Latest Insurance News


Tropical Storm Ian grows, could strike Florida as major hurricane

9/24/2022

Tropical Storm Ian 01

Tropical Storm Ian grew overnight in the Caribbean still with a path that could bring it to Florida next week as a major Category 3 hurricane prompting Gov. Ron DeSantis to declare a state of emergency in 24 counties. The National Hurricane Center’s 8 a.m.

Read More


Tesla Recalls Nearly 1.1 Million Vehicles to Update Window Reversing Software

9/22/2022

Tesla

Tesla is recalling nearly 1.1 million U.S. vehicles because the window automatic reversal system may not react correctly after detecting an obstruction, increasing the risk of injury. The electric vehicle manufacturer told the National Highway Traffic Safe

Read More


Flooded Alaska Villages See Damage Assessments Begin

9/21/2022

Alaska Village

Authorities in Alaska were making contact with some of the most remote villages in the United States to determine their food and water needs, as well as assess the damage after a massive storm flooded communities on the state’s vast western coast this week

Read More


AM Best Viewpoint: The Value of MGAs in a Hardening Market

9/20/2022

Red and Blue Arrows

The heightened perception of risk stemming from cyber attacks, the climate, pandemics and even inflation are just a few of the volatile factors fueling a demand-side need for more specialized coverage approaches, which underscores the premium growth prospe

Read More


MGAs: An All-Weather Distribution Channel for Soft and Hard Markets

9/16/2022

People and Gears

Many reinsurers across the globe increasingly have been doing business with certain select managing general agents (MGAs), seen as market innovators, by reinsuring the fronting insurers that provide the paper for MGAs to underwrite. In recent years, it is

Read More


Full-Year Commercial Lines Combined Ratio May Be Lowest in 15 Years: Moody’s

9/15/2022

2022 Year Review

With commercial lines insurers expected to report the lowest full-year aggregate combined ratio in 15 years, together with double-digit direct premium growth, Moody’s Investors Service announced a stable outlook for the U.S. P/C commercial lines sector. Th

Read More


Virginia Resilience Lab Will Roll With Rising Tides

9/14/2022

Norfolk Virginia Resiliency Lab

The Elizabeth River Project’s latest work in Norfolk, Virginia, doesn’t fight the rising tide. It will roll with it. The environmental group is constructing a 6,500-foot resilience lab along Colley Avenue and Knitting Mill Creek. The building has an intent

Read More


18 Wildfires in Oregon, Washington Lead to Evacuations

9/12/2022

Wildfire

There were 18 large wildfires burning in Oregon and Washington Saturday, leading to evacuations and targeted power outages in Oregon as the challenge of dry and windy conditions continued in the region. According to the Northwest Interagency Coordination C

Read More


Workers’ Comp Insurance Industry Backs CompScience Technology in $6M Seed Round

9/9/2022

Workers Comp Form

CompScience has found a way to reduce workers compensation risk and cost using artificial intelligence. Not just by the numbers, but by analyzing authentic, onsite video taken at clients’ facilities. The company provides video analytics and data-driven rec

Read More


Elon Musk $258 Billion Dogecoin Lawsuit Expands

9/8/2022

Dogecoin

The $258 billion racketeering lawsuit accusing Elon Musk of running a pyramid scheme to support the cryptocurrency Dogecoin has expanded, adding seven new investor plaintiffs and six new defendants including his tunnel construction business Boring Co. Acco

Read More


State Farm Invests $1.2B in ADT; Adopts ‘Predict and Prevent’ Mindset

9/7/2022

State Farm Sign

State Farm and ADT, a smart home provider, announced that State Farm will make a $1.2 billion equity investment in ADT, a move that will give the nation’s largest insurer a 15% ownership stake in ADT. The investment also heralds a change in mindset, Paul S

Read More


Debate Deepens After Florida OIR Seeks to Raise Citizens’ Coverage Limit on Homes

