Article 0 Comments A Long-range forecast predicts wildfires will burn more land across the U.S. this year, with a potentially active spring in places and a build up into summer. An AccuWeather forecast out on Wednesday calls for 7 to 9 million acres to burn across the nation this year,...
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Published on: 2025-04-23
Source:
News – Claims Journal
In comparison, Chubb achieved record net income of $9.27 billion for FY2024, or $22.70 per share, and core operating income of $9.20 billion, or $22.51 per share. Consolidated net premiums written were $51.5 billion, up 8.7%, with global P&C up 9.6% and life insurance up 15.7%. The P&C combined ratio...
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Published on: 2025-04-23
Source:
Insurance Business Magazine
Following the hurricane, Hamilton paid $81,521.13 to Shellpoint, which accepted the sum without objection. Ahmed, contending the payment was insufficient, sued the insurer directly, alleging breach of contract and seeking recovery as a third-party beneficiary. The breach of contract claim was dismissed early and not appealed. The remaining claim was...
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Published on: 2025-04-23
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Insurance Business Magazine
FCCI Insurance Group operates through more than 3,800 independent agents across 20 states and Washington, D.C. Its product line includes coverage for auto, crime, cyber liability, equipment, excess & surplus, property, general liability, inland marine, umbrella, and workers' compensation, among others. Additionally, FCCI writes contract and commercial surety bonds in...
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Published on: 2025-04-23
Source:
Insurance Business Magazine
On appeal, Universal also challenged the homeowners’ procedural handling of the waiver issue, arguing they failed to properly plead it. The Fourth District agreed, holding that waiver must be explicitly raised in response to an insurer’s affirmative defenses. The Yagers, it found, did not do so until five months after...
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Published on: 2025-04-23
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Insurance Business Magazine
Article 0 Comments Fifteen years after the Deepwater Horizon oil rig exploded off the Gulf Coast, killing 11 and sending 134 million gallons (500 million liters) of crude gushing into the ocean, the effects of the nation’s worst offshore oil spill are still being felt. Oil company BP paid billions...
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Published on: 2025-04-23
Source:
News – Claims Journal
Under the proposed legislation, the annual DFS notice may include the department’s disaster hotline, key contact details, and a link to the department’s online disaster and flood resource center. Additionally, it must feature a clear statement highlighting that standard homeowners and renters insurance policies do not typically cover flood-related damages,...
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Published on: 2025-04-22
Source:
Insurance Business Magazine
The company offers products in general liability, commercial property, and garage segments, utilizing its proprietary Western World Integrated Platform (WWIP) to facilitate underwriting, rating, quoting, binding, and policy issuance for wholesale brokers and their clients. ...
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Published on: 2025-04-22
Source:
Insurance Business Magazine
Using their supply chain data, businesses can model tariff exposure based on where goods come from, how much is spent, and where products are sold. Mitigation strategies, such as “rewiring” your supply chain or redesigning products to reduce exposure from specific components, can then be explored. ...
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Published on: 2025-04-22
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Insurance Business Magazine
Article 0 Comments Elon Musk’s electric vehicle company Tesla has agreed to settle a wrongful death lawsuit filed by the estate of a man who was killed in 2021 after his Tesla crashed and caught fire near Dayton, Ohio. Tesla and lawyers for the estate disclosed the settlement in a...
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Published on: 2025-04-22
Source:
News – Claims Journal
Meanwhile, Rick Donatini, a veteran in the employee benefits field, has been named vice president, employee benefits, bringing decades of experience to the role. Together, the three new hires bring nearly 70 years of combined experience to Liberty, strengthening the company’s ability to provide comprehensive benefit solutions to clients. ...
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Published on: 2025-04-22
Source:
Insurance Business Magazine
Founded in 1879, Starkweather & Shepley is one of the largest independent insurance agencies in Rhode Island. With 14 offices in Rhode Island, Massachusetts, Connecticut and Florida, the company offers business insurance, personal insurance, employee benefits and risk management services. ...
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Published on: 2025-04-22
Source:
Insurance Business Magazine
A newly signed bill in New Mexico has introduced sweeping restrictions on the disclosure of sensitive personal information by state agency employees, in a move that is likely to have compliance implications for insurers, contractors, and government service providers. The “Nondisclosure of Sensitive Personal Information Act,” passed under Senate Bill...
