The US government on Sunday urged insurance companies to make advanced payments to health care providers following a cyberattack that disrupted insurance processing systems.
Author: Annie George
Controversy Erupts Over Biden Administration’s Title Insurance Waiver
President Joe Biden’s initiative to alleviate housing costs includes a pilot program that eliminates the need for lender’s title insurance in certain refinancing transactions, according to the White House.
States Dig Into Homeowners Insurance and Why It’s Hard to Buy
State regulators around the country asked hundreds of insurance companies on Friday to provide the details of how they price and structure their homeowner policies, part of an attempt to dig into why many property owners are struggling to get and keep coverage.
U.S. Treasury Drops Plan to Collect Insurer Data on Climate Risks
The US government is stepping away from its effort to collect data on home insurance prices and availability at the Zip code level as premiums soar and climate risks to property intensify. Instead, it will join in a collaborative effort with state insurance regulators.
Texas Facing Fresh Insurance Crisis
The devastating wildfires that have burnt across Texas since last Monday, destroying an estimated 1.3 million acres in their passage, are likely to exacerbate an insurance crisis that’s long been brewing in the state.
Former AIG Exes Launch Dellwood with Over $250M in Capital
Former AIG executives Michael Price and Kean Driscoll announced the formation of Dellwood Insurance Group, a new nationwide excess and surplus lines insurance holding company dedicated exclusively to wholesale brokers with an emphasis on small and middle enterprise risks.
Lloyd’s Execs Urge Underwriting Vigilance as Hard Market Persists
Lloyd’s executives urge underwriters to maintain discipline even as the current hard market continues as perils emerge with their uncertainties.
UnitedHealth Hopes to Restore Change Healthcare Services by Mid-March
UnitedHealth Group said it hopes to have much of Change Healthcare systems back up and running by mid-March, weeks after a ransomware attack took out the nation’s largest healthcare claims payment processing firm.
U.S. Commercial Insurance Rates Sustain Upward Trajectory Exceeding 6%
U.S. commercial insurance rates have continued their upward trajectory through the fourth quarter of 2023, according to the latest findings from WTW’s Commercial Lines Insurance Pricing Survey (CLIPS). Carriers reported an aggregate commercial price increase of 6.7%, continuing a consecutive quarter upsurge over 6%.
Weather, Reinsurance and Inflation Once Again Drive U.S. P/C Results
Severe weather-related losses, stubborn inflation and upward reinsurance pricing drove the U.S. property/casualty (P/C) sector’s net underwriting loss to a 10-year high of $38 billion in 2023, according to a new AM Best report.