Under a House bill aimed at increasing individual retirement savings, Americans could save more in their 401(k)s and keep their nest eggs for longer. The bill, which was passed by a vote of 414 to 5, raises contribution limits for older workers and allows employers to offer employees a small cash bonus simply for enrolling… Continue reading 401(k) Savings Plans Get a Boost in Bipartisan Retirement Bill
Author: Farkas Laura
Maersk Advises Shanghai Lockdown Will Spark Rise in Transport Fees
A COVID-19 lockdown in China’s commercial center Shanghai, according to global shipping giant Maersk, is expected to slow delivery times and increase transport costs. “Trucking service in/out Shanghai will be severely impacted by 30% due to a full lockdown on Shanghai’s Pudong and Puxi areas in turn until April 5th,” the shipping company said in… Continue reading Maersk Advises Shanghai Lockdown Will Spark Rise in Transport Fees
Extreme Flood Events Drive High Losses in 2021
Last year, global economic losses from floods amounted to $82 billion, yet insured losses stood at slightly more than $20 billion, indicating a large protection gap. In 2021, floods accounted for 31% of global economic losses from natural catastrophes, only 2% less than tropical cyclones, according to Swiss Re Institute’s latest sigma report, “Natural catastrophes… Continue reading Extreme Flood Events Drive High Losses in 2021
Ukraine Calls on Marine Insurers to Withdraw Russia Coverage
The Ukrainian government has asked international marine insurers to stop all dealings with shipping companies carrying Russian fossil fuels in a bid to intensify pressure on Vladimir Putin’s regime. Oleg Ustenko, Chief Economic Advisor to Ukrainian President Volodymyr Zelenskiy, urged a group of shipping insurance specialists to withdraw coverage in a bid to reduce cash… Continue reading Ukraine Calls on Marine Insurers to Withdraw Russia Coverage
Zurich Insurance Axes ‘Z’ Logo After Letter Became Russian Pro-War Symbol
Zurich Insurance has axed its ‘Z’ logo from certain social media channels after the letter became a Russian pro-war symbol. The company said it was removing the logo – a white Z on a blue background – because it did not want to be misinterpreted as supporting Russia in the conflict. In a statement, the… Continue reading Zurich Insurance Axes ‘Z’ Logo After Letter Became Russian Pro-War Symbol
UnitedHealth to Buy Home-Health Firm LHC Group for $5.4 Billion
In the latest tie-up involving a managed-care company and the home-health business, UnitedHealth Group Inc. has agreed to buy LHC Group Inc. for approximately $5.4 billion in cash. The acquisition, announced Tuesday by UnitedHealth’s Optum health-services arm, adds one of the country’s largest home-health firms to a portfolio that already includes doctor groups, clinics, and… Continue reading UnitedHealth to Buy Home-Health Firm LHC Group for $5.4 Billion
Troubled Florida Home Insurance Market Gets More Bad News as Insurers Continue to Exit
Florida’s home insurance availability crisis continues to claim new victims, and worries are mounting that more companies could be declared insolvent as this year’s hurricane season draws near. The industry’s financial storm clouds have prompted fears of collapsing companies and the massive growth of state-owned Citizens Property Insurance Corp., the insurer of last resort: Last… Continue reading Troubled Florida Home Insurance Market Gets More Bad News as Insurers Continue to Exit
AIG’s Life and Retirement Unit Files for IPO
SAFG Retirement Services Inc, the holding company of American International Group Inc’s life and retirement business, filed for an initial public offering in the United States on Monday. SAFG reported total revenue of $23.39 billion for the fiscal year ended Dec. 31, a 55 percent increase, in the filing. Adjusted after-tax operating income increased 14.5… Continue reading AIG’s Life and Retirement Unit Files for IPO
D&O Insurance Sharp Premium Growth Drives Loss Ratio Improvement
According to rating agency Fitch Ratings, several years of U.S director and officers’ (D&O) insurance rapid premium growth led to a material decline in 2021’s direct loss ratios, and it is expected that it may continue in the near term. But, recent performance improvement and competitive factors are expected to temper further prices increases. The… Continue reading D&O Insurance Sharp Premium Growth Drives Loss Ratio Improvement
Hannover Re Becomes 5th Reinsurer to Opt Out of East African Crude Oil Pipeline
Hannover Re is the latest insurer to reject EACOP, joining Swiss Re, Axa, Zurich and SCOR in publicly committing that they will not underwrite the pipeline. Last week, after SCOR committed not to insure EACOP, Hannover Re quickly followed suit, stating, “we refrain from providing reinsurance coverage for EACOP due to noncompliance with our ESG… Continue reading Hannover Re Becomes 5th Reinsurer to Opt Out of East African Crude Oil Pipeline