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Published on: 2025-04-22
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Insurance Business Magazine
Article 0 Comments Dozens of former student pilots who say they racked up tens of thousands of dollars in debt for tuition are suing United Airlines and its flight school in the Arizona desert, saying it didn’t have enough teachers or aircraft to properly train and graduate its students. The...
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Published on: 2025-04-22
Source:
News – Claims Journal
Article 0 Comments Global natural catastrophes had an insured price tag of more than $53 billion during the first quarter of 2025, with claims driven by the wildfires in Los Angeles adding roughly $38 billion to taht, or 71% of total insured losses across the globe, according to Aon’s Q1...
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Published on: 2025-04-22
Source:
News – Claims Journal
In this roundtable special of Insurance Business TV, join Tokio Marine HCC Cyber and Professional Lines Group's Dan Crane and Eugene Eychis as they examine the impact of AI on cyber insurance. They look at the ways in which AI is currently enhancing risk assessment, strategies to mitigate its risks...
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Published on: 2025-04-21
Source:
Insurance Business Magazine
“We also brought our partnership ethos to the incumbent agents, striving to achieve a smooth, seamless process, to focus our efforts on policies we believe can be underwritten on an actuarially sound basis within 20% of Citizens rates and to limit our reweighting predominantly to reflect our commitment to statewide...
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Published on: 2025-04-21
Source:
Insurance Business Magazine
While both Landry and Temple emphasized the need to address issues such as legal abuse and distracted driving, they diverged on some matters. Landry advocated for limiting the use of credit scores in underwriting, a position that has met resistance from insurers, who argue that it impairs risk-based pricing. ...
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Published on: 2025-04-21
Source:
Insurance Business Magazine
Article 0 Comments Norfolk Southern reached an agreement with one of two companies about how much each side will help pay for a $600 million class-action settlement, which the railroad agreed to after the disastrous 2023 Ohio train derailment and toxic chemicals that were released and burned. This lawsuit doesn’t...
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Published on: 2025-04-21
Source:
News – Claims Journal
In this case, the City of Newburgh allowed several years to pass before requesting an award for the post-retirement period. As a result, Schulze received both § 207-a(2) payments and retroactive workers’ compensation for the same time, totaling about $106,000. But the court made clear that the city’s remedy was...
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Published on: 2025-04-21
Source:
Insurance Business Magazine
In a decision issued April 10, 2025, the Oregon Supreme Court affirmed that Continental Casualty Company retains the right to seek contribution from another insurer for environmental cleanup defense costs it paid, even after the co-insurer entered into a settlement with the insured. The court’s ruling in Continental Casualty Co....
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Published on: 2025-04-21
Source:
Insurance Business Magazine
Lockton names US industry practices leader Lockton, a privately held independent insurance brokerage, has appointed Chris DiLullo (pictured immediately above, left) as its first US industry practices leader. In this new role, DiLullo will be responsible for leading the company’s national strategy across key industries, including construction, healthcare, law firms,...
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Published on: 2025-04-21
Source:
Insurance Business Magazine
The Hilb Group, based in Richmond, Virginia, is a privately held insurance brokerage firm founded in 2009. The company provides property and casualty insurance, employee benefits, and retirement services to businesses and individuals across the United States. It employs over 2,200 people and operates more than 125 offices nationwide. ...
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Published on: 2025-04-21
Source:
Insurance Business Magazine
Article 0 Comments The weather-roiling La Niña weather pattern has ended, returning equatorial Pacific temperatures to a neutral state that could portend an active Atlantic hurricane season. Now that La Niña — a cooling of Pacific temperatures near the equator — is officially over, the ocean’s surface is forecast to...
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Published on: 2025-04-21
Source:
News – Claims Journal
Article 0 Comments Southern California Edison, a subsidiary of utility Edison International, said on Friday it had submitted an initial plan to rebuild the areas within its service territory that were devastated by the Los Angeles wildfires in January. The preliminary plan was submitted to California Governor Gavin Newsom and...
