Australia Floods Worsen as Thousands More Flee Sydney Homes

Closeup of high water flooding on neighborhood street.

Torrential rains continued to batter Australia’s east coast on Tuesday, escalating the flood crisis in Sydney as thousands more residents were ordered to evacuate after rivers quickly rose above danger levels. Authorities in New South Wales have told approximately 50,000 residents, the majority of whom live in Sydney’s western suburbs, to evacuate or have been… Continue reading Australia Floods Worsen as Thousands More Flee Sydney Homes

P/C Rate Increases Stabilize, but Severe Weather and Lawsuits Loom: MarketScout

premium increases down or flat

According to MarketScout, property/casualty insurance price increases in the United States appear to have stabilized in the second quarter of 2022, with both commercial and personal lines rate changes remaining consistent with the previous quarter. Commercial insurance buyers saw an average 5.91 percent increase across all lines, while personal lines customers saw an average 5.16… Continue reading P/C Rate Increases Stabilize, but Severe Weather and Lawsuits Loom: MarketScout

FDA Suspends Ban on Juul While Vaping Company Appeals

A woman is holding a Juul e-cigarette, in Montreal.

The Food and Drug Administration announced that its ban on Juul Labs Inc. products would be lifted while the e-cigarette maker appealed the agency’s decision. The FDA ordered Juul to remove its e-cigarettes from the US market in June, citing a lack of sufficient evidence that they were safe. A federal appeals court then granted… Continue reading FDA Suspends Ban on Juul While Vaping Company Appeals

Auto Crash Fatality Rate in U.S. Highest in Study of Rich Countries

CA prosecutor sues USAA

According to a government study, the United States has the highest rate of death from motor vehicle crashes among 29 upper-income countries, adding to the country’s poor public-health record among developed nations. According to the US Centers for Disease Control and Prevention (CDC), annual fatalities from car, truck, and motorcycle collisions in the United States… Continue reading Auto Crash Fatality Rate in U.S. Highest in Study of Rich Countries

Insurance Economists Say Inflation Remains a Concern

Inflation impact on underwriting results

According to economists from leading insurers and reinsurers, ongoing high inflation threatens to harm the growth of insurance markets and global insurance penetration. “The global economy has become much more fragile again” as a result of inflationary pressures, unresolved supply chain disruptions, and the Ukraine war, according to the IMF. Munich Re’s chief economist, Michael… Continue reading Insurance Economists Say Inflation Remains a Concern

Marsh McLennan Agency Acquires CS Insurance Strategies

insurance acquisition

Marsh McLennan Agency (MMA), a subsidiary of Marsh, today announced the acquisition of CS Insurance Strategies, Inc., a full-service insurance agency based in Chicago. Terms of the acquisition were not disclosed. Founded in 2009 by CEO Charles Smith, CS Insurance Strategies is a minority-owned brokerage providing employee health and benefits, business insurance, and risk management… Continue reading Marsh McLennan Agency Acquires CS Insurance Strategies

Big Companies Offering Employees Mid-Year Raises to Cope with Inflation

Social inflation and insurance rates

Many large U.S. corporations are increasing their employees’ pay this summer. To combat inflation and retain workers in what many executives say is still a difficult labor market, some large employers are raising wages or awarding special bonuses. Exxon Mobil Corp. gave US employees a one-time payment equal to 3% of their salaries in June.… Continue reading Big Companies Offering Employees Mid-Year Raises to Cope with Inflation

Property Natural Catastrophe Reinsurance Capacity Contracted During Mid-Year Renewals

Aon on Jan 1 renewals

Aon, in its recently released Reinsurance Market Dynamics report which examines macroeconomic and industry trends observed during the June 1 and July 1 reinsurance renewals, says reinsurance buyers faced a “near-perfect storm,” with reinsurance capacity constraints exacerbated by insurers’ rising demand for reinsurance protection. Reinsurer capital fell to $645 billion on March 31, 2022, from… Continue reading Property Natural Catastrophe Reinsurance Capacity Contracted During Mid-Year Renewals

EU Sets First Rules to Regulate Cryptocurrencies

crypto currency

European Union officials agreed on rules to regulate the bloc’s cryptocurrency market, requiring platforms to seek authorization to operate and provide users with safeguards. The agreement must still go through Brussels’ complex legal process and may not take effect until 2024. Officials say it will make the EU the world’s first large region with common… Continue reading EU Sets First Rules to Regulate Cryptocurrencies

Insurers, Adjusters and Contractors Can Benchmark Performance Against Trends with Verisk’s 2021 Property Report

Drone View of a Home being Framed by Carpenters

As volatile construction costs persist, a historical view of trends paired with up-to-date pricing better equips insurers, adjusters and contractors to understand the impact of these costs on losses. Verisk’s 2021 Property Report for the United States provides insights into property insurance trends for benchmarking. The report analyzed 7,606,375 assignments totaling $68.5 billion in losses… Continue reading Insurers, Adjusters and Contractors Can Benchmark Performance Against Trends with Verisk’s 2021 Property Report