9/6/2022

Storm Damage House

Recent developments have sparked new debate about the role that Citizens Property Insurance Corp. should play in Florida’s rapidly shifting property insurance market, with potential changes that could affect agents, other carriers and homeowners for years

Read More


Hartford Insurance Loses Appeal of Loss of Consortium Claim It Labeled a ‘Ploy’

8/31/2022

Legal Books and Gavel

Hartford Insurance Group has lost an appeal of a $1.45 million injury settlement between an injured employee and third parties where 60% was for loss of consortium for the wife of the injured worker. Hartford maintained that the consortium allocation was a

Read More


Travelers, Policyholder Agree to Void Current Cyber Policy

8/30/2022

VOID

have a federal court rescind an active cyber insurance policy that the insurer claimed was void due to the insured’s misrepresentation of multi-factor authentication use. According to documents filed Aug. 26 in U.S. District Court for the Central District

Read More


Oregon Wildfire Grows Rapidly, Destroys Several Structures

8/29/2022

Wildfire

MERLIN, Ore. (AP) — A wildfire in remote southwest Oregon continued its rapid spread through a rural area and destroyed several structures, after forcing evacuations and prompting the state to take command of efforts to contain the blaze, officials said Su

Read More


A named tropical system is likely by Labor Day

8/29/2022

Labor Day Storm 2022 Map

The National Hurricane Center is actively watching four areas right now for tropical development, and two have a decent shot of affecting the US on Labor Day weekend. We realize talking about your Labor Day forecast a week out might be a touch early, but w

Read More


Data breaches are costing more – what companies need to know

8/23/2022

Server

Data breaches are costing companies more money than ever before. The global average cost of a data breach in 2022 is $4.35 million, higher by $0.11 million than last year’s cost and the highest to date, according to IBM’s latest “cost of a data breach” rep

Read More


Lloyd’s Owes $3M in Prejudgment Interest for Delayed Payment of D&O Claim

8/22/2022

Money and Gavel

Lloyd’s of London underwriters must pay more than $3 million in pre-judgment interest in addition to the $10 million the syndicate has already paid in damages for the wrongful acts of the former directors of a bank that was declared insolvent during the 20

Read More


2022 North Atlantic Hurricane Season Halftime Report: The Quiet Before the Storm?

8/18/2022

Hurricane Sign

With a few weeks to go until the North Atlantic Basin enters its most active period, now is a good time to recap recent activity, review updated seasonal forecasts, and look ahead to what may be in store for the remainder of the season. The North Atlantic

Read More


Catastrophic 'megaflood' more likely to hit California – report

8/16/2022

Flooded Street

A catastrophic “megaflood” has become twice as likely to happen in California in the next few decades as climate change continues to alter environmental conditions, a new study published in the peer-reviewed journal Science Advances has warned. Researchers

Read More


Biden Admin Announces $3B in FEMA Climate Resilience Funding

8/13/2022

Capitol Building

WASHINGTON –– The Biden administration on Friday announced it is putting more than $3 billion into two federal programs to help communities deal with floods, wildfires, extreme heat and other problems imposed by climate change. Funding for the Building Res

Read More


Tennessee Launches its Own Captive Insurance Company for Cyber, Property

8/10/2022

Laptop

Tennessee regulators, who for years have touted the state as a comfortable home for captive insurance companies, have announced that the state government has created its own captive. The state is self-insured for property and general liability, but the Te

Read More


Medical stop loss claims for COVID more than double – report

8/5/2022

Insurance Claims BInder

The frequency of medical stop loss claims for COVID-19 more than doubled from 2020 to 2021, according to QBE North America’s 2022 Accident & Health Market Report. The annual report highlights industry trends that can help employers consider how to better m

Read More


Weston Insurance Becomes Fifth Florida Insurer to Go Insolvent This Year

8/4/2022

Weston Insurance

Weston Property & Casualty Insurance Co. is insolvent and should be placed into receivership, making it the fifth Florida property insurer this year to be dissolved, according to state regulators. The Florida Office of Insurance Regulation on Tuesday filed

Read More


Revealed – what's putting pressure on the global commercial insurance industry?

