Business Insurance
American International Group Inc. said Wednesday that President and CEO Peter Zaffino will also become chairman of the board, effective Jan. 1, 2022.
Posted: Sep 08, 2021
A 7.0-magnitude earthquake struck near the Mexican beach resort town of Acapulco on Sept. 7, damaging buildings, toppling trees and killing at least one person.
Posted: Sep 08, 2021
Two state investors China Insurance Security Fund Co. Ltd. and China Petrochemical Corporation have made a third attempt to sell a 98.8% stake in Chinese insurer Dajia Insurance Group Co. by reducing the asking price by 10%.
Posted: Sep 08, 2021
Zurich North America on Tuesday named former Chubb Ltd. executive Carl Sutter as head of distribution for its U.S. middle-market business unit, a new position.
Posted: Sep 07, 2021
A Washington state court on Thursday ruled that the Snoqualmie Indian Tribe is owed business interruption coverage under its policy with an FM Global unit for losses it sustained after being forced to close its casino and events locations due to the...
Posted: Sep 07, 2021
Aspen Insurance Holdings Ltd. reported net income of $87.4 million for the six months ended June 30, 2021, helped in part by the sector’s strong pricing, compared with a net loss of $172.8 million in the six months ended June 30, 2020.
Posted: Sep 07, 2021
A Washington state court on Thursday ruled that the Snoqualmie Indian Tribe is owed business interruption coverage under its policy with an FM Global unit for losses it sustained after being forced to close its casino and events locations due to the...
Posted: Sep 07, 2021
Data from North Macedonia's Insurance Supervision Agency showed that local insurers’ combined gross written premium rose 14.6% year-on-year to nearly 6 billion Macedonian denars ($113.6 million) in the first half of the year.
Posted: Sep 07, 2021
According to the Insurance Council of New Zealand Te Kahui Inihua o Aotearoa, floods that swept across New Zealand between July 16 and 19 triggered $122 million New Zealand ($85.5 million) worth of insurance claims.
Posted: Sep 07, 2021
U.S.-based insurance broker Lockton Companies Inc. has launched a new unit in New Zealand with the goal of selling commercial insurance and risk management services.
Posted: Sep 07, 2021
Medical payments fell to $1.8 billion in calendar year 2020, down 9.4% compared to the approximately $2 billion in medical payments for 2019, according to a report from the Workers’ Compensation Insurance Rating Bureau of California.
Posted: Sep 07, 2021
A report said that many Australian companies are at risk of becoming uninsurable in the absence of adequate cyber risk mitigation measures, as insurers become stricter in underwriting cyber risks amid increasing cyber attacks and soaring costs.
Posted: Sep 07, 2021
A coalition of employers is asking a California appellate court to find that the exclusive remedy of workers’ compensation precludes a lawsuit alleging an employer’s negligence in exposing a worker to the novel coronavirus caused the death of her hus...
Posted: Sep 07, 2021
Risk Management Services Inc. Tuesday estimated onshore and offshore U.S. insured losses from Hurricane Ida in the Gulf of Mexico region to be between $25 billion and $35 billion.
Posted: Sep 07, 2021
Guy Carpenter & Co. LLC said Tuesday it has named former Willis Re Securities executive Quentin Perrot as managing director of GC Securities, with immediate effect.
Posted: Sep 07, 2021
Business interruption losses, a common source of claims following major events, could increase substantially in the wake of Hurricane Ida, depending on how long it takes to restore power to New Orleans and southeast Louisiana, experts say.
Posted: Sep 07, 2021
Global reinsurance rates are likely to continue rising next year, in the low- to mid-single-digit percentage range, Moody's analysts said Tuesday.
Posted: Sep 07, 2021
A first insurance claim has been filed and more are being prepared in Credit Suisse's efforts to recover funds from its insolvent supply chain finance linked to Greensill, the Swiss bank said Tuesday.
Posted: Sep 07, 2021
USI Insurance Services LLC said Tuesday it has acquired Des Moines, Iowa-based Reynolds & Reynolds Inc., a risk management and employee benefits agency.
Posted: Sep 07, 2021
The Chinese banking and insurance regulator is looking to update rules regulating insurance groups in the country in order to reduce financial risks.
Posted: Sep 06, 2021
Storm Dana hit central and eastern regions of Spain on Sept. 1, bringing intense rains and floods that damaged businesses, houses and roads, and toppled down power lines and trees.
Posted: Sep 06, 2021
Bahram Sobhani, chairman of Iran Steel Producers Association, said that the Iranian steel industry lost $6 billion due to the power outages this summer.
Posted: Sep 06, 2021
Saudi Arabia-based Islamic Corporation for the Insurance and Investment of Export Credit has signed two facultative reinsurance agreements with Saudi Exim Bank to offer credit reinsurance coverage.
Posted: Sep 06, 2021
Ola Kallenius, CEO of German automaker Daimler AG, said that the semiconductor chips shortage could continue to impact the global auto industry well into 2023, as increasing demand for chips has aggravate the existing crunch.
Posted: Sep 06, 2021
Germany is the country most exposed to flood risks among G20 nations on Marsh & McLennan Cos. Inc.’s new Flood Risk Index.
Posted: Sep 06, 2021