Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Insurers’ Payments to Expert Witnesses Are Discoverable, Florida Supreme Court Says
Oct 18 2021 // Florida insurance companies and their lawyers must disclose their financial arrangements with expert witnesses when asked to do so in litigation, the state Supreme Court has decided. In two decisions last week, the high...
New York Mandates Continuing Education for Insurers in Flood Insurance, Diversity
Oct 18 2021 // The New York State Department of Financial Services (DFS) is mandating continuing education in flood insurance for property/casualty insurance producers in response to the increasing risk of flooding due to climate change....
U.S. Insurers’ Face ‘Minimal Exposure’ in China’s Evergrande Property Crisis
Oct 18 2021 // The U.S. insurance industry faces only minimal exposure to land development companies in China as one of that country’s largest property developers, Evergrande, appears on the brink of collapse. According to analysts...
Canary Islands’ Volcanic Eruption Reminds Insurers of Challenges of Non-Modeled Perils
Oct 18 2021 // The ongoing eruption of the Cumbre Vieja volcano, located on the La Palma Island in the Canary Islands archipelago of Spain, is a reminder to insurers of the challenges posed by non-modeled perils,” commented Michal...
U.S. Property Insurers Could be Facing $12.5B in Hidden Cyber Losses
Oct 18 2021 // The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate. A study conducted by...
Beyond the Portal: P/C Carriers Vie to Create Better Agency Digital Experiences
Oct 18 2021 // Agent digital experiences are moving to the forefront of property/casualty insurance carrier technology strategies, according to a recent survey report published by Celent. Just having a web portal isn’t going to cut...
Workers’ Compensation Insurers Find That as Opioid Cost Slows, Marijuana Grows
Oct 15 2021 // Workers’ compensation insurers have slashed spending on opioids, reducing the risk of addiction and delayed recovery, but now they are under increasing pressure to reimburse injured workers for a new kind of...
Florida Insurers Upheld in Three More AOB Court Rulings
Oct 14 2021 // Three more appeals in assignment-of-benefits cases have gone in favor of Florida property insurers. Florida’s 3rd and 4th District Courts of Appeal handed down opinions Wednesday that upheld lower courts and found...
People Moves: WTW Hires ERS’ Shepherd to Lead Facultative; Specialty Insurer Fusion Names Gallagher’s Simmonds as Managing Partner; AXIS’ Quane Is CUO at Beazley
Oct 14 2021 // This edition of International People Moves details appointments at broker Willis Towers Watson, specialty insurer Fusion and insurer Beazley. A summary of these new hires follows here. Willis Towers Watson Hires ERS’...
Johnson & Wales University Sues Insurer Over Pandemic Losses
Oct 13 2021 // Johnson & Wales University is suing its insurer over financial losses caused by the coronavirus pandemic, alleging the company breached its contract because it did not allow the university to claim pandemic-related...
China’s Anti-Graft Watchdog to Inspect Financial Regulators, State Banks, Insurers
Oct 13 2021 // China is inspecting the nation’s financial regulators, biggest state-run banks, insurers and bad-debt managers for the first time in six years to root out corruption in its $54 trillion financial system. A team led...
Lloyd’s Re/Insurer Apollo Receives $90M Investment From Alchemy Partners
Oct 12 2021 // Apollo Group Holdings Ltd., the largest independent, management-owned business at Lloyd’s, announced it has agreed a $90 million investment by Alchemy Special Opportunities Fund IV LP. Apollo said the investment will...
U.S. Property Insurers Could be Facing $12.5B in Hidden Cyber Losses
Oct 12 2021 // The U.S. property insurance market is accumulating cyber exposures that could result in $12.5 billion in non-physical damage losses and cause capital adequacy ratios for some carriers to deteriorate. A study conducted by...
J.D. Power Agents’ Survey Reveals Top-Ranked P/C Carriers (Story in Charts)
Oct 8 2021 // Neglected no more. Independent agents are feeling the love from property/casualty insurance carriers—and the scores they are giving carriers are moving higher, J.D. Power reports. According to results of the J.D. Power...
Insurers Could Owe $80M to Investors Suing Over 2016 Willis Merger With Towers Watson
Oct 8 2021 // Seven insurers that shared the risk for directors and officers policies sold to Towers Watson may have to pay up to $80 million for settlements with shareholders who cried foul after learning that the brokerage’s...
Report: A Fifth of U.S. Insurance Company Board Members Have Worked in Fossil Fuel Industry
Oct 7 2021 // A report out Thursday from a climate change advocacy group alleges that more than one-fifth of U.S. insurance company board members have worked for the fossil fuel industry, and that two-thirds of all U.S. insurance...
S. Africa Insurer Santam Loses Appeal in COVID-19 Business Income Case With Hotelier
Oct 7 2021 // JOHANNESBURG – South Africa’s Supreme Court of Appeal has ruled Santam is liable to cover the impact of COVID-19 restrictions on hotel group Ma-Afrika for 18 months, rejecting the insurer’s request for a...
Swiss Re Estimates Hurricane Ida Could Cost Insurers $30 Billion
Oct 6 2021 // On an industry level, Swiss Re now estimates that total insured market losses from Hurricane Ida to be in the range of $28–30 billion, excluding federal flood insurance losses. Hurricane Ida, the second-most intense...
California Orders 3 Insurers to Give Refunds for Those Who Drove Less During Pandemic
Oct 6 2021 // California Insurance Commissioner Ricardo Lara on Wednesday directed three auto insurance companies to reimburse California drivers the excess premiums they were charged from the start of the pandemic, or face legal...
‘Ambiguous’ Flood Deductible May Cost Carriers That Insured New Orleans Hotel
Oct 5 2021 // The redevelopment of the historic Jung Hotel and Residences in downtown New Orleans flooded four times before renovations were complete. The two insurers that issued a builder’s risk policy for the project thought...
