AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” (Fair) from “a” (Excellent) of State Farm General Insurance Company (State Farm General) (Bloomington, IL).
Author: Annie George
Fruit and Vegetables Farmers Find Difficulty Getting Crop Insurance
Farmers who grow fresh fruits and vegetables are often finding crop insurance prohibitively expensive — or even unavailable — as climate change escalates the likelihood of drought and floods capable of decimating harvests.
Insurers Could Face Losses of Up to $4B after Baltimore Bridge Tragedy
Baltimore’s Francis Scott Key Bridge collapse could cost insurers billions of dollars in claims, analysts say, with one putting it at as much as $4 billion, which would make the tragedy a record shipping insurance loss.
Port of Baltimore’s Indefinite Closure Deals Blow to City, State Economy
The collapse of the Francis Scott Key Bridge on Tuesday after it was struck by a container ship has disrupted the Port of Baltimore’s container shipping services, which will impact the economy of the city and beyond, analysts said.
Explosive Atlantic Hurricane Season Predicted for 2024: AccuWeather
The Atlantic hurricane season officially gets underway on June 1 and runs through the end of November, and AccuWeather’s team of long-range forecasters say now is the time to prepare for a frenzy of tropical systems. There are signs that the first named system could spin up before the season kicks off as the calendar flips to June, a precursor of what’s to come.
Lloyd’s Reports Outstanding 2023 Results
Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today announces its Full Year 2023 financial results, which demonstrate solid profitability on both the underwriting and investment sides, and a strong balance sheet.
Lawyers Gear Up for Swift Start in Legal Fight Over Baltimore Bridge
The first shot in the legal fight over who will pay for the damage and loss from the collapse of the Francis Scott Key Bridge will likely occur in the next few days in a Baltimore courtroom, insurance academics said.
Marine Insurance Industry Bracing for Huge Claims from the Baltimore Bridge Disaster
Insurance claims from the collision of the Dali containership with the Francis Scott Key Bridge could be on par with a 2012 maritime disaster that led to $1.5 billion in payouts, John Miklus, the president of the American Institute of Marine Underwriters, told trade magazine Insurance Business on Tuesday.
Marine Mutual Britannia Confirms Insurance Role in Baltimore Bridge Ship Collision
A marine protection and indemnity insurer confirmed it is part of coverage for a container ship that hit a bridge in Baltimore, collapsing the bridge and causing unknown damage at this time.
SEC Ramps Up Massive-Hack Probe With Focus on Tech, Telecom Companies
The U.S. Securities and Exchange Commission is asking tech and telecom companies how they handled the sprawling 2020 SolarWinds cyberattack, and drawing fire from the cybersecurity industry and big business for what they call overreach.