Category: Insurance

December 6, 2023

Fresh 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

The 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

The 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’ […]

November 21, 2023

In February, Mark Bova purchased a used 2018 Tesla Model S. Before leaving the dealer, he bought insurance from Tesla, finding the initial $93 monthly premium “really reasonable.” Sixteen days later, as he drove along the Capital Beltway to his […]

November 15, 2023

Ukraine and Britain have agreed on a special mechanism for discounts on war risk insurance on exports through the Black Sea corridor, which has helped transport almost 4 million metric tons of goods since August, Ukrainian officials said on Tuesday. […]

November 14, 2023

A North Carolina investment firm and its property insurer have each won partial victories in a dispute over hurricane insurance claims that has been in court since 2019. A federal district court judge for Eastern North Carolina dismissed the insured’s […]

November 2, 2023

Having lost two bids to recover $15 million from its insurer to cover costs related to its failed defense of its admissions policy, Harvard University is now looking to hold its insurance broker, Marsh, responsible. Harvard’s excess insurer Zurich American […]

October 30, 2023

South Carolina in 2022 saw a record number of complaints about insurance fraud, and has almost matched the number through the first 10 months of this year. And some state lawmakers are now looking into the reasons for the increase. […]

October 13, 2023

Israel’s parliamentary finance committee approved a plan to provide a state guarantee of $6 billion to cover insurance against war risks to Israeli airlines, the Finance Ministry said on Thursday. The guarantee framework will grant Israeli airlines insurance policies against […]

October 12, 2023

The U.S. title insurance industry saw its volume of net premium written decline by 16.1% in 2022, to approximately $20.9 billion, following a decade of growth during which this level had more than doubled, according to a new AM Best […]

October 11, 2023

Small businesses may be growing their revenue, but the vast majority – 75% – are not adequately protecting themselves and their assets. Small businesses are an essential part of the US economy, with 56 million workers employed at firms with […]

September 28, 2023

The Bank of England on Thursday set out a reform of capital rules for insurers to “unlock tens of billions of pounds” for investments in the economy. The Solvency II rules were inherited from the European Union and their reform […]

September 12, 2023

China’s financial regulator on Sunday reduced the risk weighting it attaches to insurance companies’ holdings of blue-chip shares and tech stocks, encouraging them to invest more in the country’s lagging stock market. The National Administration of Financial Regulation (NAFR)said on […]

September 11, 2023

Total global insured losses from natural catastrophes of more than $100 billion a year may be less newsworthy than in the past. In fact, the industry should expect loss totals of at least $100 billion every year, according to models […]

September 8, 2023

Hong Kong’s heaviest rainstorm since records began in 1884 flooded the financial hub’s streets and sent torrents of water rushing through subway stations, bringing much of the city to a standstill and forcing the stock market to scrap trading on […]

September 7, 2023

Growing fears about the state of the world are pushing more people to take out insurance even as prices rise, Lloyd’s of London Chief Executive Officer John Neal said. Rising inflation, recession worries, climate threats and geopolitical tensions are making […]

September 5, 2023

The property insurance industry breathed a sigh of relief after Hurricane Idalia landed in a less-populated part of the coast, but regulators have signaled a need to make sure that claims from the area, now topping 10,000, are taken care […]

August 31, 2023

Some coal producers are having to set aside tens of millions of dollars to cover their own risks as they are cut adrift by insurers, making it more difficult and costly to do business amid a surge in demand for […]

August 29, 2023

The New Hampshire Insurance Department (NHID) recently approved a workers’ compensation rate proposal that will reduce voluntary loss costs by 14% on average. The new rates will apply to policies effective starting on January 1, 2024. According to the insurance […]

August 22, 2023

Florida property owners stuck with higher premiums and new flood insurance mandates may want to nudge their local governments to take a look at the town of Cutler Bay and the counties of Monroe, Pinellas and Ocala. Those jurisdictions are […]