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Published on: 2025-04-21
Source:
News – Claims Journal
Anthony R. O’Donnell // April 17, 2025 (Image source: Pixabay/Shutterstock.) 1Fort (New York), a VC-backed InsurTech leveraging cutting-edge AI technology to automate business insurance for brokers has raised $7.5 million in an oversubscribed funding round led by Bonfire Ventures (Los Angeles), bringing its total capital raised to $10 million. The round...
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Published on: 2025-04-17
Source:
Insurance Journal
Anthony R. O’Donnell // April 17, 2025 (Image source: Allianz Commercial website.) Allianz Commercial (New York) has appointed Melissa Hill as regional head of claims for North America, effective at the end of April. She replaces Frank Sapio, who is retiring after five years in the role. Melissa Hill, Head...
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Published on: 2025-04-17
Source:
Insurance Journal
The tool allows property professionals to inspect a property, describe what they’re seeing and take images, then turn that data into an estimate, Gray explained. The idea is to cut friction, reduce manual input, and shift focus back to the policyholder. ...
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Published on: 2025-04-17
Source:
Insurance Business Magazine
Article 0 Comments Chinese artificial intelligence firm DeepSeek is a “profound threat” to US national security, a bipartisan House committee said Wednesday, urging Nvidia Corp. to hand over information on sales of chips that the startup may have used to develop its breakthrough chatbot model. The House Select Committee on...
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Published on: 2025-04-17
Source:
News – Claims Journal
“We earned core income of $443 million, or $1.91 per diluted share, as outstanding underlying results, strong net favorable prior year reserve development and higher investment income more than offset catastrophe losses," said Alan Schnitzer, Travelers' chairman and CEO. ...
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Published on: 2025-04-17
Source:
Insurance Business Magazine
Exclusively available through Amwins brokers, the program offers follow-form excess liability on a quota-share basis. It is written on A+ rated paper and structured to address growing demand for flexible, high-limit liability coverage. The offering is available nationwide and targets a wide industry spectrum. ...
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Published on: 2025-04-17
Source:
Insurance Business Magazine
The updated database encompasses insured property assets with a total value of US$108 trillion, spread across 67 market portfolios in 21 countries. The countries include major markets such as the United Kingdom, Germany, the United States, and Japan. For the first time, SCS-related exposures have been broken down to include...
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Published on: 2025-04-17
Source:
Insurance Business Magazine
Article 0 Comments Gov. Gavin Newsom signed new legislation on Monday that will provide more than $170 million in state funding to help prevent wildfires while signing an order aimed at speeding up the work by easing environmental permitting. The funding — which the Democratic governor said was part of...
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Published on: 2025-04-17
Source:
News – Claims Journal
Article 0 Comments Economic data just confirmed what anecdotal evidence had suggested: Consumers are rushing to make major purchases of cars, electronics and appliances in an attempt to get ahead of tariffs that could raise prices. US retail sales surged 1.4% in March from the previous month, the biggest jump...
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Published on: 2025-04-17
Source:
News – Claims Journal
Article 0 Comments A consumer advocacy group has sued the California Department of Insurance and Commissioner Ricardo Lara to block hundreds of millions of dollars in surcharges that could soon appear on California homeowners’ insurance bills. Consumer Watchdog said in a press release that those surcharges come from a decision...
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Published on: 2025-04-16
Source:
News – Claims Journal
Article 0 Comments The crash of a small plane in New York over the weekend killed all six on board — a physician couple and their accomplished children and partners — during a family trip to the Catskills. It’s the latest in a series of aviation disasters at a time...
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Published on: 2025-04-16
Source:
News – Claims Journal
The NFIP, once the only option for homeowners and businesses, has long been criticized for its low coverage limits and lack of flexibility. With rising flood risks due to climate change and evolving property needs, consumers have sought alternatives that address losses beyond structural damage - like business interruption and...
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Published on: 2025-04-16
Source:
Insurance Business Magazine
Transatlantic Underwriters (TAU), a Marietta, Georgia-based wholesale insurance brokerage specializing in transportation risks, has launched a new Property and Casualty (P&C) division. The expansion adds six new lines of business: Commercial General and Excess Liability, Commercial Property, Inland Marine, Builders Risk, and Garage. ...
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Published on: 2025-04-16
Source:
Insurance Business Magazine
Article 0 Comments China is tightening regulations on battery-powered vehicles and will require its automakers to comply with higher battery safety standards, aiming to reduce risks of fire and explosions in the fast-growing sector. The Ministry of Industry and Information Technology on Monday issued a set of technical standards for...