8/1/2022

Earth Globe Technology

A new report from the global professional services giant KPMG has revealed that while the world’s commercial insurance industry is performing well, it is facing several pressures that challenge its long-term sustainability. KPMG’s ‘Future of Large Commerc

Read More


Record Floods in Kentucky Take 15 Lives, Hundreds of Homes

7/29/2022

Flooding Sign In Water

Record flooding in parts of Appalachia have left at least 15 dead, hundreds of homes destroyed and entire communities wiped out. Search and rescue teams backed by the National Guard searched Friday for missing people in parts of eastern Kentucky, even as r

Read More


Young homeowners expect climate change to damage their homes – report

7/27/2022

Insurance Agent Inspecting Ceiling Damage

There is widespread worry about climate change-related extreme weather, especially among young homeowners, according to a new survey by insurtech Policygenius. The survey found that 72% of young insured homeowners (age 18 to 34) expect their homes to be d

Read More


Tesla’s Phantom Brake Problem Exposes Need for Human Audits of Machine-Read Data

7/27/2022

Tesla Steering Wheel

“Slamming on the brakes” is often a blaming moment. Someone most likely was not paying attention to conditions, but is that always the case? In the case of usage-based insurance models, which determine an individual driver’s rates based on patterns of beha

Read More


Flood insurance hikes will drive one million from market – FEMA report

7/25/2022

Road Under Water

While the Federal Emergency Management Agency (FEMA) initially said that the National Flood Insurance Program’s (NFIP) “Risk Rating 2.0” update would lead to more people signing up for coverage – with the caveat that many would be paying more for coverage

Read More


Do workers' compensation benefits cover mental health-related claims?

7/22/2022

Workers Comp Claim Form

Mental illness continues to be an issue plaguing the country’s adult population, affecting the daily lives of nearly one in five (19.9%) Americans, the latest figures from Mental Health America (MHA) reveal. The number, according to the non-profit’s 2022 P

Read More


Tropical Storm Ian grows, could strike Florida as major hurricane

9/24/2022

Tropical Storm Ian grew overnight in the Caribbean still with a path that could bring it to Florida next week as a major Category 3 hurricane prompting Gov. Ron DeSantis to declare a state of emergency in 24 counties. The National Hurricane Center’s 8 a.m....

Read More

Tropical Storm Ian 01

Tesla Recalls Nearly 1.1 Million Vehicles to Update Window Reversing Software

9/22/2022

Tesla is recalling nearly 1.1 million U.S. vehicles because the window automatic reversal system may not react correctly after detecting an obstruction, increasing the risk of injury. The electric vehicle manufacturer told the National Highway Traffic Safe...

Read More

Tesla

Flooded Alaska Villages See Damage Assessments Begin

9/21/2022

Authorities in Alaska were making contact with some of the most remote villages in the United States to determine their food and water needs, as well as assess the damage after a massive storm flooded communities on the state’s vast western coast this week...

Read More

Alaska Village

AM Best Viewpoint: The Value of MGAs in a Hardening Market

9/20/2022

The heightened perception of risk stemming from cyber attacks, the climate, pandemics and even inflation are just a few of the volatile factors fueling a demand-side need for more specialized coverage approaches, which underscores the premium growth prospe...

Read More

Red and Blue Arrows

MGAs: An All-Weather Distribution Channel for Soft and Hard Markets

9/16/2022

Many reinsurers across the globe increasingly have been doing business with certain select managing general agents (MGAs), seen as market innovators, by reinsuring the fronting insurers that provide the paper for MGAs to underwrite. In recent years, it is ...

Read More

People and Gears

Full-Year Commercial Lines Combined Ratio May Be Lowest in 15 Years: Moody’s

9/15/2022

With commercial lines insurers expected to report the lowest full-year aggregate combined ratio in 15 years, together with double-digit direct premium growth, Moody’s Investors Service announced a stable outlook for the U.S. P/C commercial lines sector. Th...

