For the first time, insured losses from SCS in the U.S. surpassed $50 billion and accounted for 60% of global insured losses.
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Munich Re Reports Better-Than-Expected Q3 Net Profit
German reinsurer Munich Re said on Monday that net profit in the third quarter was around 1.2 billion euros ($1.27 billion), better than expectations, and it raised its outlook for the full year.
U.S. P&C Industry 2022 Loss & LAE Reserves Slightly Redundant: Best Report
The U.S. property/casualty (P/C) segment reported its 17th consecutive year of favorable reserve development based on 2022 calendar year results, according to a new AM Best special report
American Family Insurance Confirms Cyberattack Is Behind IT Outage
Insurance giant American Family Insurance has confirmed it suffered a cyberattack and shut down portions of its IT systems after customers reported website outages all week.
BIPA Lawsuit Rules Remain Unchanged
Despite a suggestion by the Illinois Supreme Court that the legislature needs to address concerns about excessive damage awards connected to the Biometric Information Privacy Act (BIPA), nothing has changed.
SIAA’s Fall Business Meeting & Growth Summit Shines with A Pink Evening in Boston
SIAA, The Agent Alliance, held its well-established fundraising event, A Pink Evening in Boston, in support of Dana Farber Cancer Institute | The Jimmy Fund.
Pfizer Settles Gender Pay Discrimination Allegations at NYC Headquarters
Pfizer will cough up $2 million to settle allegations from the U.S. Department of Labor that it underpaid certain women who were employed at the company’s New York City headquarters.
Resilience Report: Cybercriminals Uplevel Tactics to Deal with Lower Extortion Payment Rate
Ransomware is entering a new era, as cybercriminals have begun shifting their tactics to bypass security controls by hitting critical vendors and seeking larger targets for extortions, Resilience found in its Midyear 2023 Claims Report.
AIG CEO Sees Pandemic, Wars, Climate Change Among Biggest Risks
AIG Chief Executive Officer Peter Zaffino said the biggest challenge to the insurance sector over the last decade has been “unpredictable risks” including the pandemic, wars and climate change.
GEICO Laying Off 2,000 Employees Nationwide
GEICO is reducing its workforce by roughly 2,000 associates or 6% of its total workforce.