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Published on: 2025-04-16
Source:
News – Claims Journal
Article 0 Comments A civil court in Turin, Italy, has ruled admissible a class action suit against Stellantis concerning potentially faulty airbags made by Japanese automotive parts company Takata, Stellantis and two consumer groups behind the legal action said on Monday. Affected vehicle owners have 150 days to join the...
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Published on: 2025-04-16
Source:
News – Claims Journal
The underlying case stems from the April 2016 murder of Yaimi Machado at a property owned by The Waves of Hialeah Inc. Court records show that Machado and a male companion had a dispute that resulted in Machado being locked out of her motel room. When she asked to be...
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Published on: 2025-04-15
Source:
Insurance Business Magazine
Ephesus disputed the insurer’s valuation and invoked the policy’s appraisal clause, set forth in Form A 100, § C(2) (Jan. 2001). That provision required each party to appoint a “competent and impartial appraiser,” with a third-party umpire resolving disagreements. The insurer’s appraiser valued the net replacement cost at $68,148.78, while...
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Published on: 2025-04-15
Source:
Insurance Business Magazine
The case stemmed from a commercial auto policy issued by Redwood to Imperial Charters, LLC, a charter bus operator. The policy covered the period from June 19, 2019, through June 19, 2020. Imperial Charters failed to pay monthly premiums in February, March, and April 2020. In response, Redwood issued a...
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Published on: 2025-04-15
Source:
Insurance Business Magazine
The dispute began with a subcontract between Continental and US Framing to provide framing services for two student housing projects—one in Knoxville, Tennessee, and the other in Ann Arbor, Michigan. Work began in 2017, but disagreements quickly emerged over delays on the Knoxville project. In December 2017, the parties amended...
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Published on: 2025-04-15
Source:
Insurance Business Magazine
Anthony R. O’Donnell // April 15, 2025 (Image credit: Matt Paul Catalano/Unsplash.) SageSure (Jersey City, N.J.), a managing general underwriter focused on catastrophe-exposed markets, and Auros Reciprocal Insurance Exchange, a policyholder-owned insurer, have closed the Gateway Re Series 2025-2 catastrophe bond at $150 million. The issuance, upsized by 20 percent...
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Published on: 2025-04-15
Source:
Insurance Journal
In Kentucky, a tornado affected parts of the Louisville metro area. In Frankfort, the Kentucky River overflowed its banks, impacting residential and commercial areas. “Numerous historic homes and businesses were inundated,” Aon noted, including the Buffalo Trace distillery. ...
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Published on: 2025-04-15
Source:
Insurance Business Magazine
According to a report from Triple-I, Louisiana ranks among the least affordable states for both home and auto insurance, despite reforms introduced in 2024. “Louisiana, with the leadership of its insurance commissioner, Tim Temple, is on a potential path to stabilizing its insurance market,” said Triple-I CEO Sean Kevelighan. “We’ve...
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Published on: 2025-04-15
Source:
Insurance Business Magazine
The plaintiffs, which included Travelers and a group of insurers affiliated with Philadelphia Indemnity, reimbursed their insureds for expenses following the breach, including costs of forensic investigations, legal counsel, constituent notifications, and credit monitoring. Their insureds—more than 100 nonprofit and educational organizations across 35 states and the District of Columbia—used...
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Published on: 2025-04-15
Source:
Insurance Business Magazine
Article 0 Comments The New Hampshire Insurance Department (NHID) has issued a bulletin clarifying insurers’ obligations when using virtual claims adjustment systems to assess automobile damage. That guidance came on Monday in response to a growing number of insurers relying on photo and video submissions from consumers or repair shops...
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Published on: 2025-04-15
Source:
News – Claims Journal
Article 0 Comments Signs of renewal are underway at the Buffalo Trace Distillery in Kentucky since floodwaters that inundated the whiskey-making campus receded. But executives say the painstaking task of inspecting any bourbon barrels touched by the high water will take time. The historic distillery has resumed shipping spirits and...
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Published on: 2025-04-15
Source:
News – Claims Journal
Article 0 Comments More than half of small business leaders believe artificial intelligence will play a “crucial role” in worker safety over the next five years, according to a new report from Pie Insurance. A survey of decision-makers from just over a thousand small businesses found that 64% of leaders...
