According to a preliminary estimate released on Wednesday, traffic deaths in the United States increased by about 7% in the first three months of 2022 to 9,560, the highest first-quarter number since 2002. The National Highway Traffic Safety Administration (NHTSA) says traffic deaths have increased since the COVID-19 pandemic began. In 2021, traffic deaths in… Continue reading U.S. Traffic Deaths Jumped About 7% in the First Three Months of 2022
Author: Farkas Laura
Sunoco Subsidiary Sues AIG’s National Union Fire Insurance Company for Refusing to Cover Climate-Change Litigation
Sunoco subsidiary Aloha Petroleum is suing its former liability insurer in federal court in Hawaii, alleging that the company is failing to defend Aloha in climate-change lawsuits filed against Big Oil companies by local governments in Honolulu and Maui. According to the complaint filed Wednesday by Cades Schutte attorneys, AIG’s National Union Fire Insurance Company… Continue reading Sunoco Subsidiary Sues AIG’s National Union Fire Insurance Company for Refusing to Cover Climate-Change Litigation
Walmart, Walgreens, CVS to Pay $650.6M in U.S. Opioid Case
On Wednesday, a federal judge ordered Walmart, Walgreens, and CVS to pay $650.6 million to two Ohio counties affected by the US opioid crisis. According to plaintiffs’ lawyers at the Lanier Law Firm, the penalties will account for the companies’ “roles in failing to control the spread of deadly and addictive prescription opioids.” “The grant… Continue reading Walmart, Walgreens, CVS to Pay $650.6M in U.S. Opioid Case
Alliant Insurance Services Hires Shawna Larson, Adds Strength in the Pacific Northwest
Alliant Insurance Services continues to add strength to its Employee Benefits Group in the Pacific Northwest, hiring Shawna Larson as Vice President. The Vancouver, Washington-based Larson joins Alliant with a diverse expertise spanning the fields of benefits consulting, HR consulting, analytics, employee communications, and plan design. “Shawna’s ability to meld client-centric service with leading-edge technology… Continue reading Alliant Insurance Services Hires Shawna Larson, Adds Strength in the Pacific Northwest
Banks Considering Cryptocurrency Activities Get Federal Reserve Guidance
The Federal Reserve of the United States issued additional guidance for banks considering cryptocurrency-related activities on Tuesday, emphasizing that firms must notify the Fed ahead of time and ensure that whatever they do is legally permissible. According to the Fed, while cryptocurrencies may present “potential opportunities” for banks, firms must ensure they have systems in… Continue reading Banks Considering Cryptocurrency Activities Get Federal Reserve Guidance
Commercial Insurance Prices Rise 6.1% in Q2: CIAB
According to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey, the second quarter marked the 19th consecutive quarter of commercial price increases, with brokers reporting continued market easing and average price increases of 6.1% across all lines of business. “Signs of pricing moderation emerged for some lines of business, such as flood,… Continue reading Commercial Insurance Prices Rise 6.1% in Q2: CIAB
Applied Systems Acquires Commercial Lines Rating Solution Tarmika
Tarmika, a leading commercial lines rating solution that simplifies small business insurance, has been acquired by Applied Systems. This complementary acquisition will broaden Applied’s commercial quoting capabilities and Ivans’ distribution connectivity solutions, resulting in a more valuable and digital distribution experience at every stage of the insurance lifecycle. “Applied has been on a journey to… Continue reading Applied Systems Acquires Commercial Lines Rating Solution Tarmika
Beazley’s Smart Tracker to Transition into a Full Market-Facing Syndicate
Lloyd’s has given Beazley ‘in principle’ approval to convert its Smart Tracker Special Purpose Arrangement (SPA) 5623 to a full syndicate on January 1, 2023, subject to Lloyd’s agreement of the Syndicate business plan and final approval. Syndicate 5623 will exclusively underwrite business accepted by Beazley’s Smart Tracker beginning in January. The Smart Tracker was… Continue reading Beazley’s Smart Tracker to Transition into a Full Market-Facing Syndicate
Companies Can Control Cyber Costs with Product and Technology Risk Selection
With rising demand and dangerous third-party risks, cyber insurance carriers are scrutinizing enterprises’ security postures to the point of limiting or denying coverage based on the presence of specific technologies. Cyber insurance premiums and payouts have risen significantly over the past three years as attack surfaces and adversary techniques have expanded. Customers must comply with… Continue reading Companies Can Control Cyber Costs with Product and Technology Risk Selection
Signs of Insurance Rate Moderation Revealed in 2Q P&C Market Survey
The rapid increase in premiums seen in late 2020 and early 2021 continued to slow in Q2 2022, with respondents reporting an average premium increase of 7.1% across all account sizes. Regardless, this was the 19th consecutive quarter of rising premiums. When we look at business lines, we see a similar picture. Some lines of… Continue reading Signs of Insurance Rate Moderation Revealed in 2Q P&C Market Survey