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.
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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.
Aon Facing Client and Counterparty Action Over Vesttoo Linked LOCs
Insurance and reinsurance broking giant Aon has acknowledged that it is facing legal action over letters of credit (LOCs) related to the Vesttoo collateral investigation, but believes it has “meritorious defenses” in this case.
California Opens Privacy Probe Into Who Controls, Shares the Data Your Car Is Collecting
California’s new privacy regulator said Monday it is embarking on its first-ever enforcement action: a review of the privacy practices of connected automobiles.
SEC Asked Coinbase Not to Trade Any Cryptocurrency Other than Bitcoin Before Suing the Platform
The U.S. Securities and Exchange Commission (SEC) urged cryptoasset exchange platform Coinbase to cease trading any other cryptocurrency besides bitcoin before proceeding early last June to sue the company for operating as an unregistered exchange, Coinbase CEO Brian Armstrong has revealed.
Convective Storms Create Diversification Challenges for Property Insurers: AM Best
According to new AM Best analysis, the growing severity and breadth of severe convective storms (SCS) causes a bigger challenge for insurance companies attempting to diversify their portfolios. “Reinsurers and national insurers rely on geographic diversification in underwriting to maintain a stable, profitable portfolio,” Best wrote. “As the frequency and intensity of convective storms increase… Continue reading Convective Storms Create Diversification Challenges for Property Insurers: AM Best
Homeowners Insurance Companies Are Charging More, Covering Less
Home insurers are insuring less and charging more as they try to claw their way back to profitability after losing money in five of the past six years, analysts and insurance agents say.
Extreme Heat Renders Parts of the World Too Hot to Insure
Soaring global temperatures may make large parts of the world “uninsurable,” according to Spain’s largest insurance firm.
Hartford’s Q2 Earnings Beat on Commercial Lines Unit
The Hartford Financial Services Group, Inc. (HIG) reported second-quarter 2023 adjusted operating earnings of $1.88 per share, which outpaced the Zacks Consensus Estimate by 1.6%.