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Bloomberg Intelligence (BI) has said that a 360% rise in insured losses in the past three decades from the increased frequency and intensity of natural disasters is causing insurers to “hike premiums and exit high-risk areas,”. At the...
Posted: Mar 14, 2024
UnitedHealth Group said Wednesday evening that its unit Change Healthcare’s pharmacy network was back online, weeks after a cyberattack had a knock-on effect across the country’s healthcare system that depends heavily on insurance. Change...
Posted: Mar 14, 2024
The Lloyd’s insurance and reinsurance market and the Bermuda Monetary Authority (BMA) have committed to developing an initiative that will reportedly drive closer collaboration and alignment on sharing risk expertise between the two major (re)insu...
Posted: Mar 14, 2024
Twenty armed people have boarded a cargo ship off the coast of Somalia and have taken control of it, a maritime security firm said on Tuesday. The vessel is the latest to be targeted following a resurgence of attacks by …
Posted: Mar 14, 2024
A massive explosion killed two people and destroyed a house in the Pittsburgh area near the Ohio River, authorities said Tuesday. Aerial images from the scene in Crescent Township in the northwest Pittsburgh suburbs showed smoking ruins with the stru...
Posted: Mar 14, 2024
Marsh, an insurance broker, risk advisor and business of Marsh McLennan, has appointed Koen van Leuven as the Marine Broking Director, Marsh Netherlands. Based in Rotterdam, van Leuven is anticipated to join Marsh in the summer of 2024 and will re...
Posted: Mar 14, 2024
Cyber attack/data breaches have been identified as the top business risk for organisations across India, according to data from re/insurance broker Aon. The broker recently announced the results of its 2023 Global Risk Management Survey, which gat...
Posted: Mar 14, 2024
The Board of the Insurance Council of Australia (ICA) has appointed incoming Lloyd’s General Representative in Australia Tracey Bryan as a non-executive director. Bryan succeeds Chris Mackinnon, who joined the ICA Board in 2017. She will hold the...
Posted: Mar 14, 2024
Lloyd’s CFO Burkhard Keese has noted that despite stellar underwriting conditions in 2023, very little fresh capital flowed into the insurance market, with many promising capital-raising initiatives having to be abandoned, highlighting the need fo...
Posted: Mar 14, 2024
RUSHVILLE, Ill. (AP) — Five people, including three children, were killed in western Illinois when a school bus and semitruck collided on a highway Monday, authorities said. The bus was traveling eastbound when it crossed the center line on U.S. R...
Posted: Mar 14, 2024
The Missouri Captive Insurance industry increased its gross written premium by 142% in 2023, the Missouri Department of Commerce and Insurance (DCI) reported. The amount of written premiums in 2022 were $3,543,681,320 vs. $8,600,492,937 in 2023. This...
Posted: Mar 14, 2024
Cyber insurance provider At-Bay has announced the appointment of Martina Trucco as its Chief Marketing Officer. Trucco brings nearly two decades of strategic brand, product marketing, and communications experience to her new role. She joined At-Ba...
Posted: Mar 14, 2024
AI isn't just being used by the good guys. As cybercriminals incorporate AI tools into their arsenals, organizations must ramp up their mitigation and response plans. The post
Posted: Mar 14, 2024
LUBBOCK — Texas House Speaker Dade Phelan is creating a legislative committee to investigate the Texas Panhandle wildfires to ensure the state is prepared for future disasters. His Tuesday announcement comes more than two weeks after the deadly infer...
Posted: Mar 14, 2024
AXA Climate, the climate risk insurance broker, has strategically partnered with Reask, a provider of climate risk modeling solutions, to leverage its Metryc product to offer advanced parametric windstorm insurance solutions. The partnership lever...
Posted: Mar 14, 2024
Oneglobal, the independent Lloyd’s broker backed by JC Flowers, has over 90% of its UK teams now placing business through the Whitespace platform, the fully digital e-trading platform. Whitespace is owned by Verisk, an important technology p...
Posted: Mar 14, 2024
Maiden Holdings Ltd., has posted it’s results for the fourth quarter of 2023, which includes a net loss of $20.8 million, compared to a net income of $36.2 million from the prior year period. The firm posted lower underwriting loss of $21.1...
Posted: Mar 14, 2024
Fitch Ratings raises its baseline assumption for German insured catastrophe losses as it forecasts a 99% net combined ratio for 2023 and 2024 for the non-life sector in the country, the worst in recent times. Yet the sector outlook remains neutral...
Posted: Mar 14, 2024
Vienna Insurance Group, an insurer in the Central and Eastern European region, has reported double-digit premium growth and a solid increase in profit during a particularly successful financial year 2023. Gross written premiums (GPW) hit €13.8 bil...
Posted: Mar 14, 2024
Massachusetts Gov. Maura Healey is appealing a decision of the Federal Emergency Management Agency to deny the state’s request for a major disaster declaration to support cities and towns battered by severe weather and flooding in September. He...
