The average age of vehicles on U.S. highways increased in 2021, reaching a record of 12.2 years, as Americans faced with high car prices and slim pickings on dealer lots kept their vehicles longer. According to new data released Monday by research firm S&P Global Mobility, the average vehicle age in the United States increased… Continue reading Inventory Shortages, Higher Prices Have Americans Keeping Their Vehicles Longer
Author: Farkas Laura
Florida Bills Limit Roof Refusal by Insurers, Add New Fund
Florida lawmakers’ proposed legislation for an upcoming special session to reform the state’s property insurance market would establish a $2 billion reinsurance fund and prohibit insurers from automatically denying coverage to homeowners with older roofs. Four bills introduced late Friday in the state House and Senate would establish a new fund from which insurers could… Continue reading Florida Bills Limit Roof Refusal by Insurers, Add New Fund
Cyber Breach Exposed Data of 500,000+ Chicago Students, Staff
According to officials, the personal information of over 500,000 Chicago Public Schools students and employees was compromised in a ransomware attack last December, but the vendor did not notify the district until last month. The data breach happened on December 1, and the district was notified on April 26 by technology vendor Battelle for Kids.… Continue reading Cyber Breach Exposed Data of 500,000+ Chicago Students, Staff
Allianz to Sell U.S. Fund Management Unit to Voya After SEC Ban
After being barred from some fund services in the country for a decade, Allianz SE intends to sell the majority of its Allianz Global Investors business in the United States to Voya Financial Inc. Voya Investment Management announced last week that it will add approximately $120 billion in assets under management as well as some… Continue reading Allianz to Sell U.S. Fund Management Unit to Voya After SEC Ban
Hippo’s First Connect Insurance Marketplace to Offer Cyber Protection from BLINK by Chubb
First Connect and Blink announced today a collaboration to make personal cyber insurance protection available to independent agents that participate in First Connect’s insurtech marketplace platform. First Connect, a digital platform designed to provide independent agents with access to some of the nation’s top insurtech carriers, will offer a cyber protection insurance product underwritten by… Continue reading Hippo’s First Connect Insurance Marketplace to Offer Cyber Protection from BLINK by Chubb
Harry Fast Joins Alliant Insurance Services’ Employee Benefits Group in New York
Alliant Insurance Services has hired employee benefits consultant Harry Fast as Vice President, Value Based Solutions within the New York office of its Employee Benefits Group. In this new position, Fast will work with a dedicated team to deliver analytics-driven, value-based risk management solutions to the healthcare delivery market. “Harry is a valuable addition to… Continue reading Harry Fast Joins Alliant Insurance Services’ Employee Benefits Group in New York
Zurich Insurance to Exit Russia
Zurich Insurance Group AG said Friday it has agreed to sell its Russian operations to 11 members of its local team and will exit the market. Under the new owners, the business will operate independently under a different brand, the Swiss insurer said. “The transaction will allow the new company to retain a professional team… Continue reading Zurich Insurance to Exit Russia
As Climate in FL Sets New Normal, Cost of Property Insurance Will Separate Haves and Have-nots
Florida lawmakers poised to act against soaring property-insurance rates may address allegations of insurance fraud and may manage to lure jittery reinsurance companies back into Florida’s crippled marketplace. But one thing they can’t do is change the weather. “Insurers believe that due to climate change, this is the new normal. They’re finding that catastrophic and… Continue reading As Climate in FL Sets New Normal, Cost of Property Insurance Will Separate Haves and Have-nots
Moody’s Report: Inflation Squeezes Homeowners, Commercial Property Insurance Carriers
Higher construction material and labor costs have increased loss severity for homeowners and commercial property insurers, resulting in higher ex-catastrophe combined ratios by 2022, according to Moody’s Investors Service. Insurers are raising coverage levels and rates, but not nearly enough to cover rising construction costs. Catastrophes will also continue to shape the outcomes for these… Continue reading Moody’s Report: Inflation Squeezes Homeowners, Commercial Property Insurance Carriers
Over $3 Billion in Auto Insurance Refunds Distributed to Michigan Drivers
Michigan officials say that as of Wednesday, more than $3 billion in auto insurance refunds had been distributed to insured drivers, just over a week after the deadline for issuing such refunds had passed. Michigan Gov. Gretchen Whitmer requested last year that a $5 billion surplus reported by the Michigan Catastrophic Claims Association (MCCA) be… Continue reading Over $3 Billion in Auto Insurance Refunds Distributed to Michigan Drivers