It was a sinking feeling the moment Bradenton resident Ira Kasdan got the letter last month that he was being dropped by Progressive Insurance.
Author: Annie George
Tennessee Grows Captive Count in 2023
Tennessee licensed 25 new captives in 2023, as well as 66 new cell captives, bringing its captive count to 164 active captives and 555 active cell captives, marking a 37 percent overall rise in its number of risk-bearing entities.
AI Makes Voice Cloning Scams More Convincing
Voice cloning scams have been around for years. However, the cons continue to evolve as AI improves and becomes more accessible and easier to use.
Underwriting Losses Persist in U.S. P/C Industry, Total $21.2B in 2023
The U.S. property/casualty (P/C) industry recorded a $21.2 billion net underwriting loss in 2023, slightly improving upon the $24.9 billion loss recorded in the prior year, according to a new AM Best report.
Baltimore Bridge Collision Sends Vehicles Tumbling into Water
A container ship smashed into a four-lane bridge in Baltimore in darkness Tuesday, causing it to collapse and sending cars and people plunging into the river below.
New Record of 142 Natural Catastrophes Accumulates to $108B in Insured Losses in 2023
A devastating earthquake in Turkey and Syria, severe convective storms (SCS) and large-scale urban floods were the main events driving insured natural catastrophe losses to $108 billion in 2023, reaffirming the 5–7% annual growth trend in global insured natural catastrophe losses since 1994.
Marsh Creates Group Captive for Clients Seeking More Control and Stability in their Cyber Insurance Programs
Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan, today announced the creation of Edgware Re Ltd., a group captive insurance company for organizations seeking more control and stability in their cyber insurance programs.
Change Healthcare Cyberattack Prompts U.S. Legislative Proposal for Provider Payments
In the wake of the Change Healthcare cyberattack, a U.S. senator has introduced legislation allowing for advance and accelerated payment to impacted health care providers who, along with their vendors, meet minimum cybersecurity standards.
U.S. and UK Go After Chinese Hackers Accused of State-backed Operation Against Politicians, Dissidents
Hackers linked to the Chinese government launched a sweeping, state-backed operation that targeted U.S. officials, journalists, corporations, pro-democracy activists and the U.K.’s election watchdog, American and British authorities said Monday in announcing a set of criminal charges and sanctions.
California Insurance Commissioner Declares ‘Crisis’ After Major State Farm Announcement
California’s insurance commissioner Ricardo Lara spoke out after the state’s largest home insurance provider announced that it would discontinue coverage for tens of thousands of policies this summer.