Tens of millions of properties around the country are insured at prices that haven’t caught up with the danger of hurricanes, wildfires and floods, according to a new report from the First Street Foundation, a nonprofit that works to define and communicate risks posed by climate change.
Author: Annie George
Geneva Association Report Lays Out Key Considerations to Ensure AI Regulation in Insurance Protects Customers Without Compromising Innovation
Industries across a variety of sectors are embracing artificial intelligence (AI) for improved services, efficiency and costs. In insurance, AI is reshaping business processes, from underwriting to claims management and customer engagement.
Canopius Strengthens U.S. Casualty Portfolio with Expansion into Excess Casualty Market
Canopius Group, a leading global specialty (re)insurer, announced today the strategic expansion of its U.S. Casualty business with its entry into the domestic U.S. Excess Casualty market on Canopius U.S. Insurance Company paper.
Louisiana Is the Latest State Facing an Insurance Crisis
Louisiana is the latest state facing an insurance crisis as damage from hurricanes (2020 and 2021) have led insurers to raise rates or leave the state entirely.
Carbon-Disclosure Rules for U.S. Companies Are Coming Sooner Than Expected
Many big U.S. companies have been fighting in Washington to block rules requiring them to disclose their greenhouse-gas emissions. They picked the wrong fight.
FL Citizens Insurance Looks for Average 11.5% Rate Hike in State
Citizens Insurance is looking for a new increase in rates and it would take effect right after hurricane season ends.
New York Lawyer Pleads Guilty to Ponzi Scheme, Insurance Fraud
A disbarred Forest Hills, New York, attorney on Monday pleaded guilty to federal charges stemming from his roles in an $18.8 million Ponzi scheme and a $30 million auto insurance fraud, prosecutors said.
Navigating the Hard Market for Reinsurance
As 2023 drew near, the reinsurance market entered a challenging phase characterized by significant rate increases and a more cautious approach to risk. Reinsurance is insurance for carriers. And, when reinsurance rates fluctuate, they impact distribution channels on all sides, as seen in robust marketplaces such as the Program Business Storefront Directory.
AM Best Revises Outlook on U.S. Homeowners Insurance Segment to Negative
Given three consecutive years of net underwriting losses in the U.S. homeowners insurance segment combined with other ongoing market challenges, AM Best has revised its outlook on the segment to negative from stable.
Homeowners Take Risks to Lower Their Insurance Bills
Homeowners in search of relief from rising insurance bills are offering to pay more out of pocket in the event of fire, theft or other damage to their property.