According to Aon’s quarterly Public Company D&O Pricing Index, the average price per million for public company directors and officers (D&O) liability insurance declined for the fifth consecutive quarter in the second quarter of 2023, down 26.8% compared to 2022.
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Micro-Captive Owners Must Understand Options as IRS Pressure Grows
As the Internal Revenue Service (IRS) moves forward with the process of drafting new laws for micro-captives, what happens next is a key concern for owners of tiny captive insurance firms or those considering forming them.
NHTSA Opens Safety Probe into Complaints from Tesla Drivers That They Can Lose Steering Control
U.S. auto safety regulators have opened yet another investigation into safety problems with Tesla vehicles.
GAO Issues Analysis of FEMA’s Risk Rating 2.0
The U.S. Government Accountability Office (GAO) has issued a report on the Federal Emergency Management Agency (FEMA’s) National Flood Insurance Program (NFIP), examining several objectives, including the actuarial soundness of Risk Rating 2.0; how premiums are changing; efforts to address affordability for policyholders; options for addressing the debt; and implications for the private market.
AIG Profit Beats Estimates on Gains in Life and Retirement Unit
American International Group exceeded second-quarter profit expectations on Tuesday, driven by growth at its life and retirement unit and lower-than-expected catastrophe losses in what was a very expensive quarter for the industry.
Clyde & Co Sees Revenue Boost from UK Law Firm Merger
A merger with another law firm last year fueled significant revenue growth for Clyde & Co, the London-founded global firm said on Tuesday.
WTW Launches Climate Vista to Bridge Climate Skills Gap in the Boardroom
With shareholder, investor and regulatory pressure increasing, alongside the growing demand for climate risk and transition plan disclosure, Climate Vista is a new engagement tool designed to help company boards and senior management better understand their exposure to ESG and climate-related risks and opportunities.
Progressive Reports Increased Cat Losses in Q2, Exceeds Reinsurance Retention Thresholds
Property and auto-focused insurance group, Progressive, has revealed a significant rise in catastrophe losses for the second quarter of 2023, driven by a surge in severe weather events across the US.
Global Commercial Insurance Rates Continue to Moderate as Pricing Up 3% in 2Q
Global commercial insurance prices increased 3% in the second quarter of 2023 (down from a 4% increase in Q1), according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan.
Vesttoo Laying Off 75% of Employees Amid Fraud Scandal
Under fire Vesttoo is laying off around 150 employees, accounting for 75% of the company’s workforce. Most of the company’s employees are headquartered in Israel.