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Published on: 2025-04-15
Source:
News – Claims Journal
Anthony R. O’Donnell // April 15, 2025 (Image source: Linqura.) Linqura (Hartford, Conn.) has launched its new Agentic-AI platform, Linqura AI, developed to support agents and underwriters in commercial insurance with precision risk assessment and decision-making. Mark Stender, CEO, Linqura. The company says Linqura AI addresses common industry challenges such as...
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Published on: 2025-04-14
Source:
Insurance Journal
Article 0 Comments All sense of survivors’ guilt was fleeting for those residents whose homes remained standing after wildfires ripped through the Los Angeles area three months ago. Many worried that smoke from the Eaton wildfire that destroyed more than 9,000 structures and killed 18 people may have carried toxins,...
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Published on: 2025-04-14
Source:
News – Claims Journal
Anthony R. O’Donnell // April 14, 2025 (Image source: Ascend website.) Ascend (San Francisco) has launched Smart Inbox, an AI-powered tool that automates the processing of financial and policy documents commonly handled by insurance agencies. The product is designed to support both agency bill and direct bill workflows, with use cases...
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Published on: 2025-04-14
Source:
Insurance Journal
Article 0 Comments The weather forecasting industry has made big leaps in accuracy but has struggled with hyper-local predictions. But the proliferation of AI weather models in recent years means small, commercial firms are now developing the ability to rapidly make specialized predictions, like when and how much it will...
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Published on: 2025-04-14
Source:
News – Claims Journal
Article 0 Comments A powerful storm system that stalled over states from Texas to Ohio for several days in early April 2025 wreaked havoc across the region, with deadly tornadoes, mudslides and flooding as rivers rose. More than a foot of rain fell in several areas. As a climate scientist...
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Published on: 2025-04-14
Source:
News – Claims Journal
The problem, Merlin argued, isn’t the existence of affiliated service providers – it’s the lack of transparency and oversight. “Managing general agents, service companies, reinsurers all have a proper place, and they can be affiliated,” he said. “But that’s why the transactions have to be audited.” ...
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Published on: 2025-04-14
Source:
Insurance Business Magazine
The problem, Merlin argued, isn’t the existence of affiliated service providers – it’s the lack of transparency and oversight. “Managing general agents, service companies, reinsurers all have a proper place, and they can be affiliated,” he said. “But that’s why the transactions have to be audited.” ...
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Published on: 2025-04-14
Source:
Insurance Business Magazine
Alongside HB 1302, lawmakers are also reviewing a separate proposal—House Bill 1182—which would impose new disclosure and notification requirements on insurers using wildfire risk models in underwriting. If passed, HB 1182 would mandate greater transparency from insurers about their use of catastrophe models, risk scores, and other tools used to...
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Published on: 2025-04-14
Source:
Insurance Business Magazine
Kevin Martin, executive director of the Illinois Insurance Association (IIA), said the office has previously introduced legislation aimed at banning the use of underwriting factors like credit scores and age, calling into question the agency’s objectivity. “Putting the wolf in charge of the hen house,” Martin said, referencing the potential...
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Published on: 2025-04-14
Source:
Insurance Business Magazine
In response, Naymola filed a Rule 202 petition seeking pre-suit depositions of BRIC, BNIC, Cusack, and an unnamed individual (“John Doe”) to investigate potential tort claims arising from how the settlement agreements were obtained. He argued that if the releases are ultimately deemed unenforceable, he may have viable claims against...
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Published on: 2025-04-14
Source:
Insurance Business Magazine
The case, Gerald J. Candeloro v. Allstate Insurance Co., et al., involves a dispute between Gerald J. Candeloro and Jason Garoppolo, an Allstate agent and owner of the insurer’s Groton, Connecticut franchise. Candeloro, who owns property in Mystic, Connecticut, had consistently purchased a FEMA flood insurance policy for the property...
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Published on: 2025-04-14
Source:
Insurance Business Magazine
The services at issue included an office visit on April 15, 2019, a spinal fusion surgery with laminectomy and discectomy on April 20, 2019 (billed at $118,800), and a follow-up visit on May 6, 2019. Spine Specialists sought reimbursement from MemberSelect, which refused payment. The provider filed suit on September...
