Business Insurance
A record $8.5 billion of catastrophe bonds were issued in the first half of 2021 as the market benefitted from new sponsors and increased capital inflows, according to a report Wednesday from Swiss Reinsurance Co. Ltd.
Posted: Aug 18, 2021
T-Mobile US Inc. said on Wednesday an investigation into a data breach revealed that personal data, including Social Security numbers and driver’s license information, of more than 40 million former and prospective customers was stolen.
Posted: Aug 18, 2021
Axis Insurance Co., the specialty insurance business of Bermuda-based Axis Capital Holdings Ltd., said Wednesday it has recruited three executives to its U.S. excess and surplus property team, one from Chubb Ltd. and two from Ethos Specialty Insuranc...
Posted: Aug 18, 2021
That happy whales can only live on T-shirts sold by Vineyard Vines is at the heart of a lawsuit filed by the national clothing and accessories brand against companies creating and selling T-shirts with a drawing of a smiling whale.
Posted: Aug 18, 2021
Britain's markets regulator has been urged to sanction cruise ship company Carnival and food delivery company Just Eat Takeaway.com for poor disclosures in a complaint seen by Reuters.
Posted: Aug 18, 2021
The U.S. National Hurricane Center said that Tropical Storm Grace is expected to bring heavy rainfall and trigger flash floods and mudslides in Jamaica.
Posted: Aug 18, 2021
Japanese insurer Tokio Marine Holdings Inc.’s Singapore branch has become the latest victim of ransomware.
Posted: Aug 18, 2021
Heavy rain and hail showers battered Austria on Aug. 17 triggering floods and landslides that caused severe destruction in several Austrian states.
Posted: Aug 18, 2021
Chinese state-run miner Yunnan Chihong Zinc and Germanium Co. Ltd.’s subsidiary in Inner Mongolia, China, has suspended production as a toxic gas leak killed three workers on Aug. 16.
Posted: Aug 18, 2021
Insurers have started withdrawing coverage for blueberry crops in France as crop damage risks have increased due to more frequent and severe frost events.
Posted: Aug 18, 2021
Ratings agency A.M. Best Co. Inc. said that Caribbean property and casualty insurers’ consolidated net income more than doubled in 2020, surpassing expectations despite COVID-19 pandemic challenges.
Posted: Aug 18, 2021
Rapid spread of the coronavirus Delta variant in China and stricter quarantine measures and lockdowns are disrupting air cargo operations, adding further pressure on the supply chain.
Posted: Aug 18, 2021
The U.K.’s Financial Conduct Authority said that local insurers have paid £946 million ($1.3 billion) in COVID-19 pandemic-related business interruption claims since the Supreme Court’s BI test case ruling in the favor of policyholders in January.
Posted: Aug 18, 2021
Ninety-nine percent of injured workers who were prescribed a common epilepsy drug did not have a documented diagnosis for one of the approved conditions per the Food and Drug Administration, according to a study released Tuesday linking the use of su...
Posted: Aug 17, 2021
Insurance brokerage Marsh and New York-based bank Citi said Tuesday they had collaborated on the placement of a risk mitigation structure on behalf of Gavi, the Vaccine Alliance, to cover the risk associated with governments self-funding their corona...
Posted: Aug 17, 2021
Stéphane Godier, regional head of Americas for Axa Climate, discusses parametric insurance coverage, how it can address risk management problems and how it is likely to develop.
Posted: Aug 17, 2021
The number of COVID-19 workers compensation claims filed in California in July increased 282% from June, according to a report from the California Workers’ Compensation Institute.
Posted: Aug 17, 2021
Insured losses are forecast to total about $250 million from the magnitude-7.2 earthquake that struck Haiti on Aug. 14, according to an analysis Tuesday from Boston-based catastrophe modeler Karen Clark & Co.
Posted: Aug 17, 2021
Insurer South African Special Risk Insurance Association SOC Ltd. has received 12 billion South African rand ($816 million) worth of damage claims related to the latest riots that erupted after the arrest of former South African president Jacob Zuma.
Posted: Aug 17, 2021
U.S.-based Fitch Ratings Inc. said that the European reinsurers’ premiums grew significantly in the first half of the year, driven by increased demand for cover and rise in property and casualty insurance rates.
Posted: Aug 17, 2021
Swiss Re Ltd. said Tuesday that CNA Financial Corp. executive Julie Stephenson will join the reinsurer in the United States as global head of casualty, succeeding Jason Richards who was named country president and CEO U.K. & Ireland.
Posted: Aug 17, 2021
Climate-driven events are prompting changes in commercial property insurance policy wordings and tighter terms and conditions as insurers try to manage an increase in the frequency and severity of natural catastrophe losses, brokers say.
Posted: Aug 17, 2021
Beazley PLC has recruited former Chubb Ltd. executive Patricia Kocsondy as head of U.S. cyber and technology.
Posted: Aug 17, 2021
Supercede Technology Ltd., a global reinsurance platform, said Tuesday it has hired Aydin Betez, former chief technology officer of Willis Re, as chief product officer.
Posted: Aug 17, 2021
Gulf of Guinea safety concerns along with poor roads and operational and infrastructural challenges at Nigerian seaports are forcing insurers to increase the cargo insurance premiums in Nigeria.
Posted: Aug 17, 2021