Insurers do not want to retrench in one of the nation’s most important markets, but cannot continue to operate and deliver on our promises when we cannot manage our own risk exposure. Insurers must have the financial strength to deliver on our promises to policyholders when disaster strikes.
Author: Annie George
Property Insurers Curb New Policies in Cat-Prone Areas Nationally
Insurance companies are pulling back on homeowners’ policies in vulnerable areas nationally out of fear of floods, storms and fires made worse by climate change and soaring costs of rebuilding.
Supreme Court Narrows the Reach of an Aggravated Identity Theft Law
The Supreme Court on Thursday narrowed the scope of a federal law that adds two years of prison to various felonies if identity theft is involved, unanimously ruling that the government had interpreted what can count too broadly.
Cyber Models Put 1:200-Year Loss Event at Up to $33.4B: Guy Carpenter
A 1 in 200-year cyber event could cost the global cyber insurance industry between $15.6 billion and $33.4 billion, according to a new analysis from reinsurance broker Guy Carpenter.
Lawyers Blame ChatGPT for Duping Them into Citing Bogus Case Law
Two apologetic lawyers responding to an angry judge in Manhattan federal court blamed ChatGPT Thursday for tricking them into including fictitious legal research in a court filing.
Lionel Richie Becomes an Acrisure Brand Ambassador
Acrisure announced today that legendary recording artist and entrepreneur Lionel Richie will be joining the company as an official Brand Ambassador.
A Surprisingly High Number of Americans Think Insurance Fraud Is Not a Crime: Survey
A significant number of Americans aged 45 and younger show a high level of tolerance for insurance fraud – even feeling envious of those who commit it – according to a new survey of insurance consumers by Verisk and the Coalition Against Insurance Fraud.
Flood Insurance Costs Have Risen for More than Half of Policies: FEMA
Across all states and territories, the average cost of flood insurance was $888 per policy prior to Risk Rating 2.0, according to FEMA data. With Risk Rating 2.0, the average cost of insurance is projected to be $1,808.
Two Insurers Approved to Take Over 26,000 Policies from Florida State-run Insurer Citizens
Citizen’s insurance has swelled to 1.3 million customers and was never intended to hold that many policies. Slide Insurance has agreed to step in and take 25,000 of those policies. Loggerhead will take 1,000 policies.
PGA and LIV Partnership Risks Antitrust Scrutiny
The PGA Tour and Saudi Arabia-backed challenger LIV Golf avoided calling their proposed partnership a merger. But their shock announcement is already raising serious concerns with US and European antitrust enforcers, according to people familiar with the matter.