The dedicated capital of the global reinsurance industry increased 12% year-on-year to $729 billion in 2023, driven by improved profitability in the year, according to Gallagher Re’s latest Reinsurance Market Report.
Author: Annie George
Norfolk Southern Agrees to $600M Ohio Derailment Settlement
Norfolk Southern agreed to pay $600 million to settle lawsuits brought by individuals and businesses in connection with a toxic train derailment in Ohio early last year.
Amazon Can’t Escape Potentially Huge Biometrics Class Action Over Virtual Try-on Tool
A Cook County woman and her attorneys have won approval to move forward with a class action lawsuit under Illinois’ biometrics privacy law against Amazon for allegedly improperly scanning the faces of people using its online virtual try-on tool when buying cosmetics.
Dog-Related Injury Claim Payouts Hit $1.12B in 2023
U.S. insurers paid out $1.12 billion in dog-related injury claims in 2023 according to the Insurance Information Institute (Triple-I) and State Farm.
NAIC Adopts First National Climate Resilience Strategy for Insurance to Close Coverage Gaps, Improve Recovery from Natural Disasters
Putting the focus on reducing losses and speeding recovery from natural disasters, the National Association of Insurance Commissioners’ (NAIC) Membership adopted the first-ever NAIC National Climate Resilience Strategy for Insurance to protect the nation’s property insurance market.
Allianz Sells Fireman’s Fund to Arch Capital for $1.4B
Allianz agreed to sell Fireman’s Fund, its U.S. insurance unit for mid-sized corporations and entertainment industry clients, to Bermuda-based Arch Insurance for $450 million in cash, the German insurer said on Friday.
Commercial Rates in U.S. Up 3.9% on All Property and Casualty Placements
In the United States, the composite rate for commercial insurance in the first quarter of 2024 was up 3.9%, a notable decline from the fourth quarter of 2023, which was plus 5.6%.
Conifer Moves Commercial Lines to MGA Model, Exits Oklahoma Homeowners Line
Conifer Holdings Inc. is moving to managing general agency business model for its commercial lines business, as it moves its catastrophe-hit Oklahoma homeowners business into runoff, said its chief executive officer.
Data Firm Multiplan Helps Health Insurers Make More with Out-of-Network Claims
Weeks after undergoing heart surgery, Gail Lawson found herself back in an operating room. Her incision wasn’t healing, and an infection was spreading.
Colorado Lawmakers Consider Bill that Would Require Firearm Liability Insurance
A bill that would require liability insurance for all firearms in Colorado narrowly passed out of the House Business Affairs and Labor Committee on a 6-5 vote Thursday evening.