Latest Insurance News


The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit

6/6/2023

Binance Logo

U.S. regulators have targeted another giant in the world of crypto.  The Securities and Exchange Commission has filed 13 charges against Binance, the world's top crypto exchange, as well as its billionaire co-founder and CEO, Changpeng Zhao, who is widely

Read More


Allstate Is No Longer Offering New Policies in California

6/5/2023

California Forest

California property owners hoping to open new insurance policies are no longer able to do so with one of the nation’s largest homeowner insurance companies. Allstate, the state’s fourth-largest property and casualty insurance provider, has stopped selling

Read More


Florida’s homeowner insurance rates are four times the national average. That’s not getting better anytime soon

6/2/2023

Florida Palm Trees

Hurricane season officially starts Thursday. But no matter how many storms hit Florida this year, the state’s residents are already struggling as they try to get homeowners’ insurance. National insurers have very little presence in Florida. Big insurance c

Read More


Amazon to Pay $30.8 Million to Settle FTC Privacy Claims Over Ring Doorbell

6/1/2023

Ring Doorbell

Amazon.com Inc. agreed to pay $30.8 million to resolve two cases brought by the Federal Trade Commission related to privacy lapses by its smart devices. In one case, the FTC alleged that Amazon didn’t take steps to protect the privacy of users of its Ring

Read More


State Farm Stops New Home Insurance Sales in California as Wildfire Risks Grow

5/31/2023

Wildfire

State Farm said it would stop selling new insurance policies to homeowners in California, exacerbating troubles for thousands in the wildfire-prone state, who are already feeling the heat with coverage getting costlier or harder to come by. State Farm Gene

Read More


The Top Cyber Insurance Companies in the USA | 5-Star Cyber 2023

5/30/2023

Cyber Attack Map and Data Protection

Cyber insurers are staying one step ahead of risks It’s easy to forget that cyber insurance is a new and developing sector. It has nothing like the matrix used to insure vehicles.   “Automobile insurance is a very mature market because you have a lot of re

Read More


No Way to Police All Cryptocurrency Fraud, CFTC Commissioner Says

5/25/2023

Virtual Currency

A top U.S. regulator said on Tuesday there is no way to police all cryptocurrency fraud because there is so much, though her agency is working on several big cases. Christy Goldsmith Romero, one of five commissioners at the Commodity Futures Trading Commis

Read More


WTW launches intangible asset coverage

5/24/2023

Insurance Writing

Global broker WTW has announced the launch of a financial product targeting clients looking to protect their intangible assets. WTW said its new Intangible Asset Protection (IAP) product is the first of its kind and fills a coverage gap in the market. The

Read More


Consistent Policy Wording Bringing Some Relief to Evolving Cyber Market

5/19/2023

Cyber Insurance

Consistency within cyber insurance policies is something the industry has been grappling with for nearly a decade, according to speakers at the annual RIMS Riskworld conference, held this year in Atlanta, but the industry is beginning to see a light at the

Read More


JPMorgan and Barclays back $4.5 billion insurance tech giant Wefox

5/18/2023

Wefox CEO Julian Teicke

German digital insurer Wefox said Wednesday it raised $110 million of fresh funding from backers including JPMorgan and Barclays. The news marks a vote of confidence for the insurance technology space at a time when it faces tough macroeconomic headwinds.

Read More


GOP warns insurance companies on ESG policies: ‘Americans are paying the price’

5/17/2023

Louisiana Attorney General Jeff Landry

Over two dozen Republican attorneys general warned insurance companies Tuesday that pushing customers "to rapidly reduce their emissions" and other efforts to "advance an activist climate agenda" could be a violation of antitrust law. Attorneys general Sea

Read More


Navacord broker Lloyd Sadd makes key deal

5/16/2023

Handshake Deal

Alberta-based Casey Insurance has joined forces with Navacord broker partner Lloyd Sadd. The partnership, bringing together the two Albertan brokerages, marks a “significant step” for both parties, Lloyd Sadd said in a press release. Lloyd Sadd, a founding

