Global insurer AIG was able to “significantly improve” its property catastrophe structure and reinsurance coverage provided at the key January 1st, 2024, reinsurance renewals.
Author: Annie George
TWIA Committee Recommends $2B Increase in Cat Funding
Partly reflecting an increase in policyholders and exposure, a committee of the Texas Windstorm Insurance Association is recommending a $2 billion increase in catastrophe funding for the 2023 storm season.
Climate Change Has Hit Home Insurance. Is Health Insurance Next?
Climate change is making house insurance more expensive and harder to get. Health insurance could be next, as research shows extreme heat and wildfires are putting more people in the hospital.
Bayer Fights String of Roundup Trial Losses Including $2.25B Verdict in Philadelphia
When a Philadelphia jury awarded $2.25 billion in damages this year in a case that linked Roundup to a cable technician’s blood cancer, the verdict became the largest yet in the long-running litigation over the popular Monsanto weed killer.
Hagerty Agrees to $18.4M Deal to Acquire Consolidated National
Hagerty Insurance Holdings Inc. has agreed to an $18.4 million deal to acquire all outstanding capital stock of Consolidated National Insurance Co. from Everspan Insurance Co.
Surplus Lines Premium at Nearly $73 Billion for 2023
The 2023 annual report on surplus lines premium reported by the 15 U.S. surplus lines stamping and service offices was released today, and it shows continued surplus lines premium growth.
Flood Damage Raises Alarms About California’s Next ‘Disaster Insurance Gap’
Homes once prized for hillside views and apartment complexes on low-lying urban streets alike are increasingly under threat from severe flooding, mudslides and heavy winds.
Insurance Broker Arthur J. Gallagher Says Justice Department Bribery Probe Has Ended
Arthur J. Gallagher & Co. said a U.S. Justice Department investigation related to its insurance business with public entities in Ecuador has ended without charge.
Google in Talks to Participate in Lloyd’s of London Captive Syndicates
Tech giant Google was reported by The Insurer to be looking for approval to establish a captive via Lloyd’s captive syndicates.
Combating Misleading Insurance Marketing Among NAIC Priorities
The National Association of Insurance Commissioners will step up its efforts to combat misleading or deceptive marketing of insurance products in 2024 as one of the NAIC’s five strategic priorities for the year.