One of the world’s top insurers, AXA SA, is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter.
Author: Annie George
Insurers Are in the Hot Seat on Climate Change
Insurers are raising premiums and are cutting back coverage because of more damaging storms and wildfires, made worse by climate change. They insure the fossil-fuel producers whose products are blamed for causing climate change. And, as big investors, they fund these same companies. Most try to promote their climate bona fides.
Identity Theft Resource Center Sees Record-Setting Number of Data Compromises in Q2
According to the H1 2023 Data Breach Report, there were 951 publicly-reported data compromises in the quarter, a 114 percent increase compared to the previous quarter (445 compromises).
Allianz U.S. Unit Ordered to Pay $6 Billion in Securities Fraud Case
A New York judge ordered a unit of Allianz SE to pay about $6 billion as punishment for misrepresenting the investment risk posed by a group of hedge funds that collapsed amid market fluctuations caused by the Covid-19 pandemic.
Merrill Lynch to Pay $12 Million for Failing to File Hundreds of Suspicious Activity Reports
Broker-dealer Merrill Lynch has agreed to pay a total of $12 million in fines to regulators for failing to file about 1,500 suspicious activity reports over more than a decade.
Boards See Opportunities in Environmental and Governance Areas for More Effective ESG Oversight
A majority of board members worldwide (75%) agree that a coherent environmental, social and governance (ESG) strategy helps to create sustainable organizational value and stronger financial outcomes.
MSIG North America and Amwins Announce Strategic Partnership
MSIG North America and Amwins announced a strategic partnership where MSIG NA will provide significant underwriting capacity for more than 20 Amwins underwriting programs.
Farmers Insurance Is Leaving Florida in Latest Blow to Homeowners
Farmers Insurance is the latest insurer to leave Florida, where homeowners are paying more than ever for insurance, despite the state’s attempt to shore up the wobbling market.
Florida CFO Threatens Investigation of Farmers Insurance Amid Exit
Florida Chief Financial Officer Jimmy Patronis announced on Tuesday that his department would look into complaints against Farmers Insurance, which is set to exit Florida’s insurance market.
Composite U.S. Commercial Insurance Rates Steady in 2Q: MarketScout
Businesses across the United States were assessed an average composite insurance rate increase of 5% in the second quarter of 2023.