Read More


Auto Claim Severity Up 35% over Pre-Pandemic Rates – LexisNexis Report

5/12/2023

Auto Accident

Claim severity for bodily injury and property damage increased by 35% since 2019, while collision claim severity has jumped 40%, LexisNexis Risk Solutions says in a new report. The data broker’s 2023 U.S. Auto Insurance Trends report says the amount of tra

Read More


Guidewire Survey: Insurance in 2023 is a Battle for Customers’ Hearts and Minds

5/11/2023

Skyscrapers

LONDON--(BUSINESS WIRE)--Guidewire (NYSE: GWRE) today released the latest edition of its annual study on insurance customers and their attitudes towards insurers and insurance innovation. The report, How Insurers Can Support Their Customers in Uncertain Ti

Read More


Bill proposed would change how auto insurance rates are calculated in Massachusetts

5/10/2023

White Car

SPRINGFIELD, Mass. (WWLP) – A new proposal on Beacon Hill could impact how much you pay in auto insurance. One of the biggest factors in determining your rate is your zip code but this bill in the Senate hopes to lessen the impact. The bill would change th

Read More


Lloyd’s Cyber War Exclusions: Confusing, Disruptive, but Necessary?

5/9/2023

Cyber Attack Map and Data Protection

The rollout of the Lloyd’s Market Association’s (LMA) cyber war exclusions has received considerable criticism for the chaos and confusion caused in the weeks leading up to the March 31st effective date. But there are some certainties to keep in mind about

Read More


Allstate Posts Loss With ‘Exceptionally’ High Catastrophe Costs

5/4/2023

Allstate Headquarters

Allstate Corp. posted a bigger first-quarter loss than analysts expected as higher premiums failed to offset rising auto costs and soaring catastrophe losses. The company reported a $342 million loss on an adjusted basis for the period, compared to profit

Read More


FDIC recommends raising insured deposit limit for businesses

5/2/2023

FDIC Building

NEW YORK (AP) — U.S. businesses might be able to secure bank deposit insurance for accounts holding more than $250,000 if Congress agrees with the Federal Deposit Insurance Corp.’s new proposal to ease the industry turmoil that has sparked three bank failu

Read More


Study: inflation, pandemic spur change in P&C insurance shopping

4/24/2023

Insurance Agent in Front of Car

The P&C insurance industry, frequently considered a conventional and dependably unexciting business clinging to tradition, is undergoing broad and rapid change brought on by both internal and external forces, according to a new look at industry trends. “Th

Read More


Growing insurance crisis spreads to Texas

4/20/2023

Hurricane Ike Damage

Florida came first. Then Louisiana. Now an insurance crisis that has swept across the Gulf Coast is spilling into Texas, where increasingly scarce property coverage has forced tens of thousands of coastal homeowners to buy policies from a state-chartered i

Read More


Florida imposes 1% emergency fee on insurance policies

4/18/2023

Florida Sunset

TALLAHASSEE — Florida consumers will have to pay an extra 1% for their insurance premiums because of property insurer insolvencies stemming in part from hurricane claims. The assessment comes as property-insurance policyholders throughout the state face so

Read More


Florida Roofing Company Owners Plead Guilty to More Than $1M in Tax Evasion

4/17/2023

Roof Repair Work

The owners of a Fort Myers roofing company, one that has been the subject of a number of complaints from consumers and which has filed multiple assignment-of-benefits lawsuits against property insurers, have pleaded guilty to more than $1 million in tax ev

Read More


CSU Research Team Forecasts Slightly Below Average 2023 Hurricane Season

4/14/2023

Hurricane

The hurricane research team at Colorado State University in its early forecast of the 2023 Atlantic hurricane season is predicting slightly below-average activity. The CSU Tropical Meteorology Project team is predicting 13 named storms during the June 1 to

Read More


Dog-Related Injuries Cost Insurers More Than $1 Billion in 2022

4/12/2023

Corgi Dog

Insurers paid out more than $1 billion in dog-related injury claims in 2022, a 28% increase over 2021 even though the number of claims decreased last year, according to the Insurance Information Institute (Triple-I) and State Farm. There were 17,597 dog-re