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Published on: 2025-04-14
Source:
Insurance Business Magazine
Bonnie Steen was promoted to regional vice president, overseeing operations in Louisiana, Arkansas, Mississippi, and Alabama. William Briscoe and Chris Siegel were elevated to vice presidents, with Briscoe managing offices in Oxford, Mississippi, and Birmingham, Alabama, and Siegel taking responsibility for all Florida offices. Berri Willis also became vice president,...
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Published on: 2025-04-14
Source:
Insurance Business Magazine
In 2014, Siino moved and attempted to update her address with Foresters, but the request was rejected because she failed to sign the change-of-address form. Her husband, however, successfully updated his address and continued to receive policy notices. As a result, Siino stopped receiving annual premium notices after her move....
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Published on: 2025-04-14
Source:
Insurance Business Magazine
Anthony R. O’Donnell // April 11, 2025 (Image source: Aon Profitable Growth Tool page.) Aon (Chicago) has launched its Profitable Growth Tool, a benchmarking and advisory service designed to help insurers identify and implement best-in-class practices for performance improvement across market cycles. Developed by Aon’s Strategy and Technology Group, the tool...
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Published on: 2025-04-11
Source:
Insurance Journal
Tom Benton // April 11, 2025 (Image source: Elysian.) Elysian (Nashville, Tenn.), a newly launched third-party administrator (TPA) co-founded by seasoned insurance executive Grace Hanson, plans to redefine commercial liability claims handling with its newly introduced AI-orchestrated platform. Backed by $3 million in pre-seed funding led by American Family Ventures...
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Published on: 2025-04-11
Source:
Insurance Journal
Anthony R. O’Donnell // April 11, 2025 (Photo by author.) Willis (New York), a WTW business, has appointed Dom Spinelli as Head of Transactional Insurance Claims for North America. In this role, Spinelli will lead the claims function within Willis’ Alternative Asset Insurance Solutions (AAIS) division, overseeing transactional insurance claims across representations and...
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Published on: 2025-04-11
Source:
Insurance Journal
For Hurricane Milton, insurers closed 81.7% of the 343,789 total claims filed across multiple lines, including personal and commercial property, auto, private flood, and business interruption, as of February 28. Of these, 35,043 claims remained open without payment, while 27,894 were still open with payment. ...
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Published on: 2025-04-11
Source:
Insurance Business Magazine
“With this reform package, we are directly addressing the cost drivers within our legal system, such as medical billing transparency, comparative fault, and general damages,” Temple said. “These are measures that we know will make a significant difference and begin to lower costs for families and businesses.” ...
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Published on: 2025-04-11
Source:
Insurance Business Magazine
The fund operated effectively throughout the 1990s, insuring approximately 155,000 policyholders statewide by 1999. However, as private insurers gradually returned to the market, the HHRF ceased issuing new policies in December 2000 and became dormant by 2002. Despite its inactivity, the fund maintained a reserve balance to ensure readiness in...
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Published on: 2025-04-11
Source:
Insurance Business Magazine
Article 0 Comments Ransomware incidents continue to increase in frequency and severity, with attacks rising 20% in 2024 and VPNs seen as the biggest contributor, according to a new report by insurance security provider At-Bay. Mid-sized companies generating $25-100 million in revenue were found to be hit hardest, with a...
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Published on: 2025-04-11
Source:
News – Claims Journal
Article 0 Comments Soaring levels of civil unrest and political violence are a key concern for businesses of all sizes as well as for their insurers, according to report published by Allianz Commercial. The impact of civil unrest or strikes, riots and civil commotion (SRCC) activity is the political risk...
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Published on: 2025-04-11
Source:
News – Claims Journal
Eligibility for a policy requires applicants to have been declined by three admitted insurers. Coverage includes essential perils such as fire and lightning, with limits of up to $750,000 for residential properties and $5 million for commercial buildings. Some additional coverages, including wind and hail, may be purchased. All policies...
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Published on: 2025-04-11
Source:
Insurance Business Magazine
The company launched quietly in Hungary just 12 months ago and has already sold over 300,000 policies, capturing 7% of the car insurance market and turning a profit. Its next moves are bold: Ominimo plans to enter Sweden and the Netherlands soon after Poland, and aims to expand into at...
