Allstate and Allianz are making a sizable bet on the digital transformation of the commercial insurance market with a $265 million strategic investment in Next Insurance, an insuretech startup focused on the small business market.
Author: Annie George
Harvard Sues Insurance Broker Marsh USA for Legal Fees Incurred in Affirmative Action Suit
In the latest development in the University’s effort to recoup up to $15 million in legal fees incurred over a nearly decade-long legal battle over its affirmative action policies, Harvard has sued its insurance broker, Marsh USA.
Orange Insurance Exchange Announces Launch and Entry into the Florida Property Insurance Market
Orange Insurance Exchange, a reciprocal insurer, is pleased to announce its formation and launch in the Florida property insurance market.
Progressive CEO: Personal Auto Conditions Improved in Third Quarter
Personal automobile insurance claims severity slowed in the third quarter as higher rates continued to lift premiums and unfavorable development and inflation abated, Progressive Corp. President and Chief Executive Officer Tricia Griffith said during a third-quarter earnings call.
Prudential Financial to Cut Senior Leader Positions Amid Cost-Cutting Push
Prudential Financial Inc. plans to cut 243 positions as it seeks to curb costs — the latest step in the life insurer’s years-long overhaul.
Jury Orders Bayer Monsanto to Pay $332M in Latest Roundup Trial Verdict
A San Diego jury has ordered Bayer, parent company of agrochemical company Monsanto, to pay $332 million to a 51-year-old man who claimed he developed cancer from exposure to the popular herbicide Roundup.
Jury Finds Realtors Conspired to Keep Commissions High, Liable for $1.8 Billion in Damages
A federal jury on Tuesday found the National Association of Realtors and large residential brokerages liable for about $1.8 billion in damages after determining they conspired to keep commissions for home sales artificially high.
Kemper Nonrenewing 67,900 Personal Auto, Homeowners Policies in California
Four Kemper Corp. subsidiaries have notified California regulators they plan to exit 67,900 personal private-passenger automobile or homeowners insurance policies.
Climate Risk Is Becoming Uninsurable. Better Forecasting Can Help.
In North America, only 51% of natural-catastrophe risk is covered. In Europe, it is 44%, and in Asia a paltry 12%. The fear is that more areas could become uninsurable. Underwriting requires confidence that models somewhat accurately reflect risks, which climate change is amplifying in scary, unknown ways.
Verisk Estimates Industry Insured Losses from Hurricane Otis to Range from $3B-$6B
Verisk, a leading global data analytics and technology provider, estimates industry insured losses to onshore property for Hurricane Otis will likely fall from MXN 50 billion to MXN 110 billion (~USD 3 billion to 6 billion).