Property/casualty insurance pricing remains strong even while moderating somewhat over the second quarter, staying ahead of expected increases in loss costs, according to Chubb Ltd. CEO Evan Greenberg, speaking during the insurer’s quarterly earnings call. “The rate environment is naturally becoming a bit more competitive, particularly in certain casualty-related classes as more carriers seek to… Continue reading Chubb CEO Greenberg Says P/C Market ‘Reasonably Disciplined’ and Getting More Competitive
Author: Farkas Laura
Florida Creates Backstop to Protect Homeowners Insurance through Hurricane Season
If their insurers lose their financial stability ratings, Florida homeowners will not lose their insurance coverage or face forced policies — at least not during hurricane season. The Florida Office of Insurance Regulation announced today that the state will provide 100 percent backstop coverage of any claim left unpaid by a bankrupt insurer through the… Continue reading Florida Creates Backstop to Protect Homeowners Insurance through Hurricane Season
Lemonade Completes Acquisition of Metromile
Lemonade, the insurance company powered by AI and social impact, today announced the closing of the acquisition of car insurance provider Metromile. Metromile shareholders received 7.3 million LMND shares, while Lemonade received a business with over $155m in cash, over $110m in premiums, an insurance entity licensed in 49 states, and a team unsurpassed in… Continue reading Lemonade Completes Acquisition of Metromile
Natural Disasters in First Half 2022 Cost $65 Billion: Munich Re
In the first half of 2022, natural disasters caused overall losses of $65 billion, with slightly more than half of these insured Extreme multi-day rainfall and severe flooding in Australia constituted the main loss burden for the insurance industry of at least US$ 3.7 billion U.S. once again country with highest weather-related losses Number of… Continue reading Natural Disasters in First Half 2022 Cost $65 Billion: Munich Re
Applied Underwriters Premieres Entertainment & Sports Division Headed by Top Sector Leaders
Mr. Steve Menzies, Chairman, Applied Underwriters, today announced the formation of Applied Entertainment & Sports, a new division of the company that will consolidate existing business and add substantial new business in an innovative and aggressively postured entertainment and sports unit headquartered in Los Angeles with a New York satellite office. The enterprise’s debut follows… Continue reading Applied Underwriters Premieres Entertainment & Sports Division Headed by Top Sector Leaders
Teva Reaches Tentative $4.25 Billion Settlement Over Opioids
Teva Pharmaceuticals, one of the country’s largest generic opioid manufacturers, announced a preliminary agreement with 2,500 local governments, states, and tribes regarding the company’s role in the deadly, ongoing opioid epidemic. The agreement, worth up to $4.25 billion, follows a year of scathing trials and previous settlements in individual cases across the country. Teva, an… Continue reading Teva Reaches Tentative $4.25 Billion Settlement Over Opioids
How Insurance Agents Can Support Cyber Liability for Their Clients
The value of the advice insurance agents provide to clients with cyber liability insurance grows daily as hackers increasingly target small businesses and government operations with weak or nonexistent defenses against cyberattacks on their networks. In addition, the cyber liability insurance coverage agents offer protects businesses from lawsuits resulting from data breaches, identity theft, and… Continue reading How Insurance Agents Can Support Cyber Liability for Their Clients
PAK Programs Adds Coverage for Brewpubs and Gastropubs Focused on Food and Hospitality
PAK Programs, a specialty insurer of alcoholic beverage manufacturers and distributors, today announces the expansion of Brewery PAK®, the leading insurance provider for breweries nationwide, to now include coverage for brewpubs and gastropubs with brewing operations on premises. Brewpubs and gastropubs focused on hospitality and food services now have access to Brewery PAK’s entire suite… Continue reading PAK Programs Adds Coverage for Brewpubs and Gastropubs Focused on Food and Hospitality
Medical Professional Liability Faces Headwinds as Outlook Is Negative: AM Best
The U.S. medical professional liability segment faces persistently depressed demand, rate adequacy concerns, rising loss costs and social inflation, diminishing reserve redundancies and the potential for additional COVID-related claims frequency, AM Best analysts and industry experts said at an analytical briefing. “There’s a number of headwinds that are still facing the MPL segment,” AM Best… Continue reading Medical Professional Liability Faces Headwinds as Outlook Is Negative: AM Best
The Traveling Nurse Bubble with High Wages Bursts
It was both the best and worst of times…for nurses. During the Covid-19 pandemic, hospitals across the United States had to dig deep to treat patients because some of the most profitable parts of their business, elective surgeries, were constantly postponed. The companies that assisted them in maintaining adequate staffing levels, as well as the… Continue reading The Traveling Nurse Bubble with High Wages Bursts