Insurance Commissioner to Enforce Pricing Regulation to Reward Homeowners for Wildfire Safety Measures

Ca property insurance reforms

California Insurance Commissioner Ricardo Lara will enforce the new insurance pricing regulation he drafted, which recognizes and rewards homeowners and businesses for their efforts in wildfire safety and mitigation. Under the Safer from Wildfires framework developed by the California Department of Insurance in collaboration with state emergency preparedness agencies, Commissioner Lara’s regulation is the first… Continue reading Insurance Commissioner to Enforce Pricing Regulation to Reward Homeowners for Wildfire Safety Measures

Swiss Re Forecasts 3Q Loss Following Hurricane Ian Claims

Swiss Re profits

Swiss Re forecast a third-quarter net loss of around $500 million on Tuesday, after the reinsurance company absorbed $1.3 billion in preliminary claims from Hurricane Ian. “While the 2022 Group ROE target of 10% is unlikely to be met given the impact of natural disasters, the Ukraine war, and financial market volatility,” the reinsurer said… Continue reading Swiss Re Forecasts 3Q Loss Following Hurricane Ian Claims

U.S. Treasury Proposes New Climate Data Collection Rule for Insurers

Climate change

The US Treasury announced on Tuesday that it would propose a new rule to collect data on climate-related risks from property and casualty insurers, one of the first concrete steps in a new push to strengthen financial regulation to help combat global warming. In a Federal Register notice, the Treasury’s Federal Insurance Office stated that… Continue reading U.S. Treasury Proposes New Climate Data Collection Rule for Insurers

CRC Group Rebrands Specialty Programs Division

Starwind

CRC Group is pleased to announce that on October 18, 2022, our Specialty Programs Division will begin trading under our new Starwind brand. Starwind, formed by the merger of CRC Programs and the recently acquired Constellation Affiliated Partners, will be one of North America’s largest program managers, serving over 10,000 insureds and writing more than… Continue reading CRC Group Rebrands Specialty Programs Division

Verisk Releases Climate Change Projections for U.S. Hurricane and Caribbean Tropical Cyclone Models

Verisk announces collaboration to fight claims fraud

Leading global data analytics provide Verisk has announced the availability of climate change projections for its U.S. Hurricane and Caribbean Tropical Cyclone Models, which can assist in quantifying climate-related, extreme event losses and their potential evolution over the next few decades. Climate change projections offer a probabilistic view of future risk in 2030, 2050, 2075,… Continue reading Verisk Releases Climate Change Projections for U.S. Hurricane and Caribbean Tropical Cyclone Models

Strong Hurricanes, Stricter Building Codes Changing Florida’s Coastal Communities

Climate change and impact of insuring coastal areas

Trixie Parkes’ 1976 wood-framed cottage was both her home and her primary source of income, as she rented out two units on the top floor to tourists. However, Hurricane Ian ripped through in late September, destroying most of the first floor and gouging a gaping hole in the walls of the second floor. She lacked… Continue reading Strong Hurricanes, Stricter Building Codes Changing Florida’s Coastal Communities

DeFi’s Mango DAO Lets Hacker Keep $50 Million

BEC attacks

The community of the decentralized-finance application Mango DAO received a portion of the approximately $100 million stolen this week on Saturday after allowing the hacker to keep about $50 million of the funds. The agreement brings to a close several days of tense negotiations between the hacker and Mango, which is governed by a community… Continue reading DeFi’s Mango DAO Lets Hacker Keep $50 Million

Insurers Win Key Aspects in Legal Battle in COVID-19 BI Case with UK Pubs Group

Mandatory closures

MS Amlin said Monday’s judgment on the 1 billion pound ($1.13 billion) lawsuit against three top insurers over coronavirus losses shows that insurers had won key parts of a complex legal battle with British pubs group Stonegate. After Britain’s markets watchdog won a test case against the insurers, insurers have already paid out more than… Continue reading Insurers Win Key Aspects in Legal Battle in COVID-19 BI Case with UK Pubs Group

ReSource Pro Buys Software Solutions Company MIS Insurance Services

ResourcePro

ReSource Pro, a market leader in business process solutions for the insurance industry, announced today the acquisition of MIS Insurance Services LLC, a customized software solutions company that offers a comprehensive suite of web-based services to the commercial P&C insurance market. MIS is the latest acquisition in ReSource Pro’s strategy to expand offerings and opportunities… Continue reading ReSource Pro Buys Software Solutions Company MIS Insurance Services

The IICF UK Board Raises Funds for Charities at Annual Gala

IICF holds future of work reform

The Insurance Industry Charitable Foundation (IICF) United Kingdom Division, a unique nonprofit organization dedicated to helping communities and enriching lives, will hold its sixth anniversary Gala Dinner on October 18 at Drapers’ Hall in London. This annual event will bring together insurance industry professionals and leaders, as well as representatives from local nonprofits and special… Continue reading The IICF UK Board Raises Funds for Charities at Annual Gala