A member of San Antonio-based USAA has sued the insurance and financial services giant, alleging that it charged excessive premiums during a two-year stretch when COVID-19 lockdowns forced customers to cut back on their driving. The plaintiff in the federal lawsuit, Philip Johnson of Bonita, California, maintains USAA incurred fewer claims as people drove less… Continue reading Lawsuit Alleges USAA Charged Excessive Auto Premiums Amid Pandemic
Author: Farkas Laura
Insurer CEOs Receive ‘Massive’ Compensation During Pandemic, CFA Reports
As U.S. drivers face a raft of auto insurance premium hikes from several of the nation’s largest insurers, company CEOs have been collecting massive salaries and bonuses, according to a review by the Consumer Federation of America (CFA) of public filings. Insurance CEOs received hundreds of millions of dollars in salaries, bonuses, stocks, and a… Continue reading Insurer CEOs Receive ‘Massive’ Compensation During Pandemic, CFA Reports
Employers to Tackle Employee Healthcare Affordability Amid Rising Costs
The vast majority of U.S. employers (94%) say managing healthcare benefit costs will be their top priority over the next two years, followed by enhancing mental health benefits (87%), according to a new survey by WTW, a leading global advisory, broking and solutions company. And with health cost increases showing signs of accelerating, employers are… Continue reading Employers to Tackle Employee Healthcare Affordability Amid Rising Costs
Global Directors Increasingly Concerned by Cyber Extortion and Ransomware: WTW and Clyde & Co
Cyber-attacks and data loss are the top risks facing Directors & Officers, with cyber extortion and the growth of ransomware attacks a leading concern, says a global Directors Liability 2022 survey from WTW and Clyde & Co. The survey identifies the key risks for Directors across the globe (covering the UK, Europe, Asia, Australasia, LatAm… Continue reading Global Directors Increasingly Concerned by Cyber Extortion and Ransomware: WTW and Clyde & Co
COVID-19 and Effective Business Planning Drive Down Major Energy Sector Losses During 2020-2021
According to a new report by Marsh, the world’s leading insurance broker and risk advisor, the global hydrocarbon extraction, transport, and processing industry experienced a significant reduction in the number of major property damage losses during 2020-2021, due to the combined impact of the COVID-19 pandemic and well-executed business continuity planning. The report, 100 Largest… Continue reading COVID-19 and Effective Business Planning Drive Down Major Energy Sector Losses During 2020-2021
U.S. Lawmakers Ask Insurers to Stop Underwriting Fossil Fuels
A group of Democratic lawmakers, mostly from the Congressional Progressive Caucus, has asked some of the country’s largest insurance companies to stop underwriting new fossil-fuel projects that contribute to climate change. Representatives Mondaire Jones and Alexandria Ocasio-Cortez of New York, as well as Jared Huffman and Adam B. Schiff of California, were among 16 lawmakers… Continue reading U.S. Lawmakers Ask Insurers to Stop Underwriting Fossil Fuels
Chubb Beats Q1 Earnings Estimates
Chubb came out with quarterly earnings of $3.82 per share, beating the Zacks Consensus Estimate of $3.52 per share. This compares to earnings of $2.52 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 8.52%. A quarter ago, it was expected that this insurer… Continue reading Chubb Beats Q1 Earnings Estimates
Florida Gov. DeSantis Sets Special Session to Address Property Insurance Crisis
Following through on his earlier pledge, Gov. Ron DeSantis on Tuesday called lawmakers back into special session next month to work on new fixes for the state’s troubled property insurance market. DeSantis set the session for May 23 through May 27, giving the governor and lawmakers at least the appearance of tackling a deepening crisis… Continue reading Florida Gov. DeSantis Sets Special Session to Address Property Insurance Crisis
Total Insured Losses from Hurricanes Laura, Ida at More than $20 Billion
Hurricanes Laura and Ida has resulted in over $20 billion in insurance losses, Louisiana insurance commissioner Jim Donelon said. Speaking with Jan Swift on the Discover Lafayette podcast, Donelon said some insurers in Louisiana have gone bust as a result. Fortunately, the Louisiana Insurance Guaranty Association is in place to protect property and casualty policyholders… Continue reading Total Insured Losses from Hurricanes Laura, Ida at More than $20 Billion
Global Insurance Rates Continue to Moderate with 11% Increase in Q1
Marsh LLC reported an 11% increase in global commercial insurance prices in the first quarter in its latest Global Insurance Market Index, which was released on Wednesday. According to Marsh, this was the 18th consecutive quarter of increases, but it was also the fifth consecutive quarter in which global pricing moderated since its peak of… Continue reading Global Insurance Rates Continue to Moderate with 11% Increase in Q1