Read More


Ignited by Pandemic Changes, Insurers Embraced Innovation

4/7/2023

Lightbulbs Creativity

The pandemic kickstarted the new wave of accepting and using innovative systems and methods in the insurance industry. It opened eyes to the ways that innovations and technology could do more than just efficiently get the work done. While the pandemic pres

Read More


The U.S. Leads the World in Weather Catastrophes – Here’s Why

4/4/2023

Tornado Damage Indiana

The United States is Earth’s punching bag for nasty weather. Blame geography for the U.S. getting hit by stronger, costlier, more varied and frequent extreme weather than anywhere on the planet, several experts said. Two oceans, the Gulf of Mexico, the Roc

Read More


High Inflation Hiked P/C Claims Costs Up to 7.5% in 2022

3/27/2023

Man Holding Globe Inflation

High inflation alone led to an increase in property/casualty claims of 5-7.5%, across five key markets in 2022, according to Swiss Re research. “In 2023, we expect that inflation should lead to an additional increase of 3.5-6.5%,” said Swiss Re Institute’s

Read More


Unlimited Deposit Insurance Can’t Solve Everything

3/24/2023

US Treasury Secretary Janet Yallen

Treasury Secretary Janet Yellen put a damper on hopes for one immediate solution to the present banking crisis when she said on Wednesday that she wasn’t considering trying to offer “blanket” insurance guaranteeing all deposits. But this will almost certai

Read More


Revealed: The world’s most valuable insurance brands

3/23/2023

Stars

It’s that time of the year again when brand valuation consultancy Brand Finance lists the world’s most valuable insurance brands, publishing its Insurance 100 report for 2023. According to Brand Finance’s measure of brand value, below are the 10 most valua

Read More


Too Soon for ‘All Clear’ in D&O Insurance Market as Banks Fall

3/22/2023

Businessman Stopping Falling Blocks

D&O insurers breathed a short sigh of relief when the U.S. government pledged to protect depositors of failed Silicon Valley Bank last week. But it wasn’t necessarily business as usual for watchful underwriters in the days following the March 12 announceme

Read More


The SEC sues Binance, unveils 13 charges against crypto exchange in sweeping lawsuit

6/6/2023

U.S. regulators have targeted another giant in the world of crypto.  The Securities and Exchange Commission has filed 13 charges against Binance, the world's top crypto exchange, as well as its billionaire co-founder and CEO, Changpeng Zhao, who is widely ...

Read More

Binance Logo

Allstate Is No Longer Offering New Policies in California

6/5/2023

California property owners hoping to open new insurance policies are no longer able to do so with one of the nation’s largest homeowner insurance companies. Allstate, the state’s fourth-largest property and casualty insurance provider, has stopped selling ...

Read More

California Forest

Florida’s homeowner insurance rates are four times the national average. That’s not getting better anytime soon

6/2/2023

Hurricane season officially starts Thursday. But no matter how many storms hit Florida this year, the state’s residents are already struggling as they try to get homeowners’ insurance. National insurers have very little presence in Florida. Big insurance c...

Read More

Florida Palm Trees

Amazon to Pay $30.8 Million to Settle FTC Privacy Claims Over Ring Doorbell

6/1/2023

Amazon.com Inc. agreed to pay $30.8 million to resolve two cases brought by the Federal Trade Commission related to privacy lapses by its smart devices. In one case, the FTC alleged that Amazon didn’t take steps to protect the privacy of users of its Ring ...

Read More

Ring Doorbell

State Farm Stops New Home Insurance Sales in California as Wildfire Risks Grow

5/31/2023

State Farm said it would stop selling new insurance policies to homeowners in California, exacerbating troubles for thousands in the wildfire-prone state, who are already feeling the heat with coverage getting costlier or harder to come by. State Farm Gene...

Read More

Wildfire

The Top Cyber Insurance Companies in the USA | 5-Star Cyber 2023

5/30/2023

Cyber insurers are staying one step ahead of risks It’s easy to forget that cyber insurance is a new and developing sector. It has nothing like the matrix used to insure vehicles.   “Automobile insurance is a very mature market because you have a lot of re...

