Top

Category: Insurance


Capital and Risk, Insurance

Fifth Third Bank to Pay $5M Fine for Illegally Forcing Car Insurance Onto Borrowers

July 11, 2024

Via: Insurance Journal

Fifth Third Bank agreed this week to pay a $5 million fine for illegally forcing vehicle insurance onto borrowers who had coverage. Fifth Third also agreed to pay a $15 million fine for illegal sales practices. The Cincinnati, Ohio-based bank […]


Capital and Risk, Insurance

Zimbabwe Gets $32 Million in Drought Insurance From Agency of African Union

July 5, 2024

Via: Insurance Journal

Zimbabwe received $31.8 million from African Risk Capacity, an arm of the African Union, as part of an insurance payout for the devastation the country suffered from an El Niño-induced drought. Finance Minister Mthuli Ncube told reporters on Thursday in […]


Capital and Risk, Insurance

PCF Insurance Acquires Multiple Agencies, Benefits Platform

June 25, 2024

Via: Insurance Journal

PCF Insurance Services, a multi-state brokerage headquartered in Utah, announced it has acquired four new operations, two of them in the Southeast. The Brady Agency, offering commercial and personal lines coverage in North Carolina and Virginia with offices in the […]


Capital and Risk, Insurance

Insurance Helped 46,000 Indian Women Avoid Deadly Work During Heat Waves

June 12, 2024

Via: Insurance Journal

In the city of Ahmedabad in western India, temperatures climbed above 43C (109F) every day between May 19 and May 25, creating deadly hot working conditions for many of the laborers who keep the local economy humming. For 40-year-old Lataben […]


Capital and Risk, Insurance

US Auto Insurance Market on the Mend; Homeowners Line Volatile: Fitch

June 7, 2024

Via: Insurance Journal

The U.S. personal insurance sector is positioned for improving underwriting performance in 2024. According to Fitch’s latest U.S. Personal Lines Market Update, the change is predicted amid signs that the previous surge in claims severity from higher inflation and supply […]


Capital and Risk, Insurance

Neptune Flood Acquires Data Science Firm to Enhance Its AI-Driven Flood Insurance

May 2, 2024

Via: Insurance Journal

Private flood insurer Neptune Flood reported it has acquired Charles River Data, a Boston-based data science consulting group. According to Neptune, the strategic move will bolster its underwriting system through advanced data science, machine learning, and artificial intelligence capabilities. Charles […]


Capital and Risk, Insurance

Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases

April 29, 2024

Via: Insurance Journal

The Florida Supreme Court has given auto insurers more flexibility in reducing payments for medical services under the state’s no-fault auto insurance law and may have finally put to rest years of questions about the much-debated statute. In answering a […]


Capital and Risk, Insurance

Global Insurance Prices Continue Moderating as Rates Decline in Most Regions: Marsh

April 24, 2024

Via: Insurance Journal

Global 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

Investment Funds File New Suits Over Lighthouse Insurance Collapse in 2022

April 23, 2024

Via: Insurance Journal

Three 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 […]


Capital and Risk, Insurance

Florida Peninsula Says Reforms Have Had an Impact, Announces 2% Rate Cut

April 11, 2024

Via: Insurance Journal

After 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 […]


Capital and Risk, Insurance

Former Maryland Insurance Agent Pleads Guilty to Stealing $369K

April 8, 2024

Via: Insurance Journal

A 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 […]


Capital and Risk, Insurance

Yellen Sees Insurance Payouts Helping Fund New Baltimore Bridge

March 28, 2024

Via: Insurance Journal

Treasury 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 […]


Capital and Risk, Insurance

Minnesota Homeowners Report Surge in Insurance Complaints

March 22, 2024

Via: Insurance Journal

Minnesota 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 […]


Capital and Risk, Insurance

US neobank Oxygen switches focus from banking to health insurance in new strategy

March 11, 2024

Via: FinTech Futures

In 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 […]


Capital and Risk, Insurance

Reforms to US Disaster Aid Expose Growing Home Insurance Gap

January 29, 2024

Via: Insurance Journal

When 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. […]


Capital and Risk, Insurance

Amazon Pulls Plug on UK Home Insurance Venture

January 25, 2024

Via: Insurance Journal

Amazon 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 […]


Capital and Risk, Insurance

Are Florida Insurance Premiums Hurting the Real Estate Market? Sales Down, Prices Up

January 22, 2024

Via: Insurance Journal

State 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 […]


Capital and Risk, Insurance

Majority of Underwriters Predict Cyber Risks Grow ‘Greatly’ in 2024: Survey

January 18, 2024

Via: Insurance Journal

Underwriters 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

Fla. Senate Panel Votes to Raise Citizens’ Policy Cap to $1M, End Glidepath for Some

January 17, 2024

Via: Insurance Journal

The 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 […]


Capital and Risk, Insurance

Progressive Files for 19.78% Auto Insurance Rate Increase in West Virginia

January 10, 2024

Via: Insurance Journal

Less 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 […]