Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
German Floods Will Be Expensive but Unlikely to Burn Through Insurers’ Earnings: Fitch
Jul 20 2021 // The recent severe floods in Germany could add up to 5 percentage points to German non-life insurers’ net combined ratios (net claims and expenses to net premiums), according to Fitch Ratings. The insured losses are...
S&P Warns of Cyber Risk’s Impact on Insurers’ Credit Ratings
Jul 19 2021 // Cyber risk is becoming increasingly relevant to insurer credit ratings, according to a report from S&P Global Ratings. Overall, S&P said it has noted “more credit-relevant cyber events in the last six months...
Liberty Mutual Looks to Acquire Malaysian P/C Insurer AmGeneral
Jul 19 2021 // Boston-based Liberty Mutual Insurance said it will be applying for regulatory approval to acquire Malaysian property/casualty insurer AmGeneral Insurance Berhad, which is currently 51%-owned by AmBank Group and 49%-owned...
S. African Riot Insurer to Shoulder Bulk of Claims After Days of Violent Civil Unrest
Jul 19 2021 // As calm begins to return to South Africa following days of violent riots that caused billions of rand in damage, questions are being asked about who will foot the bill. While some claims will be assessed by heavyweight...
Insurers’ Own Infrastructure Could Be Next Targets of Cyber Criminals
Jul 19 2021 // As “the next digital pandemic,” cyber risks are increasingly becoming a problem for insurers themselves, according to an industry expert. With “a lack of controls at [an] insurer, [you] could have...
New Missouri Legislation Protects Insurers from Unreasonable Arbitration Awards, Findings
Jul 19 2021 // Missouri has enacted legislation that prohibits a claimant, tortfeasor, or any other party from using an arbitration award against any liability insurer that did not agree to the arbitration. The new legislation also...
California Insurance Company Pressing for its ‘Day in Court’
Jul 19 2021 // U.S. District Court Judge William B. Shubb granted the motion by the California Department of Insurance to dismiss the lawsuit filed by California Insurance Co. against the CDI. Shubb acted in a manner consistent with his...
Washington Commissioner Wants Auto Claims, Rebate Data from Insurers
Jul 19 2021 // Washington Insurance Commissioner Mike Kreidler issued a data call of 124 auto insurance companies for recent rebates given to policyholders during the COVID-19 pandemic. Kreidler is requesting claims data for private...
Fintech and On-Demand Insurer N26 Eyes Value of About $10B in New Fundraising
Jul 16 2021 // N26 GmbH is holding discussions with investors to raise several hundred million dollars in a fundraising that could value the German fintech at about $10 billion, according to people familiar with the matter. The firm,...
Germany Reels from Flood ‘Catastrophe’; Insurers Expect Costly Claims for 2021
Jul 16 2021 // Chancellor Angela Merkel pledged swift help backed by “all the power of the state” for people affected by devastating flooding in western Germany, where at least 42 people have died and dozens are...
Milliman Offering Insurers a Simplified Flood Insurance Product Developed by Swiss Re
Jul 15 2021 // Milliman Appleseed, the new advisory and rating organization of actuarial firm Milliman, is offering insurers a simplified product developed by Swiss Re that makes it easier for insurers to enter the flood insurance...
P/C Insurers Plan to Boost Their Use of Automation: Willis Towers Watson
Jul 15 2021 // Property/casualty insurers plan to accelerate their use of automation for actuarial work, a new Willis Towers Watson survey found. What’s more, COVID-19 has been a major factor in the trend. The sector’s...
Pandemic Part of a Perfect Storm for Insurers, Homeowners Bracing for Bad Wildfire Season
Jul 14 2021 // A perfect storm appears to brewing for homeowners and property insurers in the drought-plagued, wildfire-riddled U.S. West – and as odd as it may sound, the trouble may have begun with the pandemic. Property insurance...
What Insurers Should Know as Ransomware Takes Center Stage
Jul 14 2021 // Cyber criminals aren’t just stealing passwords and data. They’re stealing the spotlight. Amid the ongoing COVID-19 pandemic that has been a global focus since government shutdowns began in March of last year,...
Mega IPO Planned for India’s Biggest Insurer
Jul 14 2021 // India approved the sale of shares in state-run insurer Life Insurance Corp. of India, a key step in moving ahead with the mega-listing. The cabinet committee on economic affairs cleared the initial public offering...
Louisiana Reminds Insurers of Obligations in Commercial Policy Renewals
Jul 12 2021 // Louisiana insurance regulators have issued a new advisory letter reminding authorized property/casualty insurers writing in the state about the information they must provide in writing when they issue a renewal notice to...
Tri-State Consumer Insurance Company to Pay $500K for Compliance Failures
Jul 12 2021 // Tri-State Consumer Insurance Company will pay a $500,000 penalty to New York state for multiple violations of New York law. A New York State Department of Financial Services (DFS) investigation uncovered that Tri-State...
Eight Leading Insurers and Reinsurers Launch Net-Zero Climate Alliance
Jul 12 2021 // Eight of the world’s leading insurance and reinsurance companies on Sunday launched an alliance to help speed up a transition to a net zero emissions economy. The companies, which include Europe’s top three...
AM Best Assigns Credit Ratings to Spinnaker Specialty Insurance Company
Jul 9 2021 // AM Best has assigned a financial strength rating of A- (excellent) and a long-term issuer credit rating of “a-” (excellent) to Spinnaker Specialty Insurance Company headquartered in Bedminster, New Jersey. The...
California Insurance Company Pressing for its ‘Day in Court’
Jul 8 2021 // U.S. District Court Judge William B. Shubb granted the motion by the California Department of Insurance to dismiss the lawsuit filed by California Insurance Co. against the CDI. Shubb acted in a manner consistent with his...
