Business Insurance
Insurers are bracing for claims of between $20 billion and $30 billion after assessing the damage from Hurricane Ida in many locations including New York and New Jersey, catastrophe risk modeling firm AIR Worldwide said on Monday.
Posted: Sep 13, 2021
Italian insurer Assicurazioni Generali SpA’s two leading investors are ready to push to replace current chief executive Philippe Donnet if the board fails to reach an accord to keep him in the job.
Posted: Sep 13, 2021
India-based Bharti Enterprises Ltd. and France-based insurer Axa SA have completed the combination of their non-life insurance operations in India into ICICI Lombard General Insurance Company Ltd.
Posted: Sep 13, 2021
U.S.-based Fitch Ratings Inc. said that the demand for reinsurance in Latin America is expected to increase during the second half of this year due to heightened uncertainty linked to COVID-19.
Posted: Sep 13, 2021
South Africa-based Sanlam Ltd.’s operating earnings increased by 33% year-on-year to 4.68 billion South African rand ($330 million) in the six months ended June, based on a strong recovery in new business volume.
Posted: Sep 13, 2021
Kuwait-based Gulf Insurance Group KSCP has said that its acquisition of Axa SA’s insurance operations in the Gulf region will raise the group's annual revenue by $1 billion to $2.5 billion, making it the largest player in the Arab insurance market.
Posted: Sep 13, 2021
The Occupational Safety and Health Review Commission has partly vacated citations against a crane and rigging operator over radius hazards.
Posted: Sep 10, 2021
SiriusPoint Ltd. said Friday it would enter into a strategic partnership with online broker Vouch Insurance Services LLC under which SiriusPoint will provide multiyear underwriting capacity to Vouch and invest in the company’s Series C funding round.
Posted: Sep 10, 2021
Aon PLC said Friday it would combine the facultative reinsurance broking teams from Singapore and Asia Pacific to be led by Geoff Lambrou, who will be CEO, facultative, Asia Pacific.
Posted: Sep 10, 2021
A Connecticut state judge has refused to dismiss COVID-19 business interruption litigation filed against Zurich Insurance Group by a hotel chain seeking coverage for its Louisiana property, stating it has adequately alleged physical loss or damage.
Posted: Sep 10, 2021
A New York State Supreme Court judge on Thursday tossed all but one claim in a lawsuit filed against the Yankees and Major League Baseball over its contract with the team’s previous owners, who will still take the defendants out to the courthouse ove...
Posted: Sep 10, 2021
Preliminary data from Greece’s Hellenic Association of Insurance Companies said that local insurers saw more than 9% year-on-year growth in premium underwritten to €2.13 billion ($2.5 billion) in the first half of the year.
Posted: Sep 10, 2021
A report by credit reporting agency Tokyo Shoko Research Ltd. found that 1,026 Japanese businesses failed in the first eight months through August due to the COVID-19 pandemic, with restaurants accounting for almost 20% of these bankruptcies.
Posted: Sep 10, 2021
Switzerland-based insurance-focused blockchain consortium B3i Services AG is developing distributed ledger technology (DLT)-based platform for six nuclear insurance pools in Northwestern Europe for efficient management of inter-pool reinsurance contr...
Posted: Sep 10, 2021
Juan Andrade, president and CEO of Bermuda-based reinsurer Everest Re Group Ltd., said that reinsurers are in an “arms race” for the latest technology and processes to improve their risk underwriting and pricing amid increasing frequency and severity...
Posted: Sep 10, 2021
Regular insurance and risk management stories were eclipsed this week by news of the killing of an industry executive.
Posted: Sep 10, 2021
The U.S. Department of Justice investigation into German insurer Allianz SE is looking at possible misconduct by fund managers and misrepresentation of risk to investors, three people with knowledge of the matter told Reuters.
Posted: Sep 10, 2021
Drugmaker Endo International PLC on Thursday said it has agreed to pay $50 million to resolve lawsuits by New York state and two of its largest counties related to the sale and marketing of opioids.
Posted: Sep 10, 2021
A federal appeals court Wednesday affirmed a lower court ruling in favor of units of Allied World Assurance Company Holdings Ltd., Intact Insurance Group USA LLC and Travelers Cos. Inc. in litigation filed by a prescription benefit manager over their...
Posted: Sep 09, 2021
A Missouri appeals court on Tuesday reversed a lower court ruling against an injured worker who claimed retaliatory discharge after filing a workers compensation claim.
Posted: Sep 09, 2021
Offshore energy companies are likely to face greater financial losses from Hurricane Ida than from previous storms in the Gulf of Mexico, because of reduced coverage offered by insurers, risk modeler RMS said Thursday.
Posted: Sep 09, 2021
Willis Towers Watson PLC on Thursday outlined a bold plan to deliver $10 billion+ in revenues and a 25% margin expansion by 2024 as it unveiled a $300 million cost-saving program and $4 billion in share buybacks.
Posted: Sep 09, 2021
Heidi Hull, Cleveland-based operations senior vice president for FM Global, was killed with her family in an apparent murder-suicide Tuesday.
Posted: Sep 09, 2021
Data from the National Bank of Ukraine showed that the local insurance market grew by almost 18% year-on-year to 24.8 billion Ukrainian hryvnia ($922.8 million) in the first half of the year.
Posted: Sep 09, 2021
India-based First Policy Insurance Brokers Pvt. Ltd. has completed the acquisition of Indian counterpart Amicus Insurance Broking Services Pvt. Ltd., which specializes in marine, energy, liability, credit, and construction and property insurance.
Posted: Sep 09, 2021