Latest Insurance News
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.
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Tropical Storm Ian grows, could strike Florida as major hurricane
9/24/2022Tropical 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....
Tesla Recalls Nearly 1.1 Million Vehicles to Update Window Reversing Software
9/22/2022Tesla 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...
Flooded Alaska Villages See Damage Assessments Begin
9/21/2022Authorities 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...
AM Best Viewpoint: The Value of MGAs in a Hardening Market
9/20/2022The 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...
MGAs: An All-Weather Distribution Channel for Soft and Hard Markets
9/16/2022Many 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 ...
Full-Year Commercial Lines Combined Ratio May Be Lowest in 15 Years: Moody’s
9/15/2022With 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...
Virginia Resilience Lab Will Roll With Rising Tides
9/14/2022The 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...
18 Wildfires in Oregon, Washington Lead to Evacuations
9/12/2022There 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...
Workers’ Comp Insurance Industry Backs CompScience Technology in $6M Seed Round
9/9/2022CompScience 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...
Elon Musk $258 Billion Dogecoin Lawsuit Expands
9/8/2022The $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...
State Farm Invests $1.2B in ADT; Adopts ‘Predict and Prevent’ Mindset
9/7/2022State 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...
Debate Deepens After Florida OIR Seeks to Raise Citizens’ Coverage Limit on Homes
9/6/2022Recent 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 ...
Hartford Insurance Loses Appeal of Loss of Consortium Claim It Labeled a ‘Ploy’
8/31/2022Hartford 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...
Travelers, Policyholder Agree to Void Current Cyber Policy
8/30/2022have 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 ...
Oregon Wildfire Grows Rapidly, Destroys Several Structures
8/29/2022MERLIN, 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...
A named tropical system is likely by Labor Day
8/29/2022The 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...
Data breaches are costing more – what companies need to know
8/23/2022Data 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...
Lloyd’s Owes $3M in Prejudgment Interest for Delayed Payment of D&O Claim
8/22/2022Lloyd’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...
2022 North Atlantic Hurricane Season Halftime Report: The Quiet Before the Storm?
8/18/2022With 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...
Catastrophic 'megaflood' more likely to hit California – report
8/16/2022A 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...
Biden Admin Announces $3B in FEMA Climate Resilience Funding
8/13/2022WASHINGTON –– 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...
Tennessee Launches its Own Captive Insurance Company for Cyber, Property
8/10/2022Tennessee 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...
Medical stop loss claims for COVID more than double – report
8/5/2022The 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...
Weston Insurance Becomes Fifth Florida Insurer to Go Insolvent This Year
8/4/2022Weston 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...
Revealed – what's putting pressure on the global commercial insurance industry?
8/1/2022A 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 ...
Record Floods in Kentucky Take 15 Lives, Hundreds of Homes
7/29/2022Record 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...
Young homeowners expect climate change to damage their homes – report
7/27/2022There 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...
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...
Flood insurance hikes will drive one million from market – FEMA report
7/25/2022While 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...
Do workers' compensation benefits cover mental health-related claims?
7/22/2022Mental 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...