According to the American Council of Life Insurers (ACLI), the Covid-19 pandemic last year resulted in the largest increase in death benefits paid by U.S. life insurers since the 1918 influenza epidemic. ACLI said that death-benefit payments increased 15.4 percent in 2020 to $90.43 billion, owing primarily to the pandemic. Payments increased by 41% in… Continue reading Death-Benefits Payments Jumped 15% Last Year Amid COVID-19
Author: Farkas Laura
Year-Over-Year Average Premium Renewal Rates Remain Positive for Majority of Commercial Lines
IVANS® today announced the November 2021 results of the IVANS Index™, the insurance industry’s premium renewal rate index. Year over year, nearly all lines of business, except Workers’ Compensation, experienced an uptick in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Commercial Auto, Business Owners’ Policy (BOP),… Continue reading Year-Over-Year Average Premium Renewal Rates Remain Positive for Majority of Commercial Lines
Why Property Owners/Developers Need an Owners Interest Insurance Policy
Owners and developers of habitational and commercial properties often mistakenly believe that their liability exposures for projects in the course of construction or undergoing renovation can be fully transferred to and covered by a general contractor’s (GC) General Liability insurance policy. While it is true that much of the risk involved lies with the GC,… Continue reading Why Property Owners/Developers Need an Owners Interest Insurance Policy
Broadway Musical ‘TINA’ Gets Green Light for COVID Cancellation Lawsuit
The company behind “TINA: The Tina Turner Musical” can continue its COVID-related lawsuit against a Chubb unit, thanks to a decision by a state-court trial judge in Manhattan who denied the insurer’s motion to dismiss. In a two-page decision and order issued Monday, New York County Supreme Court Justice Andrew Borrok determined that a “communicable… Continue reading Broadway Musical ‘TINA’ Gets Green Light for COVID Cancellation Lawsuit
J.D. Power: Digital Insurance Claims Management Lagging
Property and casualty (P&C) insurance claims were supposed to be the tip of the sword when it came to digital transformation. Instead, the industry is lagging far behind financial services and utilities providers when it comes to the digital customer experience. According to the J.D. Power 2021 U.S. Claims Digital Experience Study,SM released today, none… Continue reading J.D. Power: Digital Insurance Claims Management Lagging
Florida Homeowners to Pay More for Coverage
Insurance experts predicted a bleak future for anyone hoping that the cost of insuring homes and businesses in Florida would soon stabilize or even fall. Already reeling from skyrocketing rate increases, nonrenewals, and insurer withdrawals from high-risk markets such as South Florida, homeowners can expect to pay even more in premiums over the next decade… Continue reading Florida Homeowners to Pay More for Coverage
Liberty Company Insurance Brokers Partners with Innovative Solutions Insurance Services
The Liberty Company Insurance Brokers announced today that it has partnered with Innovative Solutions Insurance Services. Led by Lynne Rosenberg, Innovative Solutions is a national Brokerage General Agency for life insurance, disability, and annuity programs, offering a single solution for insureds and brokers. The partnership with Innovative will provide a major conduit for Liberty in… Continue reading Liberty Company Insurance Brokers Partners with Innovative Solutions Insurance Services
U.S. Judge Blocks Last Remaining Administration COVID-19 Vaccine Mandate
A federal judge blocked the last of the Biden administration’s COVID-19 vaccine mandates for businesses on Tuesday, saying the government overstepped its authority by requiring millions of federal contractors’ employees to be immunized. The ruling was the latest setback for Democratic President Joe Biden, who announced a series of measures in September aimed at increasing… Continue reading U.S. Judge Blocks Last Remaining Administration COVID-19 Vaccine Mandate
U.S. Commercial Insurance Prices Increase Gain in 3Q
U.S. commercial insurance prices grew again in the third quarter of 2021, according to Willis Tower Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies underwritten during the third quarter of 2021 to those charged for the same coverage during the same quarter in 2020. The aggregate commercial price… Continue reading U.S. Commercial Insurance Prices Increase Gain in 3Q
Property Cat Reinsurance Rates to Rise by More than 10% at Renewal
Fitch Ratings expects reinsurance rates in catastrophe-related lines of business to rise by more than 10% when contracts are renewed in January 2022, supporting the improving sector outlook for 2022. In January, two-thirds of non-facultative reinsurance business is typically renewed, with a regional focus on Europe. Rising prices, the prospect of a strong economic recovery,… Continue reading Property Cat Reinsurance Rates to Rise by More than 10% at Renewal