Florida officials are warning drivers of potential fuel contamination at dozens of gas stations on the Gulf Coast as residents brace for the landfall later this week of Tropical Storm Idalia.
Author: Annie George
Global Cyber Insurance: Reinsurance Remains Key to Growth
Cyber insurance is still the fastest-growing subsector of the global insurance market. Global cyber insurance premiums reached about $12 billion in 2022, and in S&P Global Ratings’ view, are likely to increase by an average 25%-30% per year to about $23 billion by 2025.
Millions in Economic and Insured Losses Emerge after Hurricane Hilary’s Devastating Impact: Aon
In the aftermath of Hurricane Hilary’s unprecedented impact on the western United States and Mexico, the region is grappling with significant economic and insured losses that could potentially soar into the hundreds of millions of dollars, according to Aon’s latest weekly cat report.
Wagers on the Weather? Insurers Offer a Way for Businesses to Hedge Climate Risks
Parametric insurance, which lets businesses tie their policies directly to weather conditions such as wind speed and flood depth, has garnered interest amid tough conditions for insurance buyers.
Billion-Dollar Satellite Risks Upending Space Insurance
Viasat Inc. has more than $1 billion of orbiting satellites in trouble, and space insurers are girding for market-rattling claims.
3M to Pay More than $6.5M for Violating Certain Provisions of the Foreign Corrupt Practices Act
3M has agreed to pay more than $6.5 million to resolve charges that it violated the books and records and internal controls provisions of the Foreign Corrupt Practices Act, the Securities and Exchange Commission said Friday.
More Americans Are Opting Out of Buying Homeowners Insurance
Homeowners are increasingly forgoing home insurance, gambling that the likelihood of a disaster isn’t high enough to justify the cost of a policy.
Hawaii Wildfires Spur Insurers to Reassess the State’s Risk
Weeks after wildfires killed at least 115 people on Maui, insurance companies are beginning to assess the damage to calculate their payouts. Early estimates for the total cost of the fires are $4 billion to $6 billion, according to a report from Moody’s Risk Management Solutions.
Are We Ready for a $100 Billion Catastrophe? How About $200 Billion?
Will America dodge another bullet? Years often pass without a major hurricane making landfall, and 2023’s storm season, set to peak in a couple of weeks, may be no different. What is different is the potential financial shock if one does hit.
U.S. Auto Insurer Profit Recovery Slow to Materialize
Most U.S. personal auto insurers continue to report underwriting losses despite sharper improvement in premium rates, with the first half of 2023 marked by continued unfavorable claims severity and higher catastrophe related losses, Fitch Ratings says