According to freight-sector experts, companies will face new increases in logistics costs this year as they try to reset their supply chains and rebuild inventories in the face of ongoing disruptions and rising inflation. The latest annual Council of Supply Chain Management Professionals State of Logistics Report, released Tuesday, said business logistics costs rose 22… Continue reading Companies Face Rising Supply-Chain Costs Amid Inventory Challenges
Author: Farkas Laura
New York City and Miami Have Most Homes at Risk of Storm Surge Damage
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its 2022 Hurricane Report, which analyzes hurricane and storm surge and wind risk exposure for single-family residences (SFRs) and multifamily residences (MFRs) along the U.S. Gulf and Atlantic Coasts. CoreLogic risk modeling data shows that nearly 7.8 million homes with more than… Continue reading New York City and Miami Have Most Homes at Risk of Storm Surge Damage
Hardened U.S. Cyber Insurance Market Here to Stay: AM Best
Direct premiums written in the U.S. cyber liability market increased by 75% in 2021, far outpacing the overall property/casualty insurance industry. However, according to an AM Best report, a 16% increase in claims and only a modest reduction in the loss ratio despite significant rate increases highlights the segment’s ongoing challenges. According to the new… Continue reading Hardened U.S. Cyber Insurance Market Here to Stay: AM Best
Power Outages, Brownouts a Growing Concern Amid Record-Breaking High Temperatures
Extreme heat early in the summer season is putting the country’s electricity and power grids in jeopardy, as brownout warnings and requests to conserve power continue to rise. As temperatures rise, so does the likelihood of power outages. Warmer weather means more power consumption as people use devices like air conditioners and fans to try… Continue reading Power Outages, Brownouts a Growing Concern Amid Record-Breaking High Temperatures
German Insurtech Startup Wefox Seeks Funding at Over $5 Billion Value
Wefox, the German digital insurer, is in advanced talks to raise new funding at a valuation of $5 billion to $6 billion, according to people familiar with the situation. According to the people who asked not to be identified because the information is private, the Berlin-based insurtech startup is looking to raise several hundred million… Continue reading German Insurtech Startup Wefox Seeks Funding at Over $5 Billion Value
JAB to Pay $1.4B for Fairfax Stakes in Crum & Forster’s PetHealth & Pet Insurance Group
Fairfax Financial Holdings Ltd has agreed to sell shares in two animal insurance companies to JAB. According to a statement released Monday, JAB, which owns Keurig Dr Pepper Inc. and Krispy Kreme Inc., will pay approximately $1.4 billion for Fairfax’s stakes in Crum & Forster Pet Insurance Group and PetHealth Inc. Fairfax, Prem Watsa’s Canadian… Continue reading JAB to Pay $1.4B for Fairfax Stakes in Crum & Forster’s PetHealth & Pet Insurance Group
APCIA Offers Cybersecurity and Data Security Best Practices for Businesses
With ransomware attacks increasing in both frequency and severity, APCIA and its Cyber Insurance Subcommittee have developed a paper that outlines cybersecurity and data security best practices for businesses. “Prevention is a business’ best defense against a ransomware attack and this paper provides a range of data security hygiene steps that businesses and individuals can… Continue reading APCIA Offers Cybersecurity and Data Security Best Practices for Businesses
New Florida Property Insurance Law ‘Generous’ to Insurers: Opinion Column
Gov. Ron DeSantis recently signed Senate Bill 2-D into law and, in so doing, gave the insurance industry a generous benefit at the expense of Florida property owners. The law is essentially another layer of reinsurance — it’s a $2 billion fund (plus additional money from the general budget if the governor so desires) that… Continue reading New Florida Property Insurance Law ‘Generous’ to Insurers: Opinion Column
Sigler Elected Chair of Network of Vertafore Users
Joyce Sigler, CISR, CPIW, CPIA, NcAM, NcSA, has been elected chair of the Network of Vertafore Users (NetVU). Sigler is AVP, acquisitions and technology, for SeibertKeck Insurance Partners, with multiple locations across Ohio. She has been involved for decades in various industry organizations, including Agents Council for Technology (ACT), Association User Group Information Exchange (AUGIE)… Continue reading Sigler Elected Chair of Network of Vertafore Users
U.S. Commercial Auto Q1 Premiums Make Significant Jump Over 5 Years
According to an S&P Global Market Intelligence analysis, direct premiums written for the liability business line by U.S. commercial auto insurers in the first quarter were significantly higher than in the same period in 2018. Year over year, liability direct premiums written in the first quarter increased to $12.37 billion from $10.39 billion. Direct premiums… Continue reading U.S. Commercial Auto Q1 Premiums Make Significant Jump Over 5 Years