Read More

2022 Year Review

Virginia Resilience Lab Will Roll With Rising Tides

9/14/2022

The Elizabeth River Project’s latest work in Norfolk, Virginia, doesn’t fight the rising tide. It will roll with it. The environmental group is constructing a 6,500-foot resilience lab along Colley Avenue and Knitting Mill Creek. The building has an intent...

Read More

Norfolk Virginia Resiliency Lab

18 Wildfires in Oregon, Washington Lead to Evacuations

9/12/2022

There were 18 large wildfires burning in Oregon and Washington Saturday, leading to evacuations and targeted power outages in Oregon as the challenge of dry and windy conditions continued in the region. According to the Northwest Interagency Coordination C...

Read More

Wildfire

Workers’ Comp Insurance Industry Backs CompScience Technology in $6M Seed Round

9/9/2022

CompScience has found a way to reduce workers compensation risk and cost using artificial intelligence. Not just by the numbers, but by analyzing authentic, onsite video taken at clients’ facilities. The company provides video analytics and data-driven rec...

Read More

Workers Comp Form

Elon Musk $258 Billion Dogecoin Lawsuit Expands

9/8/2022

The $258 billion racketeering lawsuit accusing Elon Musk of running a pyramid scheme to support the cryptocurrency Dogecoin has expanded, adding seven new investor plaintiffs and six new defendants including his tunnel construction business Boring Co. Acco...

Read More

Dogecoin

State Farm Invests $1.2B in ADT; Adopts ‘Predict and Prevent’ Mindset

9/7/2022

State Farm and ADT, a smart home provider, announced that State Farm will make a $1.2 billion equity investment in ADT, a move that will give the nation’s largest insurer a 15% ownership stake in ADT. The investment also heralds a change in mindset, Paul S...

Read More

State Farm Sign

Debate Deepens After Florida OIR Seeks to Raise Citizens’ Coverage Limit on Homes

9/6/2022

Recent developments have sparked new debate about the role that Citizens Property Insurance Corp. should play in Florida’s rapidly shifting property insurance market, with potential changes that could affect agents, other carriers and homeowners for years ...

Read More

Storm Damage House

Hartford Insurance Loses Appeal of Loss of Consortium Claim It Labeled a ‘Ploy’

8/31/2022

Hartford Insurance Group has lost an appeal of a $1.45 million injury settlement between an injured employee and third parties where 60% was for loss of consortium for the wife of the injured worker. Hartford maintained that the consortium allocation was a...

Read More

Legal Books and Gavel

Travelers, Policyholder Agree to Void Current Cyber Policy

8/30/2022

have a federal court rescind an active cyber insurance policy that the insurer claimed was void due to the insured’s misrepresentation of multi-factor authentication use. According to documents filed Aug. 26 in U.S. District Court for the Central District ...

Read More

VOID

Oregon Wildfire Grows Rapidly, Destroys Several Structures

8/29/2022

MERLIN, Ore. (AP) — A wildfire in remote southwest Oregon continued its rapid spread through a rural area and destroyed several structures, after forcing evacuations and prompting the state to take command of efforts to contain the blaze, officials said Su...

Read More

Wildfire

A named tropical system is likely by Labor Day

8/29/2022

The National Hurricane Center is actively watching four areas right now for tropical development, and two have a decent shot of affecting the US on Labor Day weekend. We realize talking about your Labor Day forecast a week out might be a touch early, but w...

Read More

Labor Day Storm 2022 Map

Data breaches are costing more – what companies need to know

8/23/2022

Data breaches are costing companies more money than ever before. The global average cost of a data breach in 2022 is $4.35 million, higher by $0.11 million than last year’s cost and the highest to date, according to IBM’s latest “cost of a data breach” rep...

Read More

Server

Lloyd’s Owes $3M in Prejudgment Interest for Delayed Payment of D&O Claim

8/22/2022

Lloyd’s of London underwriters must pay more than $3 million in pre-judgment interest in addition to the $10 million the syndicate has already paid in damages for the wrongful acts of the former directors of a bank that was declared insolvent during the 20...

