Business Insurance
`Ahmed Alshehri, a financial analyst, said that the small size of local insurers and dependence on reinsurance mainly placed overseas are hurting Saudi Arabian insurance market’s profit goals.
Posted: Aug 19, 2021
Heavy rains and floods in the Indian state of Madhya Pradesh between July 31 and Aug. 6 caused an estimated 20 billion Indian rupees ($270 million) worth of damage to public and private properties.
Posted: Aug 19, 2021
Reinsurer Saudi Re for Cooperative Reinsurance Co.’s pre-tax net profit soared 88.8% year-on-year to 36.5 million Saudi Arabian riyals ($9.7 million) in the first half of the year, driven by an increase in net earned premiums and the shareholders’ ne...
Posted: Aug 19, 2021
U.K.-based insurance broker Aston Lark Ltd. has acquired Irish brokerage A.R. Brassington & Co. Ltd., which is a subsidiary of ARB Group.
Posted: Aug 19, 2021
Haiti is set to receive approximately $40 million in insurance payout from the Caribbean Catastrophe Risk Insurance Facility SPC after the 7.2-magnitude earthquake on Aug. 14 triggered its parametric insurance policy.
Posted: Aug 19, 2021
Austria-based insurer Vienna Insurance Group AG’s pre-tax profits rose 25% year-on-year to 251.4 million ($295.7 million) in the first half of the year.
Posted: Aug 19, 2021
A report by U.S.-based S&P Global Ratings Inc. said that severe rains and floods in China are eroding insurers’ profits, while exposing the low penetration of insurance in the country, lack of public awareness and outdated risk models.
Posted: Aug 19, 2021
Insurers are quietly gearing up for a potential ten-fold increase in sales to the booming $17.6 billion-a-year cannabis industry as Congress inches closer to legalizing pot at the federal level.
Posted: Aug 19, 2021
The German Insurance Association (GDV) expects Storm Bernd-related damage claims to reach the upper limit of its previously announced insured loss range of €4.5 billion to €5.5 billion ($6.5 billion).
Posted: Aug 19, 2021
The majority of COVID-19 claims continue to include only lost wages, or indemnity costs, with 73% of claims without associated medical costs, though the average indemnity cost of COVID-19 claims decreased by 43% since January, Mitchell International...
Posted: Aug 18, 2021
AssuredPartners Inc. said Tuesday it has acquired Baldwin Insurance Agency Inc. and Welsh & Parker Insurance Agency Inc. of Wayland, Massachusetts.
Posted: Aug 18, 2021
Forty-three percent of workers compensation claims management organizations in 2020 reported “no implementation of tools to improve injured worker communication,” despite past calls to improve communications with injured workers in the pandemic.
Posted: Aug 18, 2021
Cyber insurance buyers that don’t have necessary risk mitigation security controls in place could face higher rates, nonrenewals or declines by insurers, Amwins Group Inc. said in a report Wednesday.
Posted: Aug 18, 2021
Truist Financial Corp. Inc. said late Tuesday that John Howard, chairman and CEO of Truist Insurance Holdings, has been named to the Truist executive leadership team as chief insurance officer.
Posted: Aug 18, 2021
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