AccuWeather, an Eyewitness News partner, revealed a price tag of $5 billion to $7 billion for the damage caused when a powerful storm line pushed across the Houston metropolitan area. As of Friday, seven people were killed throughout the city and Harris County.
Tag: business insurance
Cyber Events Top Global Business Risk for 2024: Allianz
Cyber incidents such as ransomware attacks, data breaches, and IT disruptions are the biggest worry for companies globally in 2024, according to the Allianz Risk Barometer.
Allstate, Allianz Invest $265 Million in Next Insurance
Allstate and Allianz are making a sizable bet on the digital transformation of the commercial insurance market with a $265 million strategic investment in Next Insurance, an insuretech startup focused on the small business market.
The Hartford’s Net Income Increases to $645M in Q3
The Hartford has reported a net income of $645 million for the third quarter of 2023, a 93% increase from $334 million from the same period last year.
Composite U.S. Commercial Insurance Rates Steady in 2Q: MarketScout
Businesses across the United States were assessed an average composite insurance rate increase of 5% in the second quarter of 2023.
Business Insurance Roiled by Climate, Inflation
Business insurance has been roiled by severe weather and inflation, the same forces disrupting home insurance markets in catastrophe-prone areas of the U.S., with companies facing tougher conditions as they try to insure their properties against disaster.
U.S. Commercial Insurance Revenue Growth, Profits to Moderate in 2023
The U.S. commercial lines insurance segments are being challenged by slower revenue growth, inflation-based claim uncertainty and less favorable loss reserve experience, Fitch Ratings says.
AIG Buoyed by Higher Premiums on Business Insurance
AIG showed continued improvement in its core business-insurance operations, but a weaker and shrinking share of income from a life-insurance unit being divested kept its operating income relatively flat.
CA Commissioner Lara Submits First-in-Nation Wildfire Safety Regulation to Drive Down Insurance Costs
Insurance Commissioner Ricardo Lara submitted his insurance pricing regulation to the California Office of Administrative Law that would recognize and reward wildfire safety and mitigation efforts made by homeowners and businesses. The regulation is the first in the nation requiring insurance companies to provide discounts to consumers under the Safer from Wildfires framework created by… Continue reading CA Commissioner Lara Submits First-in-Nation Wildfire Safety Regulation to Drive Down Insurance Costs
Court Rules Insurers Can’t Hold Utility’s Tree Service Liable for Tennessee Wildfire Damages
A state appeals court has ruled that insurers cannot hold an electric company’s vegetation-management contractor liable for an estimated $45 million in claims by homeowners and businesses resulting from two wildfires in Tennessee’s Great Smoky Mountains. A three-judge panel of the Tennessee Court of Appeals upheld Wolf Tree Inc’s failure to inspect or remove allegedly… Continue reading Court Rules Insurers Can’t Hold Utility’s Tree Service Liable for Tennessee Wildfire Damages