The Allstate Corporation today announced estimated catastrophe losses for the month of May of $1.40 billion or $1.10 billion, after-tax.
Author: Annie George
Insurtech Loop Layoffs Follow Failed Attempt to Raise More Capital
Insurtech managing general agent Loop laid off an undisclosed number of employees on June 16 after failing to raise additional capital, according to Co-founder and Co-Chief Executive Founder Carey Anne Nadeau.
NJ Supreme Court Expands Sidewalk Liability to Owners of Vacant Lots
Owners of vacant commercial lots have a duty to maintain public sidewalks abutting their properties and are liable for pedestrians injured as a result of their failure to do so, according to a recent ruling from the New Jersey Supreme Court.
Firms Are Watering Down Their Diversity Recruiting Programs
White-collar companies that once championed programs to recruit diverse employees are now tiptoeing away from them.
Florida’s Citizens Insurance Eyes an Average 14% Increase in 2025
The Citizens Property Insurance Corp. Board of Governors on Wednesday will consider a proposal that would lead to an average 13.5 percent rate increase in 2025 for homeowners with the most common type of policy and an average 14.2 percent increase for condominium-unit owners.
QBE to Shutter North American Unit
QBE Insurance Group said it plans to close its North America middle-market business following its weak performance over several years.
Lightning Caused $1.2B+ in Homeowners Claim Payouts in 2023
More than $1.2 billion in lightning-caused U.S. homeowners insurance claims were paid out in 2023 to more than 70,000 policyholders, with $194 million attributable to Texas alone, according to the Insurance Information Institute (Triple-I).
Wells Fargo Employees Fired After Fake-Work Claim Turns Up Keyboard Simulation
More than a dozen Wells Fargo employees were fired last month following an investigation about the bankers “fake working,” Bloomberg reported.
CA Supreme Court Hands Win to Primary Insurers in Fight vs Excess Insurance Providers Over Asbestos Claims
A building supply company beset by asbestos lawsuits doesn’t need to exhaust all of its primary insurance coverage before those primary insurers can seek to compel other insurers, who have issued the company excess liability policies, to also chip in to cover the building supply makers’ liabilities from the lawsuits, the California Supreme Court has ruled.
FASB Proposes Rule on How Companies Account for Environmental Credits
The Financial Accounting Standards Board wants to set requirements on how companies account for environmental credits such as renewable energy certificates and carbon offsets, as more state governments set up mandatory programs in the U.S.