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Published on: 2025-04-11
Source:
Insurance Business Magazine
Article 0 Comments A passenger jet carrying at least five members of Congress was clipped by another commercial plane on the ground at Ronald Reagan Washington National Airport near Washington, DC. Rep. Nick LaLota, a Republican from New York on the House Appropriations Committee, said Thursday in a social-media post...
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Published on: 2025-04-10
Source:
News – Claims Journal
“The transition towards net-zero emissions for the marine industry is complex, requiring significant investment and long timelines, limiting flexibility,” Bantick pointed out. “Various alternative fuels like LNG, bioethanol, and blue ammonia are being tested, but no clear winner has emerged.” ...
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Published on: 2025-04-10
Source:
Insurance Business Magazine
“Insurers must prioritise transparency in AI-driven decisions, particularly among those who perceive bias in the tools, such as providing negative claim outcomes. Some consumers will have data privacy concerns, while others will simply just prefer interacting with a human,” she said. ...
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Published on: 2025-04-10
Source:
Insurance Business Magazine
But it's not just a matter of replacing warm bodies. The new talent needed – underwriters, data analysts, risk managers – must be as digitally fluent as they are technically trained. As insurers adopt AI, predictive modeling, and automation tools to stay competitive, the bar for new hires has risen....
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Published on: 2025-04-10
Source:
Insurance Business Magazine
In response, Central Huijin Investment Ltd., a unit of China’s sovereign wealth fund, said it has sufficient liquidity and smooth funding channels to serve as a market stabiliser. The People’s Bank of China followed with an announcement that it would make refinancing tools available to Central Huijin to support its...
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Published on: 2025-04-10
Source:
Insurance Business Magazine
Intact Financial Corp. reported an estimated C$244 million (US$173.2 million) in net, pretax catastrophe losses for the first quarter of the year, driven by a series of weather-related events across Canada, the United Kingdom, Ireland, and the United States. ...
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Published on: 2025-04-10
Source:
Insurance Business Magazine
Anthony R. O’Donnell // April 10, 2025 (Image source: Meanwhile homepage.) Meanwhile (New York), a licensed and regulated Bitcoin-denominated life insurer, has raised $40 million in Series A funding to expand access to its BTC-based life insurance and annuity products. The round is co-led by Framework Ventures and Fulgur Ventures, with participation from Xapo...
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Published on: 2025-04-10
Source:
Insurance Journal
Article 0 Comments Roof repair and replacement cost value totaled nearly $31 billion last year — up nearly 30% since 2022, according to a new report from Verisk. The strategic data analytics and technology provider reported that roof-related line items made up more than a quarter of all residential claim...
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Published on: 2025-04-10
Source:
News – Claims Journal
While higher tariffs might not translate directly to increased repair bills, Sampson pointed to indirect consequences such as supply chain disruptions, price swings and delays as potential drivers of cost volatility. “For insurers, that translates into greater uncertainty around claims severity, reinsurance pricing and asset planning,” he said. ...
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Published on: 2025-04-10
Source:
Insurance Business Magazine
If passed, the bill would eliminate the requirement for personal injury protection (PIP) coverage as of July 1, 2026. Florida drivers would instead be required to carry bodily injury liability coverage of $25,000 per person and $50,000 per accident, while the existing $10,000 minimum for property damage liability would remain...
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Published on: 2025-04-10
Source:
Insurance Business Magazine
“This transaction is about growth and opportunity,” said Ellen Cooper, chairman, president and CEO of Lincoln Financial Group, during a conference call. “Our partnership with Bain Capital will provide us a competitive advantage as we leverage their cross-platform asset management capabilities and deploy additional capital created through their investment to...
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Published on: 2025-04-10
Source:
Insurance Business Magazine
The maps evaluate hazard rather than risk, according to the fire marshal, using a method similar to flood zone mapping. They estimate the likelihood of wildfire based on factors such as topography, vegetation, wind patterns, ember production and movement, climate conditions, and fire history, without predicting specific outcomes. ...
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Published on: 2025-04-10
Source:
Insurance Business Magazine
Article 0 Comments Nuro Inc., the self-driving tech startup founded by two former Waymo engineers, announced a new funding round that it said will support its commercial expansion plans in additional US cities and internationally through 2027. The Mountain View, California-based company raised $106 million in a Series E round...
