About one in seven U.S. drivers (14.0 percent) operated a private- passenger vehicle without liability insurance in 2022, according to an estimate contained in a new report released today by the Insurance Research Council (IRC).
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Cyber Insurance Market Continues to Be Attractive as Ransomware Spikes: JP Morgan
Despite ransomware frequency picking up following a slowdown in 2022, analysts at JP Morgan still see the cyber insurance market as an “attractive area with strong profitability and good exposure growth potential in the coming years.”
IICF Launches Cross-Company Insurance Industry Mentoring Alliance
The Insurance Industry Charitable Foundation (IICF) has announced the final pairings as the official launch is underway of the IICF Mentoring Alliance, a new initiative from the Talent Subcommittee of IICF’s IDEA Council designed to partner industry mentors with emerging insurance leaders from underrepresented communities.
AM Best Revises Outlook on U.S. Medical Professional Liability Segment to Stable
AM Best is revising its outlook on the U.S. medical professional liability (MPL) insurance segment to stable from negative, citing improved rate adequacy, the diminishing impact from pandemic-related exposures, persistently redundant loss reserves, higher reinvestment rates and improved overall returns.
Agents, Commercial Clients Have Different Views on Severe Weather Readiness
The increasing frequency and severity of weather events across the globe have many commercial insurance customers worried about damage to their businesses and properties – and rightfully so, with data showing 40% of businesses fail to reopen following a disaster.
Hackers Hit Wall Street Arm of Chinese Banking Giant ICBC
A U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market.
Allianz Q3 Operating Profit Down 14.6% Driven by Impact of Natural Catastrophes
Allianz has reported that its operating profit dropped 14.6% to €3.5 billion in Q3, driven by the Property/Casualty business segment affected by a 7.3 percentage point impact by natural catastrophes on the combined ratio, the highest in a decade.
Robert De Niro’s Company Found Liable for Gender Discrimination
A jury on Thursday found Robert De Niro’s production company liable for gender discrimination against a former employee who said she had been forced to perform “stereotypically female” jobs for the actor.
Signers National Adds Three Nonprofit Retail Insurance Agencies
Signers National, a group of premier insurance companies dedicated to servicing key client segments across the United States, today announced the acquisition of three retail insurance agencies, Carriage Trade Insurance Agency, The Sanctuary Insurance Agency, Inc. and Robert O. Hampton Inc.
James River Agrees to Sell Subsidiary JRG Re to Fleming, Swings to 3Q Profit From Net Loss
James River Group Holdings Ltd. has agreed to sell subsidiary JRG Reinsurance Co. Ltd. to Altamont Capital Partners portfolio company Fleming Intermediate Holdings.