April 24, 2024
Via: Insurance JournalGlobal commercial insurance rates increased by 1% on average in the first quarter of 2024, compared with a 2% increase in Q4 2023, according to the Global Insurance Market Index published by Marsh, the insurance brokerage business of Marsh McLennan. […]
Capital and Risk, Insurance, Regulations
April 23, 2024
Via: Insurance JournalThree investment firms connected to some of the best-known names on Wall Street have upped the ante in a legal dispute over now-insolvent Lighthouse Property Insurance Corp., based in Tampa. Fortinbras Enterprises, the managing partner of which is the well-known […]
April 11, 2024
Via: Insurance JournalAfter the Florida Legislature in 2022 and 2023 passed sweeping reforms designed to limit excessive claims litigation, some in the insurance industry predicted that the new rules would prevent further rate increases – but would not lead to actual decreases […]
April 8, 2024
Via: Insurance JournalA former Maryland title insurance agent recently pleaded guilty to carrying out a multi-year theft scheme netting her more than $369,000, according to the state attorney general. Cheryl Leigh Gray was a licensed insurance producer working as the operations manager […]
March 28, 2024
Via: Insurance JournalTreasury Secretary Janet Yellen said she expects insurers’ payouts to help cover some of the costs of rebuilding the Baltimore bridge that collapsed earlier this week. “My expectation would be that, ultimately, there’ll be insurance payments in part to cover […]
March 22, 2024
Via: Insurance JournalMinnesota homeowners insurance complaints rose 108% from 2020 to 2023, with of those complaints from homeowners concerned their claims were denied or they faced high out-of-pocket costs after damage from wind and hail. The Minnesota Department of Commerce (DOC) shared […]
March 11, 2024
Via: FinTech FuturesIn a statement on the company’s website, Oxygen says it officially commenced the “account closure process” on 8 March, with both consumers and business users being informed that their accounts will be closed on 29 March. The firm adds that […]
January 29, 2024
Via: Insurance JournalWhen disaster hits in the US, the federal government gives aid to states and counties, but also to individuals. In 2022, the Federal Emergency Management Agency delivered $3.25 billion to nearly 1.4 million households recovering from damaging floods and fires. […]
January 25, 2024
Via: Insurance JournalAmazon has pulled the plug on its UK home insurance venture – a comparison website – after launching in October 2022. “Over the last year, we have been evaluating various businesses and programs, and as a part of that we’ve […]
January 22, 2024
Via: Insurance JournalState and national news reports have raised questions about the impact that high property insurance premiums in Florida have had on the real estate market and if the costs are prompting some residents to consider moving elsewhere. The Miami Herald […]
January 18, 2024
Via: Insurance JournalUnderwriters who thought the growing cyber risk landscape of the past several years would level off soon might want to think again. Woodruff Sawyer’s annual survey of cyber insurance carriers found all underwriters surveyed believe cyber risk will increase in […]
Capital and Risk, Insurance, Regulations
January 17, 2024
Via: Insurance JournalThe Florida Senate’s Banking and Insurance Committee on Tuesday approved a bill that would make the state-backed Citizens Property Insurance Corp. more like an insurer of last resort, unrestricted by premium caps – at least for some expensive homes in […]
January 10, 2024
Via: Insurance JournalLess than a month after Farmers Direct Insurance filed for a hefty rate increase on West Virginia auto liability policies, Progressive has followed suit with an almost identical request. The West Virginia insurance commissioner posted a bulletin Tuesday, noting that […]
December 28, 2023
Via: PR NewswireAutoInsurance.org recently published a guide about rising auto insurance rates every year. This guide reveals that insurance rates have been rising, and according to experts, they’re expected to get more expensive in 2024. Adjusted for inflation, the average premium for […]
December 27, 2023
Via: Insurance JournalWhat are the top priorities and/or challenges heading into 2024? Here are the responses we received: In the coming year, the American Property Casualty Insurance Association (APCIA) will focus on proactively engaging in nine priority areas, in addition to tackling […]
December 19, 2023
Via: Insurance JournalOne of the world’s most-influential insurance markets added Guyana to its list of the riskiest shipping zones amid an escalating territorial dispute with neighboring Venezuela. The decision announced by Lloyd’s Market Association’s Joint War Committee on Monday applies only to […]
December 12, 2023
Via: Insurance JournalInsurance company GEICO has filed suit against a New York pharmacy and five medical clinics and their owners alleging they perpetrated a fraudulent scheme under the New York no-fault insurance system by submitting more than $3.7 million in fraudulent pharmaceutical […]
December 6, 2023
Via: Insurance JournalFresh attacks on vessels in the Red Sea are raising insurance premiums for ships in the region and menacing commerce in a conduit for 12% of world trade. War-risk premiums for some vessels have been climbing since shortly after the […]
December 1, 2023
Via: Insurance JournalThe chairman of the U.S. Senate’s Budget Committee has begun an investigation into Florida’s Citizens Property Insurance Corp. and how the state-created insurer plans to address potential underwriting losses from extreme weather events in coming years. The Budget Committee is […]
November 30, 2023
Via: Insurance JournalThe Missouri Department of Commerce and Insurance said that employers should see a reduction in workers’ compensation rates in 2024, the third straight year of declining rates. The NCCI recently proposed an overall decrease of 7.5 percent for 2024 workers’ […]