According to data collected by industry bodies, insurers significantly increased premiums for cyber coverage over the course of 2021, as a string of high-profile attacks and government action helped boost demand for products. Direct-written premiums collected by the largest U.S. insurance carriers in 2021 swelled by 92% year-over-year, according to information submitted to the National… Continue reading Insurers Raise Cyber Rates Significantly Amid Costly Losses
Author: Farkas Laura
More Florida Insurers Request Property Rate Hikes
Floridians have been squeezed by double-digit increases in property insurance rates. Some have had their policies cancelled, while others have had to pay for a new roof out of pocket before they can get a new policy. On Tuesday, one insurer asked state regulators to approve a nearly 50% rate increase on its homeowners policies.… Continue reading More Florida Insurers Request Property Rate Hikes
Fraud Adds Billions to Insurer Disaster Payouts, NICB Says
According to the National Insurance Crime Bureau (NICB), property and casualty insurers paid $4.6 billion to $9.2 billion extra in disaster claims due to insurance fraud in 2021, a cost policyholders bear through their insurance premiums. During NICB’s second annual Contractor Fraud Awareness Week May 23 – 27, NICB will educate on how to identify… Continue reading Fraud Adds Billions to Insurer Disaster Payouts, NICB Says
Judge Strikes Down California Law Mandating Women on Board
A state judge overturned a California law requiring companies in the state to have female directors on their boards, the second legal setback for efforts to mandate board diversity in as many months. According to a copy of the verdict, Judge Maureen Duffy-Lewis of the Superior Court of California in Los Angeles ruled that the… Continue reading Judge Strikes Down California Law Mandating Women on Board
Liberty Partners with Roger Smith Insurance Agency
The Liberty Company Insurance Brokers (Liberty) is pleased to announce its recent partnership with Roger Smith Insurance Agency of Tiffin, Ohio. Founded in 1987 by Roger Smith and currently led by his son, Kyle Smith, the firm offers personal, commercial, life, annuities, and health insurance to clients across the region. Kyle Smith also remains active… Continue reading Liberty Partners with Roger Smith Insurance Agency
SAN Group Announces Recipients of 2022 SAN Awards
Satellite Agency Network Group, Inc. (SAN), the leading alliance of independent insurance agencies in the Northeast, announces its 2022 SAN Awards recipients, presented at its annual business meeting on April 29. The awards honor nine SAN member insurance agencies with outstanding performance and notable industry achievements. “SAN is made up of some of the most… Continue reading SAN Group Announces Recipients of 2022 SAN Awards
Independent Agents, Brokers Continue Record Run Performance
For a fourth consecutive quarter, independent insurance agents and brokers have set yet another organic growth record. That and other high markers are revealed by the latest Reagan Consulting Growth & Profitability Survey (GPS), which measured first-quarter 2022 industry performance. Agents and brokers “are enjoying an incredible run,” observes Brian Deitz, president and partner of… Continue reading Independent Agents, Brokers Continue Record Run Performance
Alliant Private Client Named Best Insurance Broker for Third Consecutive Year at The 2022 Family Wealth Report Awards
Alliant Private Client, a division of Alliant Insurance Services, has been named Best Insurance Broker at the 2022 Family Wealth Report Awards for the third consecutive year. Alliant Private Client and its national team of experts are recognized among the best teams and firms in the North American family office and wealth management space for… Continue reading Alliant Private Client Named Best Insurance Broker for Third Consecutive Year at The 2022 Family Wealth Report Awards
More than 68,000 Homeowners Policies to Be Canceled as Hurricane Season Begins
Tens of thousands of policyholders in Florida are about to be affected by the state’s property insurance crisis. According to the terms of a consent order filed Friday by the state Office of Insurance Regulation, more than 68,000 policies of the troubled Sunrise-based FedNat Insurance Company and its sister companies Maison and Monarch National will… Continue reading More than 68,000 Homeowners Policies to Be Canceled as Hurricane Season Begins
Allianz Subsidiary Pleads Guilty to Defrauding Investors, Will Pay More than $6 Billion
The Justice Department announced Tuesday that one of Allianz SE’s U.S. investing divisions pleaded guilty and agreed to pay more than $6 billion in penalties and restitution for a scheme to defraud investors in funds that imploded during the March 2020 market selloff. According to a plea agreement reached with federal prosecutors in New York,… Continue reading Allianz Subsidiary Pleads Guilty to Defrauding Investors, Will Pay More than $6 Billion