Read More

Cyber Attack Map and Data Protection

No Way to Police All Cryptocurrency Fraud, CFTC Commissioner Says

5/25/2023

A top U.S. regulator said on Tuesday there is no way to police all cryptocurrency fraud because there is so much, though her agency is working on several big cases. Christy Goldsmith Romero, one of five commissioners at the Commodity Futures Trading Commis...

Read More

Virtual Currency

WTW launches intangible asset coverage

5/24/2023

Global broker WTW has announced the launch of a financial product targeting clients looking to protect their intangible assets. WTW said its new Intangible Asset Protection (IAP) product is the first of its kind and fills a coverage gap in the market. The ...

Read More

Insurance Writing

Consistent Policy Wording Bringing Some Relief to Evolving Cyber Market

5/19/2023

Consistency within cyber insurance policies is something the industry has been grappling with for nearly a decade, according to speakers at the annual RIMS Riskworld conference, held this year in Atlanta, but the industry is beginning to see a light at the...

Read More

Cyber Insurance

JPMorgan and Barclays back $4.5 billion insurance tech giant Wefox

5/18/2023

German digital insurer Wefox said Wednesday it raised $110 million of fresh funding from backers including JPMorgan and Barclays. The news marks a vote of confidence for the insurance technology space at a time when it faces tough macroeconomic headwinds....

Read More

Wefox CEO Julian Teicke

GOP warns insurance companies on ESG policies: ‘Americans are paying the price’

5/17/2023

Over two dozen Republican attorneys general warned insurance companies Tuesday that pushing customers "to rapidly reduce their emissions" and other efforts to "advance an activist climate agenda" could be a violation of antitrust law. Attorneys general Sea...

Read More

Louisiana Attorney General Jeff Landry

Navacord broker Lloyd Sadd makes key deal

5/16/2023

Alberta-based Casey Insurance has joined forces with Navacord broker partner Lloyd Sadd. The partnership, bringing together the two Albertan brokerages, marks a “significant step” for both parties, Lloyd Sadd said in a press release. Lloyd Sadd, a founding...

Read More

Handshake Deal

Auto Claim Severity Up 35% over Pre-Pandemic Rates – LexisNexis Report

5/12/2023

Claim severity for bodily injury and property damage increased by 35% since 2019, while collision claim severity has jumped 40%, LexisNexis Risk Solutions says in a new report. The data broker’s 2023 U.S. Auto Insurance Trends report says the amount of tra...

Read More

Auto Accident

Guidewire Survey: Insurance in 2023 is a Battle for Customers’ Hearts and Minds

5/11/2023

LONDON--(BUSINESS WIRE)--Guidewire (NYSE: GWRE) today released the latest edition of its annual study on insurance customers and their attitudes towards insurers and insurance innovation. The report, How Insurers Can Support Their Customers in Uncertain Ti...

Read More

Skyscrapers

Bill proposed would change how auto insurance rates are calculated in Massachusetts

5/10/2023

SPRINGFIELD, Mass. (WWLP) – A new proposal on Beacon Hill could impact how much you pay in auto insurance. One of the biggest factors in determining your rate is your zip code but this bill in the Senate hopes to lessen the impact. The bill would change th...

Read More

White Car

Lloyd’s Cyber War Exclusions: Confusing, Disruptive, but Necessary?

5/9/2023

The rollout of the Lloyd’s Market Association’s (LMA) cyber war exclusions has received considerable criticism for the chaos and confusion caused in the weeks leading up to the March 31st effective date. But there are some certainties to keep in mind about...

Read More

Cyber Attack Map and Data Protection

Allstate Posts Loss With ‘Exceptionally’ High Catastrophe Costs

5/4/2023

Allstate Corp. posted a bigger first-quarter loss than analysts expected as higher premiums failed to offset rising auto costs and soaring catastrophe losses. The company reported a $342 million loss on an adjusted basis for the period, compared to profit ...

Read More

Allstate Headquarters

FDIC recommends raising insured deposit limit for businesses

5/2/2023

NEW YORK (AP) — U.S. businesses might be able to secure bank deposit insurance for accounts holding more than $250,000 if Congress agrees with the Federal Deposit Insurance Corp.’s new proposal to ease the industry turmoil that has sparked three bank failu...