Read More

Money and Gavel

2022 North Atlantic Hurricane Season Halftime Report: The Quiet Before the Storm?

8/18/2022

With a few weeks to go until the North Atlantic Basin enters its most active period, now is a good time to recap recent activity, review updated seasonal forecasts, and look ahead to what may be in store for the remainder of the season. The North Atlantic...

Read More

Hurricane Sign

Catastrophic 'megaflood' more likely to hit California – report

8/16/2022

A catastrophic “megaflood” has become twice as likely to happen in California in the next few decades as climate change continues to alter environmental conditions, a new study published in the peer-reviewed journal Science Advances has warned. Researchers...

Read More

Flooded Street

Biden Admin Announces $3B in FEMA Climate Resilience Funding

8/13/2022

WASHINGTON –– The Biden administration on Friday announced it is putting more than $3 billion into two federal programs to help communities deal with floods, wildfires, extreme heat and other problems imposed by climate change. Funding for the Building Res...

Read More

Capitol Building

Tennessee Launches its Own Captive Insurance Company for Cyber, Property

8/10/2022

Tennessee regulators, who for years have touted the state as a comfortable home for captive insurance companies, have announced that the state government has created its own captive. The state is self-insured for property and general liability, but the Te...

Read More

Laptop

Medical stop loss claims for COVID more than double – report

8/5/2022

The frequency of medical stop loss claims for COVID-19 more than doubled from 2020 to 2021, according to QBE North America’s 2022 Accident & Health Market Report. The annual report highlights industry trends that can help employers consider how to better m...

Read More

Insurance Claims BInder

Weston Insurance Becomes Fifth Florida Insurer to Go Insolvent This Year

8/4/2022

Weston Property & Casualty Insurance Co. is insolvent and should be placed into receivership, making it the fifth Florida property insurer this year to be dissolved, according to state regulators. The Florida Office of Insurance Regulation on Tuesday filed...

Read More

Weston Insurance

Revealed – what's putting pressure on the global commercial insurance industry?

8/1/2022

A new report from the global professional services giant KPMG has revealed that while the world’s commercial insurance industry is performing well, it is facing several pressures that challenge its long-term sustainability. KPMG’s ‘Future of Large Commerc ...

Read More

Earth Globe Technology

Record Floods in Kentucky Take 15 Lives, Hundreds of Homes

7/29/2022

Record flooding in parts of Appalachia have left at least 15 dead, hundreds of homes destroyed and entire communities wiped out. Search and rescue teams backed by the National Guard searched Friday for missing people in parts of eastern Kentucky, even as r...

Read More

Flooding Sign In Water

Young homeowners expect climate change to damage their homes – report

7/27/2022

There is widespread worry about climate change-related extreme weather, especially among young homeowners, according to a new survey by insurtech Policygenius. The survey found that 72% of young insured homeowners (age 18 to 34) expect their homes to be d...

Read More

Insurance Agent Inspecting Ceiling Damage

Tesla’s Phantom Brake Problem Exposes Need for Human Audits of Machine-Read Data

7/27/2022

“Slamming on the brakes” is often a blaming moment. Someone most likely was not paying attention to conditions, but is that always the case? In the case of usage-based insurance models, which determine an individual driver’s rates based on patterns of beha...

Read More

Tesla Steering Wheel

Flood insurance hikes will drive one million from market – FEMA report

7/25/2022

While the Federal Emergency Management Agency (FEMA) initially said that the National Flood Insurance Program’s (NFIP) “Risk Rating 2.0” update would lead to more people signing up for coverage – with the caveat that many would be paying more for coverage...

Read More

Road Under Water

Do workers' compensation benefits cover mental health-related claims?

7/22/2022

Mental illness continues to be an issue plaguing the country’s adult population, affecting the daily lives of nearly one in five (19.9%) Americans, the latest figures from Mental Health America (MHA) reveal. The number, according to the non-profit’s 2022 P...

Read More

Workers Comp Claim Form