Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Court: Insurer Off the Hook for $500K Settlement to Florida Spa Guest
Jul 10 2017 // A federal appeals court ruled that Evanston Insurance Co. doesn’t owe a $500,000 settlement that a Florida spa owner agreed to pay to a woman who suffered a stroke during a massage. The decision, issued last month in...
State of P/C Insurance Industry, Part 1: The Fate of ‘Hard Market’ Agencies (and Companies)
Jul 10 2017 // Property/casualty (P/C) insurance and group benefits industry is changing faster than ever. Many factors are the parents of such change. In part one of this two part series, I will focus on the more traditional aspects and...
South Carolina Sets Insurer Deadline Related to New Moped Safety Law
Jul 10 2017 // The South Carolina Department of Insurance has set a deadline for auto insurers in the state to meet the requirements of recently passed moped safety legislation. The new moped law, which took effect July 1, amends South...
California Surplus Lines Don’t Want to be Left Out of State’s Marijuana Regs
Jul 10 2017 // California’s surplus lines industry is trying to clear up the haze over a proposed regulation that would require medical marijuana businesses to purchase insurance only from admitted carriers. The regulation is one...
Burand’s State of P/C Insurance Industry Part 2: How to Pick Winners as More Carriers Consolidate or Waste Away
Jul 9 2017 // Editor’s Note: This is the second of two articles by Burand based on his most recent 50-page whitepaper, State of the P&C Insurance Industry 2017. The whitepaper is available from Insurance Journal’s...
Days of Cyber Insurers Avoiding Costly Claims May Be Numbered: Expert
Jul 7 2017 // Cyber crime insurers largely avoided costly claims from the recent attacks that hit business around the globe. The next global virus could change that. “It’s exceptionally likely that we will see an event over...
Arkansas Commissioner Kerr Approves 3 New Insurers in State
Jul 7 2017 // Arkansas Insurance Commissioner Allen Kerr has granted Certificates of Authority to three out-of-state insurance companies to do business in Arkansas. The Arkansas Insurance Department reported that COPIC Insurance Company...
Startup Auto Insurer Root Expands by 2 States, Pairs with Lyft on Rental Coverage
Jul 6 2017 // Startup telematics-based auto insurer Root is now offering rental coverage in partnership with ridesharing firm Lyft. For policyholders with short-term needs for alternate transportation after an incident, Root will now...
AXIS Capital to Acquire Lloyd’s Specialty Re/Insurer Novae for $604 Million
Jul 6 2017 // AXIS Capital Holdings Ltd. announced it is acquiring Novae Group plc, a specialty re/insurer that operates through Lloyd’s of London. “The US$604 million transaction adds scale and breadth to the international...
Connecticut Insurers: Homes Must Fall Down to be Eligible for Coverage
Jul 5 2017 // Connecticut residents whose home foundations are crumbling are facing a perplexing problem with their insurance policies: The damage won’t be covered unless their homes collapse. More than two dozen insurance...
Fearless Brokers on Disruption by Insurtech: ‘Bring It On’
Jul 5 2017 // Executives of retail and wholesale property/casualty brokers, who have heard predictions about disintermediation for years, are not worried about the latest wrinkle in the stories of their demise—the rise of insurtech...
Workers’ Comp Insurer Cancels Policies for Hawaii Pot Firms
Jun 30 2017 // Hawaii’s largest workers’ compensation insurer is canceling insurance policies for seven medical marijuana dispensaries preparing to open this summer. Hawaii Employers’ Mutual Insurance Co., citing...
Insurers Say They Need Access to Data from Automated Car Systems
Jun 30 2017 // Property/casualty insurance carriers want future federal rules governing driverless vehicles to guarantee insurers “reasonable” access to data from cars with automated driving systems. “The increasing...
Global Shipping Still Reeling from Cyber Attack; Insurers Warn of Coverage Gaps
Jun 30 2017 // Global shipping is still feeling the effects of a cyber attack that hit A.P. Moller-Maersk two days ago, showing the scale of the damage a computer virus can unleash on the technology dependent and inter-connected...
Increase in P/C Insurers’ Losses in 2017 Will Again Be Driven by Auto: S&P
Jun 29 2017 // Private auto net incurred losses will increase by nearly 7 percent in 2017 to a new record of approximately $154 billion, reflecting elevated volume and costs of claims, according to a new S&P Global market...
G20 Task Force Develops Climate-Related Financial Disclosure Framework Supported by Insurers
Jun 29 2017 // A global task force set up by the G20 has developed a voluntary framework for companies to disclose the financial impact of climate-related risks and opportunities, drawing support from more than 100 companies with $11...
Auto Insurance Market to Shrink by 70% by 2050: KPMG
Jun 29 2017 // Autonomous vehicle technology, a rise in on-demand transportation and a shifting of liability to manufacturers will shrink the auto insurance sector by more than 70 percent or $137 billion by 2050, according to updated...
P/C Insurers’ Net Income Fell 42.2% in Q1; Catastrophe Losses Topped $7 Billion
Jun 27 2017 // The U.S. property/casualty insurance industry saw its net income fall to $7.7 billion in first-quarter 2017 from $13.4 billion in first-quarter 2016, a 42.2 percent decline. Also, its overall profitability as measured by...
$300K Settlement in 2012 Utah Fire to be Paid by Insurer
Jun 26 2017 // Utah officials have reached a $300,000 settlement with a man accused of starting a 2012 fire that led to the evacuation than 1,000 northwestern Utah homes. The Daily Herald reported the Utah County Commission approved the...
Survey: Agents Suggest How Carriers Can Move from ‘Good’ to ‘Great’
Jun 23 2017 // One would expect to see high levels of satisfaction between an independent agency and its top carrier, but that isn’t always the case. Peeling back the layers usually reveals fertile ground for improvement and shows...
