The projected cost of rebuilding Baltimore’s Francis Scott Key Bridge has risen to as much as $5.2 billion, creating a significantly more complex and expensive risk environment for insurers than when the bridge collapsed 20 months ago.
Tag: insurers
More Small Businesses Consider Dropping Their Insurers, J.D. Power Finds
As premiums rise, insurers struggle to hold onto high-value customers.
Wildfire Losses Soar to Record Highs But Won’t Dent Insurer Ratings
Despite the financial toll of the CA wildfires, property/casualty insurers and reinsurers are expected to maintain their ratings, Fitch said on Tuesday.
Marsh McLennan CEO: Catastrophe, Social Inflation, Reinsurance Costs Rise in 2024
Geopolitical and economic risks are worrying Marsh McLennan’s clients as the broker sees rising costs for risks from catastrophes, social inflation and reinsurance, said its chief executive officer.
Climate Risk Threatens Insurability of Some Coastal Communities, Analysts Warn
Coastal communities could see their property values plummet as catastrophe-prone areas spur billions of dollars in losses — and have private insurance companies scaling back or leaving certain markets altogether, a new report warns.
As Storm Damages Mount, States Try to Make It Harder to Sue Insurers
A few hard-hit states are trying to ease the pain on insurers by making it harder for lawyers to sue. Insurers have long complained that aggressive lawyers with dubious claims have led to higher premiums for their customers.
Florida Office of Insurance Regulation Approves Two New Property and Casualty Insurers
The Florida Office of Insurance Regulation (OIR) has approved Orion180 Select Insurance Company and Orion180 Insurance Company to form as property and casualty insurers in Florida.
Insurer’s Retreat in Florida Signals Crisis with No Easy Fix
Insurers are trapped in a riddle: In a world where the risk of costly disasters is rising but high premiums are squeezing policyholders and angering state regulators, how can they continue to make money?
Democrats on U.S. Senate Budget Committee Open Investigation into Major Insurers
Democrats on the U.S. Senate Budget Committee launched an investigation on Friday into major insurers’ “support” of new fossil fuel projects, on the heels of an industry retreat from areas prone to climate risks.
Verisk Grows Premium and Loss Database for Third Consecutive Year
Verisk continues to recruit and secure new contributors to its industry-leading ISO Statistical Database.