Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Insurers Fret Over Risk of Militant Attacks, AI Hacks at Paris Olympics
Jul 5 2024 // Insurers are nervous that militant attacks or AI-generated fake images could derail the Paris Olympics, risking event cancellations and millions of dollars in claims. Insurers faced losses after the 2020 Tokyo Olympics...
Coverys Launches London Market Insurer, Approved to Write US E&S Business
Jul 2 2024 // Coverys Ltd., a UK entity in the Coverys Group of Companies, has received regulatory authority to launch a London company market insurer, effective June 26. Coverys Ltd. is part of Coverys’ dedicated London platforms...
Japan Insurers Plan to Sell $3.1 Billion Worth of Honda Shares, Reuters Reports
Jul 2 2024 // Japan’s four top property and casualty insurers, along with other financial firms, are planning to sell around ¥500 billion ($3.1 billion) worth of shares in Honda Motor Co., Reuters reported. Tokio Marine Holdings...
Insurer Can’t Rescind Workers’ Comp Policy, Even With Misrep, MS High Court Says
Jul 1 2024 // An insurer cannot rescind a workers’ compensation policy, even in the case of a material misrepresentation that could led to millions of dollars in benefits payments, the Mississippi Supreme Court decided last...
D.A. in California Sues Farmers, Other Home Insurers Alleging Scheme to Underinsure
Jul 1 2024 // Alameda County District Attorney Pamela Price’s Consumer Justice Bureau has sued multiple home insurance carriers in California, including Farmers Insurance Exchange, alleging they’re operating a scheme that...
Rhode Island Bars Auto Insurers From Charging ‘Widow’s Penalty’
Jul 1 2024 // A new Rhode Island law prohibits auto insurers from charging policyholders more solely because they have been widowed. The new law bans insurers from treating widows or widowers any differently than married people in terms...
Insurers Seek Subrogation Against Norfolk Southern Over Ohio Train Derailment
Jun 28 2024 // Four insurance companies filed a subrogation lawsuit against Norfolk Southern in federal court last week, alleging the rail carrier’s negligence led to the 2023 East Palestine, Ohio train derailment and subsequent...
US P/C Insurers Post Best Q1 Underwriting Result In 17 Years
Jun 27 2024 // Even though direct loss ratios for commercial auto and other liability lines rose in first-quarter 2024, across all lines U.S. property/casualty insurers posted a net combined ratio of 94—the best since first-quarter...
Washington Commissioner Asks Insurers to Extend Additional Living Expenses for Wildfire Victims
Jun 26 2024 // Washington Insurance Commissioner Mike Kreidler is asking insurers to extend the additional living expenses benefit for wildfire victims who are nearing their 12-month limit on that coverage. Many policies that include...
The Rest Is History: How Carriers Can Navigate Backdating Variations to Operationalize Just-In-Time Appointments
Jun 26 2024 // This post is part of a series sponsored by AgentSync. One of the trickier aspects of compliance administration and producer management for carriers is maintaining producer appointments. Sure, if your carrier only works in...
New York Issues Guidance for Insurers on Insuring Affordable Housing
Jun 25 2024 // New York has issued guidance to commercial insurers that they are prohibited from inquiring about or making coverage decisions based on a property’s status as an affordable housing development or a tenant’s...
Activist Report Shows More Insurers Making Climate-Related Disclosures
Jun 21 2024 // A new report from a climate activist group portrays a “mixed picture of progress and persistent challenges” in the insurance sector in addressing climate-related risks, with some insurers successfully...
Amwins Program Underwriters Forms New Carrier Relationship with Great American Insurance Group
Jun 20 2024 // CHARLOTTE, N.C. (June 3, 2024) – Amwins Program Underwriters (APU), part of Amwins’ Underwriting division, announced a new carrier relationship with Great American Insurance Group, whose lead insurer, Great...
Southern Germany Floods to Cost Insurers $2.6 Billion-$3.9 Billion: Verisk
Jun 20 2024 // Estimated insured losses from flooding, which hit Southern Germany on May 15-June 5, will range from €2.4 billion (US$2.6 billion) to €3.6 billion (US$3.9 billion), according to Verisk, the data analytics and...
Top Shipping Flag Cuts Approval for Sanctioned Russian Insurer
Jun 18 2024 // The world’s largest shipping register withdrew its approval for Russia’s Ingosstrakh Insurance Co. to provide a key document enabling ships to enter ports. The Liberian Register — under whose flag 16% of the...
Houthi-Stricken Cargo Carrier’s Crew Abandons Ship Due to Fire
Jun 17 2024 // Crew members of a bulk cargo carrier struck by Houthi missiles abandoned ship Saturday after they couldn’t get fires on board under control, the US military said. The Iranian-backed militants struck the Verbena, a...
Questions Raised about FIGA Board Changes, Now With No Auto Insurer Reps
Jun 17 2024 // In May, Florida’s chief financial officer sent out a notice that he had appointed new members to the Florida Insurance Guaranty Association’s board of directors. Just a week later, though, one of those...
US P/C Insurers Investment Income
Jun 17 2024 // The U.S. property/casualty insurance segment’s net investment income hit a record $73.9 billion in 2023, bolstered by the higher interest rate environment, according to a new AM Best report. The Best’s Special...
A Look at Reciprocal Insurers From 30,000 Feet
Jun 17 2024 // For years, newly organized reciprocal insurers were few and far between and were not the preferred vehicle for new entrants to the insurance space. In fact, at one time, a prominent state insurance regulator refused to...
Florida Insurance Agents Will Soon Need to Be Appointed With 3 Carriers Before They Can Sell Citizens’ Policies
Jun 17 2024 // Starting July 1, Florida insurance agents must have at least three appointments with authorized carriers before they can sell policies for the state-created Citizens Property Insurance Corp. That’s the mandate laid...
