Insuring the risk of catastrophic hurricanes and earthquakes risk probably isn’t getting cheaper. But at least there might be more coverage coming to relieve the troubled insurance market.
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DOL Finalizes New Independent Contractor Rule
The Department of Labor released its final rule regarding employee or independent contractor classification under the Fair Labor Standards Act on Tuesday amid continued pushback from the financial industry, which often prefers independent status for advisers.
Severe Weather Hits Many Parts of the Country
A blockbuster storm with heavy rain and powerful winds sparked tornadoes across the South on Tuesday − ripping roofs off buildings, toppling trees and blowing over RVs − after the system roared across the Midwest with blizzard conditions en route to the Northeast.
Bills Would Add Flood-Protection Projects to Florida’s Home-Hardening Grant Program
Improvements to protect homes from flood damage would be eligible for up to $10,000 in state matching grants if bills filed last week are enacted during the upcoming session of the Florida Legislature.
Verisk Estimates Industry Insured Losses from Japan Earthquake Between $1.8B and 3.3B
Verisk estimates that insured losses to properties from the January 1 earthquake in Japan will be between $1.8 billion and $3.3 billion.
Chubb Report Offers Insight on Mindset of the Wealthy, Their Passions and Protecting What Matters
A new survey from Chubb finds that more than three-quarters of wealthy Americans and Canadians believe damage from severe weather stemming from climate change poses the biggest threat to their home.
Insured Global Losses Hit $95 Billion: Munich Re
Worldwide, natural disasters in 2023 resulted in losses of around $250bn (previous year $250bn), with insured losses of $95bn (previous year $125bn). Overall losses tally with the five-year average, while insured losses were slightly below the average figure of $105bn.
Orion180 Expands Homeowners Insurance Business to Georgia, Indiana
Orion180, a leading provider of insurance solutions, announced the expansion of its homeowners insurance products to the states of Georgia and Indiana.
PartnerRe Announces the Retirement of Jacques Bonneau
PartnerRe Ltd. today announced that effective April 1, 2024, Jacques Bonneau will retire and Philippe Meyenhofer will succeed him as Chief Executive Officer and take his place on the Board of Directors.
Strong Recovery in Total Reinsurance Capital Countered by Surplus Distributions: AM Best
The global reinsurance industry demonstrated a significant recovery of prior-year capital losses in 2023, driven by strong technical results, unrealized capital gains and higher reinvestment rates, according to a new AM Best commentary.