Category: Insurance

March 22, 2023

Natural disasters in 2022 brought global economic losses of US$275 billion, of which insurance covered 45%, or US$125 billion, according to Swiss Re’s latest sigma report. Claims from Hurricane Ian in Florida, record breaking losses from hailstorms in France, floods […]

March 15, 2023

The initial insured losses for the recent floods in the North Island of New Zealand are estimated at NZ$1.65 billion ($1.02 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. Losses incurred so far in […]

March 6, 2023

A Texas lawmaker is seeking to broaden the fight against ESG (environmental social governance) policies by imposing further limits on the types of investments state pension managers can make and restricting shareholder proposals that would dictate insurance companies’ business with […]

February 28, 2023

U.S. Bancorp (USB) said in a filing Monday that the Consumer Financial Protection Bureau (CFPB) is considering a potential enforcement action against the bank as part of a previously-disclosed probe into its administration of unemployment insurance benefit prepaid debit cards […]

February 24, 2023

Ukraine will offer compensation for possible damages to civilian vessels entering its ports, Deputy Prime Minister Oleksandr Kubrakov said on Friday, as Kyiv tries to boost exports that are vital for its war-hit economy. Ukraine is a major producer and […]

February 23, 2023

A New York appeals court last week upheld the dismissal of Madison Square Garden’s Covid-19 business interruption claim against Factory Mutual Insurance Co. The court agreed with a New York County court’s dismissal in January, 2002 after it found that […]

February 17, 2023

Germany’s Allianz on Friday swung to a fourth-quarter net profit, rebounding after taking big charges a year earlier for a U.S. funds scandal and as a higher investment margin boosted its life and health insurance business. But its asset management […]

February 14, 2023

Though the last five years have included events – specifically the murder of George Floyd – that prompted many company leaders to make commitments to diversity, equity, and inclusion (DEI), respondents of a recent survey tell a story of a […]

February 8, 2023

Wells Fargo will pay $300 million to settle a class-action lawsuit from shareholders who argued the bank knew it was charging customers for unnecessary auto-collision protection insurance but not telling investors, the law firm Robbins Geller Rudman & Dowd said […]

January 26, 2023

Economic losses from natural disasters in 2022 were estimated at $313 billion, with an insurance price tag of approximately $132 billion, according to Aon. Roughly 42% of economic losses were covered by public and private insurance entities, which translates into […]

January 23, 2023

On Sunday morning, Kyle Starks woke up to floodwaters that reached the door of his Jeep after yet another heavy rain storm drenched California. Emergency crews showed up with boats to float Starks and other residents of his rural mobile […]

January 17, 2023

Private flood insurance accounts for over 40% of California’s entire flood market—a significantly larger share than in the other leading states, according to AM Best. A new AM Best commentary notes the ongoing flooding issues in the state will present […]

January 6, 2023

Insured damages from Hurricane Fiona are now estimated at over C$800 million (US$591.2 million), according to the Insurance Bureau of Canada (IBC), quoting the Catastrophe Indices and Quantification Inc. (CatIQ). Hurricane Fiona remains the most costly extreme weather event ever […]

January 5, 2023

California Insurance Commissioner Ricardo Lara on Wednesday issued a formal notice to insurance companies reminding them of their legal duty to cover damage from any future mudslide or similar disaster that is caused by recent wildfires that weakened hillsides, as […]

January 3, 2023

Following Russia’s invasion of Ukraine on 24 February 2022 and subsequent introduction of sanctions by the EU and the UK prohibiting any leasing activities in the aviation industry to any person in Russia or for use in Russia, aircraft lessors […]

December 27, 2022

Japan’s buyers of Russian liquefied natural gas are assessing how imminent changes to shipping insurance — triggered by the ongoing war in Ukraine — will affect supplies from the key Sakhalin-2 project in Russia’s Far East. Three Japanese insurance companies […]

December 19, 2022

A New York attorney and surgeon were convicted by a Manhattan jury of six counts of fraud for participation in an illegal scheme that included false insurance claims and unnecessary surgeries for alleged injuries from staged trips and falls, a […]

December 14, 2022

Most small SUVs flunked the latest frontal crash tests done by the insurance industry, but oddly enough, they’re just as safe as they were before. That’s because the Insurance Institute for Highway Safety updated the test so it places more […]

December 1, 2022

Brian First has been promoted to president of Arch Insurance North America. First was promoted from chief underwriting officer of programs, property and specialty. First, who joined Arch in 2014 and has 30 years of industry experience, will now have […]

November 28, 2022

California Insurance Commissioner Ricardo Lara ordered insurance companies to preserve residential insurance coverage following Gov. Gavin Newsom’s Nov. 19 emergency declaration. The commissioner’s bulletin shields policyholders within the wildfire perimeter of the Route Fire and in adjacent ZIP codes from […]