Read More

FDIC Building

Study: inflation, pandemic spur change in P&C insurance shopping

4/24/2023

The P&C insurance industry, frequently considered a conventional and dependably unexciting business clinging to tradition, is undergoing broad and rapid change brought on by both internal and external forces, according to a new look at industry trends. “Th...

Read More

Insurance Agent in Front of Car

Growing insurance crisis spreads to Texas

4/20/2023

Florida came first. Then Louisiana. Now an insurance crisis that has swept across the Gulf Coast is spilling into Texas, where increasingly scarce property coverage has forced tens of thousands of coastal homeowners to buy policies from a state-chartered i...

Read More

Hurricane Ike Damage

Florida imposes 1% emergency fee on insurance policies

4/18/2023

TALLAHASSEE — Florida consumers will have to pay an extra 1% for their insurance premiums because of property insurer insolvencies stemming in part from hurricane claims. The assessment comes as property-insurance policyholders throughout the state face so...

Read More

Florida Sunset

Florida Roofing Company Owners Plead Guilty to More Than $1M in Tax Evasion

4/17/2023

The owners of a Fort Myers roofing company, one that has been the subject of a number of complaints from consumers and which has filed multiple assignment-of-benefits lawsuits against property insurers, have pleaded guilty to more than $1 million in tax ev...

Read More

Roof Repair Work

CSU Research Team Forecasts Slightly Below Average 2023 Hurricane Season

4/14/2023

The hurricane research team at Colorado State University in its early forecast of the 2023 Atlantic hurricane season is predicting slightly below-average activity. The CSU Tropical Meteorology Project team is predicting 13 named storms during the June 1 to...

Read More

Hurricane

Dog-Related Injuries Cost Insurers More Than $1 Billion in 2022

4/12/2023

Insurers paid out more than $1 billion in dog-related injury claims in 2022, a 28% increase over 2021 even though the number of claims decreased last year, according to the Insurance Information Institute (Triple-I) and State Farm. There were 17,597 dog-re...

Read More

Corgi Dog

Ignited by Pandemic Changes, Insurers Embraced Innovation

4/7/2023

The pandemic kickstarted the new wave of accepting and using innovative systems and methods in the insurance industry. It opened eyes to the ways that innovations and technology could do more than just efficiently get the work done. While the pandemic pres...

Read More

Lightbulbs Creativity

The U.S. Leads the World in Weather Catastrophes – Here’s Why

4/4/2023

The United States is Earth’s punching bag for nasty weather. Blame geography for the U.S. getting hit by stronger, costlier, more varied and frequent extreme weather than anywhere on the planet, several experts said. Two oceans, the Gulf of Mexico, the Roc...

Read More

Tornado Damage Indiana

High Inflation Hiked P/C Claims Costs Up to 7.5% in 2022

3/27/2023

High inflation alone led to an increase in property/casualty claims of 5-7.5%, across five key markets in 2022, according to Swiss Re research. “In 2023, we expect that inflation should lead to an additional increase of 3.5-6.5%,” said Swiss Re Institute’s...

Read More

Man Holding Globe Inflation

Unlimited Deposit Insurance Can’t Solve Everything

3/24/2023

Treasury Secretary Janet Yellen put a damper on hopes for one immediate solution to the present banking crisis when she said on Wednesday that she wasn’t considering trying to offer “blanket” insurance guaranteeing all deposits. But this will almost certai...

Read More

US Treasury Secretary Janet Yallen

Revealed: The world’s most valuable insurance brands

3/23/2023

It’s that time of the year again when brand valuation consultancy Brand Finance lists the world’s most valuable insurance brands, publishing its Insurance 100 report for 2023. According to Brand Finance’s measure of brand value, below are the 10 most valua...

Read More

Stars

Too Soon for ‘All Clear’ in D&O Insurance Market as Banks Fall

3/22/2023

D&O insurers breathed a short sigh of relief when the U.S. government pledged to protect depositors of failed Silicon Valley Bank last week. But it wasn’t necessarily business as usual for watchful underwriters in the days following the March 12 announceme...

Read More

Businessman Stopping Falling Blocks