Posted: Mar 14, 2024
Eggland’s Best, one of the largest U.S. egg producers, has been sued for falsely claiming that its eggs contain less saturated fat than other eggs. The proposed class action filed on Tuesday in federal court in Chicago by Richard Vilchis …...
Posted: Mar 14, 2024
More than 60 elections will be held worldwide in 2024, and the outcomes will likely affect international relationships, drive policy uncertainty and disrupt markets, Marsh Specialty leaders said in a new political risk report. “The outcomes of...
Posted: Mar 14, 2024
Executive Summary: Setting up mock jury trials, taking cases to trial and refraining from issuing “hammer” letters to lower-layer insurers are just three of the strategies Aspen’s Chief Claims Officer Tony Rai suggests that insurers...
Posted: Mar 14, 2024
Executive Summary: Setting up mock jury trials, taking cases to trial and refraining from issuing “hammer” letters to lower-layer insurers are just three of the strategies Aspen’s Chief Claims Officer Tony Rai suggests that insurers...
Posted: Mar 14, 2024
UnitedHealth Group has already been hit with at least six class action lawsuits accusing it of failing to protect millions of people’s personal data from last month’s hack of Change Healthcare, its payment processing unit, with more lawsu...
Posted: Mar 14, 2024
The North Carolina Supreme Court has temporarily put the brakes on an appeals court decision that had upset years of workers’ compensation case law on when a moonlighting law officer is considered an independent contractor. In the case of Steph...
Posted: Mar 14, 2024
A judge has ruled that a 5-year-old New Hampshire girl missing since 2019 is legally dead and her mother can become administrator of her estate, just weeks after the child’s father was convicted of killing her. Crystal Sorey “has carried...
Posted: Mar 14, 2024
A police officer in Portland, Oregon, has been accused in a federal lawsuit of excessive force over a 2022 fatal shooting of an unarmed Black man. The officer shot Immanueal “Manny” Clark in the back as he ran away from …
Posted: Mar 14, 2024
A police officer in Portland, Oregon, has been accused in a federal lawsuit of excessive force over a 2022 fatal shooting of an unarmed Black man. The officer shot Immanueal “Manny” Clark in the back as he ran away from …
Posted: Mar 14, 2024
EPIC Insurance Brokers & Consultants (EPIC), headquartered in San Francisco, named Jim Romanelli as executive vice president. Based in New York, Romanelli will focus on growth in the Northeast region. Romanelli has over three decades of experienc...
Posted: Mar 14, 2024
Willy Hammond joined the Alliant private client division of Alliant Insurance Services as vice president, senior loss control specialist. Hammond has 30 years of experience in the industry and previously served as national director of premier account...
Posted: Mar 14, 2024
This post is part of a series sponsored by IAT Insurance Group. Many of the top issues facing the trucking industry this year all roll up into one prime source: the economy.[1] In 2022, the cost of operating in the …
Posted: Mar 13, 2024
A recent report from Rutgers examined which state insurance departments are doing the best job of providing residents information about their insurance options.
Posted: Mar 13, 2024
A fire can close a facility for much longer than previously expected due to ongoing supply chain issues stemming from the pandemic.
Posted: Mar 13, 2024
Insurance Information Institute
For Immediate Release New York Press Office: Loretta Worters, 917-208-8842, [email protected] NEW YORK, March 14, 2024—California’s regulatory restrictions to fair, actuarially sound insurance pricing and underwriting, coupled with the need for mo...
Posted: Mar 13, 2024
In addition to $35 billion in CAT losses, AM Best analysts also said both economic and social inflation played large roles in proterty & casualty losses.
Posted: Mar 13, 2024
President Joe Biden's FY2025 budget does not include cuts to the Federal Crop Insurance Program (FCIP), which is welcome news and a significant win for the agriculture community.
Posted: Mar 13, 2024
Great Hill Partners invested in One Inc in 2020 and will retain an equal stake to Nordic Capital alongside a significant continuing investment from the One Inc’s current management team.
Posted: Mar 13, 2024
More than 90% of surveyed professional liability carriers intend to raise rates for architects and engineers, Ames & Gough reports.
Posted: Mar 13, 2024
Sen. Mike Rounds and Sen. John Thune will address attendees at the 2024 Big “I" Legislative Conference, which will take place April 10-12 in Washington, D.C.
Posted: Mar 13, 2024
Crisis communications and management services are designed to help reduce the impact of any potentially volatile or controversial situation.
Posted: Mar 13, 2024
More than 400 property insurers received letters requesting data, which is due by June 6, 2024.
Posted: Mar 13, 2024
Agents who are most successful with public relations understand that there are important strategies to create awareness and to strengthen reputation.
Posted: Mar 13, 2024
The Swedish insurer selected Guidewire ClaimCenter on Guidewire Cloud to enhance customer satisfaction, and to achieve future-proofing and Scalability
Posted: Mar 13, 2024
The goal for the insurance industry should be to avoid adverse selection at all costs.
Posted: Mar 13, 2024
The Lincoln, Neb.-based insurer has adopted FastTrack’s Intelligent On-Line Portals and AI Claims Decision Readiness Solutions.
Posted: Mar 13, 2024