Hiscox, a British insurer, said on Thursday that it has set aside $40 million for expected losses resulting from Russia’s invasion of Ukraine, joining peers in quantifying the cost of the conflict. The Lloyd’s of London insurer said the provisions were for expected losses primarily from its portfolio of political violence, war, and terror, and… Continue reading Insurer Hiscox Sets Aside $40M for Possible Losses from Ukraine Crisis
Author: Farkas Laura
Extreme Weather to Pose a Greater Threat on Offshore Energy and Shipping Industries
The global offshore energy and shipping sectors are under a greater than expected threat from climate change as extreme weather becomes more commonplace warns Chaucer, the specialty reinsurance group. In a new report, ‘Oceanographic climate change: The impact of ocean-based climate change trends’, Chaucer warns that the offshore energy sector – particularly assets such as… Continue reading Extreme Weather to Pose a Greater Threat on Offshore Energy and Shipping Industries
Troubled Florida Property Market Insurers Under Immense Pressure: Best
Elevated reinsurance costs, coupled with higher loss and litigation costs, have challenged Florida property insurers’ surplus levels and hindered balance sheet strength, leading many to rethink risk appetites, according to a new AM Best commentary. The Best’s Commentary, titled, “Troubled Florida Property Market Participants Under Immense Pressure,” notes that insurers’ ability to purchase the same… Continue reading Troubled Florida Property Market Insurers Under Immense Pressure: Best
Alliant Insurance Services Named One of Insurance Business America’s Fast Brokerages
Alliant Insurance Services has been named one of Insurance Business America’s Fast Brokerages. The inaugural awards program features the nation’s top performing insurance brokerage firms based on growth. “Alliant is in the midst of an exceptional growth phase driven by industry-leading organic growth, attracting top industry talent, and a select number of strategically key acquisitions,”… Continue reading Alliant Insurance Services Named One of Insurance Business America’s Fast Brokerages
CDC Restates Recommendation for Masks on Planes, Trains
U.S. health officials on Tuesday restated their recommendation that Americans wear masks on planes, trains and buses, despite a court ruling last month that struck down a national mask mandate on public transportation. Americans age 2 and older should wear a well-fitting masks while on public transportation, including in airports and train stations, the Centers… Continue reading CDC Restates Recommendation for Masks on Planes, Trains
AIG Boosts Profit as Catastrophe Losses Narrow, Premiums Increase
American International Group Inc. posted strong gains in first-quarter profit, benefiting from reduced catastrophe losses, growth in new business and premium-rate increases. The AIG results reflected the turnaround of the company’s business of selling property-casualty insurance to corporate clients world-wide. The overhaul has been led by Peter Zaffino, who took over as chief executive in… Continue reading AIG Boosts Profit as Catastrophe Losses Narrow, Premiums Increase
Zurich NA Construction and Energy Teams Add Sustainability Roles
Insurance and risk services provider Zurich North America has created three roles to support Zurich Construction and Energy customers in their evolving sustainability objectives and hired notable professionals to lead this work. “Climate change is one of the most urgent risks confronting our customers, and many are working toward carbon-neutral goals,” said Paul Lavelle, Head… Continue reading Zurich NA Construction and Energy Teams Add Sustainability Roles
EU Aims to Target Russia’s Global Oil Sales with Insurance Ban
The European Union is attempting to go beyond an import ban on Russian crude, focusing on insurers in a move that could severely limit Moscow’s ability to ship its oil anywhere in the world. According to officials and a draft document obtained by Bloomberg, the EU is considering prohibiting European vessels and companies from providing… Continue reading EU Aims to Target Russia’s Global Oil Sales with Insurance Ban
USG Announces Hire of Quinn in Philadelphia, PA
USG Insurance Services, Inc., a national wholesaler and MGA, is pleased to announce the hire of John Quinn as Producer/Broker: Commercial Lines in the USG Philadelphia, PA satellite office. Quinn brings 30+ years of industry experience to his new role, most recently with Johnson & Johnson Insurance. As Producer/Broker: Commercial Lines at USG, John will… Continue reading USG Announces Hire of Quinn in Philadelphia, PA
Tesla Insurance Has Potential to Become a Top-10 Carrier: Morgan Stanley Analysts
According to Morgan Stanley analysts, Tesla Insurance, which began underwriting its own policies in three states last month, could pose a long-term challenge to traditional auto insurers. Analysts believe that Tesla, cites Reinsurance News, becoming a top 10 auto insurance carrier is not a “far-fetched expectation,” and that insurance premium forecasts for Tesla yield about… Continue reading Tesla Insurance Has Potential to Become a Top-10 Carrier: Morgan Stanley Analysts