An insurance adjuster from Texas was sentenced to 20 years in prison for pocketing more than $200,000 in insurance payouts meant for St. Charles Parish residents who filed claims to repair damage to their property following Hurricane Ida.
Author: Annie George
Happy Labor Day
From all of us at ProgramBusiness, have a safe and fun Labor Day weekend.
Florida-only Insurers Weather Hurricane Idalia Amid Market Pullback
Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market.
Best’s Market Segment Report: Europe’s Big Four Reinsurers Benefit from Hard Market Conditions
Heightened demand and higher prices contributed to a 6% increase in net premiums written in 2022 (when measured in USD) by Europe’s Big Four reinsurance groups—Munich Re, Hannover Re, Swiss Re and SCOR—according to a new AM Best report.
Market Fundamentals Drive Growing Demand for Health Reinsurance: AM Best
The demand for health reinsurance solutions in the United States and globally continues to grow amid expensive new treatments and therapies, as well as pressure on capital associated with government business, according to a new AM Best report.
Companies Ramping Up Cyber Reporting to their Boards: E&Y
U.S. companies have significantly ramped up cyber disclosure practices over the last six years, though a large gap remains between disclosed cyber incidents and those reported by third parties, according to a new Ernst & Young report.
NYC Reaches $29.2M Settlement with FDNY Workers in Discrimination Lawsuit
Hundreds of mostly minority FDNY fire inspectors won a $29.2 million dollar settlement from the city Thursday in a class action lawsuit alleging racial discrimination in their pay compared with other city agencies.
Deciphering AI Risk Insurance: Beyond Cyber Coverage
As digital transformation accelerates, insurers face new challenges, notably the rise of AI risk insurance. This article from Program Business Marketplace examines AI Risk’s implications for the insurance sector, drawing parallels with familiar cybersecurity risks faced by carriers, agents, and brokers.
Hurricane Idalia Insured Loss Estimates Point to Lower-Half of $3B – $9B Range
Early estimates for the insurance and reinsurance industry loss caused by the impacts of hurricane Idalia in Florida and southeastern US states appear to be in a range for roughly $3 billion to $9 billion, with most erring towards the lower-half.
Florida’s Gulf Coast Begins Cleanup from Hurricane Idalia
Cleanup and recovery from Hurricane Idalia began on Thursday along Florida’s Gulf Coast, where property damage, loss of life and power disruptions paled in comparison to the last major hurricane that struck the state nearly a year ago.