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Published on: 2025-04-10
Source:
News – Claims Journal
Article 0 Comments Property-catastrophe capacity remained adequate to meet demand during the April 1 renewals for U.S. reinsurance buyers, despite the record losses from California’s January wildfires, according to Aon and Gallagher Re in their renewal reports. Reinsurers continued to demonstrate an appetite for growth for U.S. property-cat exposures during...
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Published on: 2025-04-10
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News – Claims Journal
Anthony R. O’Donnell // April 9, 2025 (Warsaw skyline. Image credit: ClickerHappy/Pixabay.) Powszechny Zakład Ubezpieczeń (PZU, Warsaw), one of the largest financial institutions in central Europe, has worked with the SAS AI Governance Advisory to develop and implement a comprehensive AI governance framework, according to a statement from the Cary,...
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Published on: 2025-04-09
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Insurance Journal
“Programs like the CPIA (Certified Professional Insurance Agent) help producers see that they’re not alone, that others are going through the same challenges. They can learn from each other, improve their skills, understand different technologies, learn how to market online in new ways, and build better client relationships.” ...
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Published on: 2025-04-09
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Insurance Business Magazine
The state's unique bifurcated regulatory structure involves two primary entities: the DFS, traditionally led by the chief financial officer and responsible for managing consumer services, including the intake and initial processing of insurance complaints; and the OIR, headed by the insurance commissioner, overseeing insurer licensing, rate approvals, and market conduct...
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Published on: 2025-04-09
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Insurance Business Magazine
The bill, sponsored by Assemblymember Lisa Calderon (D-District 56), would authorize the California FAIR Plan to access additional financial capacity through the issuance of bonds or the establishment of a line of credit. The legislation follows a recent $1 billion assessment issued by the FAIR Plan. ...
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Published on: 2025-04-09
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Insurance Business Magazine
In 2024, roof repair and replacement costs totaled nearly $31 billion, a 30% increase since 2022. Roof-related claims represented over a quarter of all residential claim value, with wind and hail as the primary drivers. These two perils accounted for more than half of residential claims and non-catastrophic wind and...
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Published on: 2025-04-09
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Insurance Business Magazine
Article 0 Comments Insurance industry analysts, economists, and trade associations have continued to look at the potential effect of President Trump’s tariffs. About a month after Trump looked to impose steep tariffs on China, Mexico, and Canada, the administration on April 2 applied at least a 10% tariff on all...
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Published on: 2025-04-09
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News – Claims Journal
Article 0 Comments Hackers intercepted about 100 bank regulators’ emails for more than a year, gaining access to messages containing agency deliberations and sensitive details about banks it oversees, according to two people familiar with the matter. The attackers were able to monitor employee emails at the Office of the...
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Published on: 2025-04-09
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News – Claims Journal
Generally, geopolitical instability from budding trade wars is likely to result in hesitation from insurers. The National Insurance Alliance (NIA), a specialty insurance service provider based in the British Cayman Islands, anticipated that insurers may freeze capital commitments, particularly in inland marine shipping and manufacturing, and postpone major policy decisions...
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Published on: 2025-04-08
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Insurance Business Magazine
Article 0 Comments Irish authorities warned that warm and dry conditions, combined with dead vegetation, pose a high risk of wildfires across the country this week. Ireland’s Department of Agriculture, Food and the Marine has issued an orange alert through April 14, saying fires could spread quickly, especially in areas...
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Published on: 2025-04-08
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News – Claims Journal
However, reinsurance can also be a driving force behind premium increases and market restrictions. When reinsurers experience heavy losses from natural disasters, economic downturns, or global events, they adjust their rates and underwriting requirements to compensate. These increased costs trickle down to primary insurers, who, in turn, raise their rates...
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Published on: 2025-04-08
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Insurance Business Magazine
Carriers like Mercury General, with a strong presence in California, reported heavier losses. The state’s FAIR Plan, which insurers high-risk properties, also reported significant losses, estimated at $4 billion. Its cash and surplus levels are expected to drop from $1.5 billion at the start of the year to $305 million...
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Published on: 2025-04-08
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Insurance Business Magazine