In its Best’s Commentary, titled, “Recent Layoffs by Insurers Alone Do Not Signal Rating Pressure,” AM Best notes that even as hiring levels decline and layoffs appear to be rising across the insurance industry, it is too soon to cite AI as the leading cause of the job losses, at least at this nascent stage.
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U.S. Hit By 25 Reported Billion-Dollar Disasters in First 10 Months of 2023
The U.S. National Oceanic and Atmospheric administration — NOAA — reports the U.S. has seen 25 separate weather or climate “disasters” — events causing damage or losses exceeding $1 billion — so far this year, the highest number since the agency began tracking such events 43 years ago.
Inszone Insurance Services Enters Washington State through Hawks View Insurance Acquisition
Inszone Insurance Services, a rapidly growing national provider of commercial, personal, and benefits insurance, is excited to announce its entrance into the Washington State market through the acquisition of Hawks View Insurance.
Private Insurers Have an Increased Appetite for Flood Insurance
While FEMA and its NFIP continue to face obstacles with the rollout of the new rating system, private insurers have found an opening to expand their footprint in the flood insurance market.
Moody’s RMS Estimates $2.5 Billion to $4.5 Billion in Insured Losses from Hurricane Otis
Moody’s RMS®, the leading risk modeling and solutions company, estimates private market insured losses from Hurricane Otis to be between $2.5 billion and $4.5 billion.
Best’s Special Report: Book Value of Insurers’ Hedge Fund Investments Declines
Insurers’ hedge fund holdings shrank by 9.9% last year to $11.8 billion, reversing a two-year growth trend in this area, according to a new AM Best report.
Hair Relaxer Claims Against L’Oreal, Revlon Can Proceed: U.S. Judge
A federal judge on Monday allowed the majority of claims to move forward in sprawling litigation that claims chemical hair relaxer products made by L’Oreal USA, Revlon and others cause cancer and other injuries.
Insurance Solutions Provider Orion180 Names Four to Leadership Team
Orion180, a premier provider of insurance solutions launched in 2018, has named four leaders to key positions within the organization.
Russia-Linked Hackers Claim Credit for OpenAI Outage
A hacking group linked to Russia claimed responsibility for attacks that periodically forced OpenAI’s ChatGPT offline last week, saying it targeted the company due to its support of Israel.
Business Groups Sue Labor Board to Block Contract, Franchise Worker Rule
Several major U.S. business groups sued a federal labor board on Thursday, seeking to strike down a rule treating many companies as employers of contract and franchise workers and requiring them to bargain with their unions.