jul 19, 2024
As per a new Fitch Ratings report, the regulation of Letras de Risco de Seguro (LRS), which are similar to insurance linked-securities (ILS), could benefit Brazil’s re/insurance market. According to Fitch, LRS may provide new access to portfolio d...
Posted: Jul 19, 2024
According to reinsurance broker Gallagher Re, there were at least 19 individual billion-dollar insured natural catastrophe loss events in the first half of 2024, making it the second-highest H1 total on record, behind the 20 events seen in 2023 an...
Posted: Jul 19, 2024
Verisk’s Extreme Event Solutions group has estimated that industry insured losses to onshore property from wind in the US for Hurricane Beryl will range between $2 billion and $3 billion. For those who need refreshing, Beryl began as a tropi...
Posted: Jul 19, 2024
Agile Underwriting Services has appointed Matthew Rowan, formerly of insurance and reinsurance broker Aon, as Group Risk and Compliance Officer, based in Sydney. Rowan takes on oversight of both the syndicate service company and MGA operations as...
Posted: Jul 19, 2024
Accommodations can help reduce claims costs and bring injured employees back to work. They just have to be implemented correctly. The post Acc...
Posted: Jul 19, 2024
Workers’ compensation underwriters frequently emphasize their focus on the wellbeing of injured employees. Does that concern extend to their own claims adjusters? The post
Posted: Jul 19, 2024
USAA members in Texas will receive discounted home maintenance services.
Posted: Jul 19, 2024
Global credit ratings agency AM Best has revised the outlook to stable from positive for the Long-Term Issuer Credit Ratings (Long-Term ICR), and also affirmed the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term ICR’s of...
Posted: Jul 19, 2024
Global reinsurer Swiss Re has revealed that Chris Minter will take over as Head of its Alternative Capital Partners (ACP) division, succeeding Philipp Rüede, who is leaving the firm after 12 years of service. As Reinsurance News understands, Rüede...
Posted: Jul 19, 2024
Selective Insurance has reported a net loss of $65.6 million for Q2 of 2024, with a combined ratio of 116.1% in what the firm described as a “challenging” quarter. According to the firm, a net unfavourable prior year casualty reserve d...
Posted: Jul 19, 2024
Posted: Jul 19, 2024
What Role Does Insurance Play in a Politically Cha...
Posted: Jul 19, 2024
Property and casualty insurance holding company, The Hanover Insurance Group, Inc., has preliminary estimated pre-tax catastrophe losses of $157.1 million, or 10.7 points of net earned premium for the second quarter of 2024. The insurer has stated...
Posted: Jul 19, 2024
Bermuda-domiciled global re/insurer Everest Group, Ltd. has promoted Andrew McBride to Group Chief Claims Officer and appointed Lope Garcia as Global Reinsurance Chief Claims Officer. In his new role, McBride will lead claims across Everest’s insu...
Posted: Jul 19, 2024
Total economic losses from natural catastrophe events reached $117 billion in the first half of 2024, of which at least $58 billion, or approximately 50% was covered by insurance, resulting in one of the lowest H1 protection gaps on record, accord...
Posted: Jul 19, 2024
Angola will sell stakes in its largest insurer and in the local unit of Standard Bank Group Ltd. this year, as the oil-producing nation moves ahead with a privatization program to raise cash and diversify the economy. The disposal of …
Posted: Jul 19, 2024
The Natural Disaster Fund (NDF), which is managed by Global Parametrics, a CelsiusPro Group company, has made payouts exceeding USD 1.45 million to enable support for businesses and communities in Grenada following the impacts of hurricane Beryl....
Posted: Jul 19, 2024
Two oil tankers have been on fire since early Friday morning to the east of Singapore, according to a statement from the country’s Maritime and Port Authority. Hafnia Nile, a Singapore-flagged refined-products tanker, and Ceres I, a crude oil t...
Posted: Jul 19, 2024
Two large oil tankers were on fire on Friday in waters near Singapore, the world’s biggest refueling port, with two crew members airlifted to hospital and others rescued from liferafts, authorities said. The Maritime and Port Authority of Singa...
Posted: Jul 19, 2024