Despite stabilization in several lines, the second half of 2022 will remain challenging for insurance buyers, particularly in the cyber market, according to a mid-year outlook from USI Insurance Services. “Some of the traditional (non-COVID-19-related) trends continue to take center stage, such as the frequency and severity of claims, underwriting discipline, insurance capacity, the cost… Continue reading Insurance Buyers Still Face Challenges at Mid-Year: USI
Author: Farkas Laura
Uvalde Parents and Teacher Seek Documents from Gun Maker After School Shooting
Parents of a slain fourth grader and a teacher at Robb Elementary School in Uvalde, Texas, are preparing to sue the manufacturer of the semi-automatic rifle used in the mass shooting. Emilia Marin, the teacher, asked Daniel Defense, the Georgia-based manufacturer that sold the 18-year-old gunman an AR-15 rifle online, for financial and marketing records.… Continue reading Uvalde Parents and Teacher Seek Documents from Gun Maker After School Shooting
Elon Musk Says Twitter’s Lack of Info on Bots Breaches Merger Deal
Elon Musk said he believes Twitter Inc. is breaching their merger agreement by not meeting his demands for information about spam and fake accounts, injecting another twist into a takeover saga marked by the billionaire’s serial outbursts. The shares fell about 5% Monday morning in New York. Musk believes Twitter is “actively resisting” and “thwarting… Continue reading Elon Musk Says Twitter’s Lack of Info on Bots Breaches Merger Deal
New York Senate Approves Bill to Mandate Medical Marijuana Health Insurance Coverage
Last week, the New York Senate passed legislation requiring public health insurance programs to cover medical marijuana expenses and clarifying that private insurers may do the same. The legislation, sponsored by Diane Savino (D), passed the Senate by a vote of 53-10, and it has now been transmitted to the Assembly, where it awaits action… Continue reading New York Senate Approves Bill to Mandate Medical Marijuana Health Insurance Coverage
Health Insurers Poised to Pay $1 Billion in Rebates to 8.2 Million People this Year
There’s a possibility your health insurance company owes you some cash. Depending on how you get your health coverage, you may be one of the 8.2 million policyholders expected to get a piece of $1 billion in premium rebates this fall from various insurers, according to a preliminary analysis from the Kaiser Family Foundation. The… Continue reading Health Insurers Poised to Pay $1 Billion in Rebates to 8.2 Million People this Year
Allianz Takes $430 Million Profit Hit in Retreat from Russia
Allianz SE will take a hit of about 400 million euros ($430 million) to profit from the sale of a majority in its Russian operations, part of a retreat from the country in the wake of the war in Ukraine. Allianz, which is selling the stake to Interholding LLC, will own 49.9% in the combined… Continue reading Allianz Takes $430 Million Profit Hit in Retreat from Russia
FEMA to Launch Initiative to Modernize Building Codes in Cat-Resiliency Effort
On this first day of the Atlantic hurricane season, federal officials are launching a new initiative to modernize building codes so that communities can be more resilient to hurricanes, flooding, wildfires, and other extreme weather events that are intensifying due to climate change. Deanne Criswell, the administrator for the Federal Emergency Management Agency (FEMA), and… Continue reading FEMA to Launch Initiative to Modernize Building Codes in Cat-Resiliency Effort
Global Insurance Brokers & Agents Market Is Expected to Grow to $551.88 Billion in 2026
The global insurance brokers & agents market is expected to grow from $374.2 billion in 2021 to $409.15 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%, according to an “Insurance Brokers & Agents Global Market Report 2022” report. The market is expected to grow to $551.88 billion in 2026 at a… Continue reading Global Insurance Brokers & Agents Market Is Expected to Grow to $551.88 Billion in 2026
LexisNexis Risk Solutions Acquires Property Insurtech Flyreel
LexisNexis® Risk Solutions, part of RELX, today announced it has acquired Flyreel, a Denver-based property insurtech that uses artificial intelligence (AI) and machine learning to enable self-service property inspections, which provide additional visibility into a property’s interior and exterior to improve and automate new business and renewal underwriting and claims processes. Flyreel will become part… Continue reading LexisNexis Risk Solutions Acquires Property Insurtech Flyreel
Inflation: The Good Outweighs the Bad for Life Insurers, Moody’s Reports
Inflation, exacerbated by the military conflict in Ukraine, and countered by Federal Reserve Bank monetary tightening, has been pushing up interest rates, particularly the last few months. Moody’s Investor Service reports inflation and rising interest rates are a benefit for life insurers, whose bond yields and investment income are rising, and whose spread-based product margins… Continue reading Inflation: The Good Outweighs the Bad for Life Insurers, Moody’s Reports