Category: Insurance

November 17, 2022

Citizens Property Insurance Corp. has released its first estimate on losses from Hurricane Nicole, a category 1 storm that hit Florida’s east coast Nov. 10. Modeled losses plus loss adjustment expenses – but not including anticipated litigation costs – will […]

November 7, 2022

Berkshire Hathaway’s insurance business recorded an after-tax underwriting loss of $962 million (a pre-tax loss of $1.15 billion) in the third quarter, a decrease of $178 million from 2021, as catastrophe losses and increases in private-passenger auto frequency offset underlying […]

October 31, 2022

Ships brought grain from Ukrainian ports on Monday, suggesting Moscow had stopped short of reimposing a blockade that might have caused world hunger, despite suspending its participation in a U.N. program to safely export grain from the war zone. Air […]

October 24, 2022

Very few insurance companies showed up this month to talk about the future of the much-debated, 90-year-old Federal Home Loan Bank System, despite the fact that the system lends heavily to many large insurers at low interest rates, for a […]

October 21, 2022

Florida’s besieged property insurance industry is hoping the second time will be the charm, after Gov. Ron DeSantis announced that he is working with lawmakers to schedule another special session to help stablilize the market. The governor’s office did not […]

October 17, 2022

Oil output at the giant Exxon-led Sakhalin-1 Russian Pacific project collapsed following the U.S. major’s refusal to accept local insurance for tankers after Western insurers pulled out due to sanctions, several industry sources told Reuters. Western insurers withdrew cover from […]

October 11, 2022

The number of claims filed from Hurricane Ian continues to rise, topping 449,000 as of Monday, and estimated insured losses stand at more than $4.2 billion, the Florida Office of Insurance Regulation reported. Some 322,268 claims – almost three quarters […]

October 4, 2022

The Michigan Supreme Court agreed last week to decide whether major changes in car insurance law apply to people who were catastrophically injured before summer 2019. The case is being closely watched by insurers, health-care providers and long-term victims of […]

October 4, 2022

Banks must take risk management seriously – and part of managing risk is properly insuring property and casualty risk. Below are the three critical, yet commonly overlooked, areas that institutions should be aware of in addressing their property and casualty […]

September 27, 2022

Top U.S. insurance companies and associations say California is risking a crisis in the nation’s largest automobile insurance market by refusing to approve any rate increases for more than two years, since the start of the coronavirus pandemic. The companies […]

September 26, 2022

The Vermont Supreme Court has kept alive a COVID-19 business interruption loss claim by major shipbuilder against a group of reinsurers. The state’s high court ruled that the case brought by Huntington Ingalls Industries Risk Management and its captive insurer […]

September 15, 2022

If the past two years have taught us anything, it’s that anything can happen. There are dozens of unforeseen possibilities that could leave your business financially liable or could otherwise discourage guests from returning. And in the restaurant industry, that […]

August 29, 2022

Worsening droughts, storms and torrential rain in some of the world’s largest economies could cause $5.6 trillion in losses to GDP by 2050, according to a report released Monday. This year heavy rains have triggered floods that inundated cities in […]

August 25, 2022

Russian coal exports were effectively halted by a European Union ban on entities within the 27-nation bloc servicing shipments of the fuel to anywhere in the world. Suek JSC, Russia’s largest thermal coal miner, was unable to ship the fuel […]

August 24, 2022

Ukraine’s first shipments of grain since being invaded by Russia are a harbinger of relief for squeezed global markets, but many challenges remain before the millions of tons of food stuck in the country can be released. Perhaps the biggest […]

August 19, 2022

Insured losses for the European windstorm series, which affected the British Isles and continental Europe in February 2022, are estimated at €3.739 billion (US$3.8 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The windstorm […]

August 18, 2022

California Insurance Commissioner Ricardo Lara announced a major settlement with National Health Insurance Co. The California Department of Insurance alleged that the company continuously violated California law since 2015 by failing to post a list online of covered prescription drugs […]

August 12, 2022

The New York State Insurance Fund reported that it returned more than $550 million over the past year to businesses through its workers’ compensation safety discounts and dividends programs. The state agency provides dividends for companies that belong to a […]

August 12, 2022

Federal and state appeals courts in two Southeastern states have ruled against pandemic-affected businesses, adding to the list of decisions that have found that insurance policies covered only physical damages. In South Carolina, the state Supreme Court this week became […]

August 11, 2022

The Texas Department of Insurance (TDI) is urging consumers to be wary of phone calls or other communications from anyone claiming to be a representative of TDI. TDI will call you only when you ask for assistance. TDI’s Fraud Unit […]