Latest Carriers Headlines
All the headlines from our Carriers Topic Page, ordered by recency.
Maersk Tankers’ Fleet of Fuel Carriers Could Opt to Avoid Red Sea as Attacks Escalate
Dec 15 2023 // Maersk Tankers is to insist its fleet of fuel carriers have the option to avoid the Red Sea following an escalation in attacks on merchant ships in the area. The decision, set out in a notice seen by Bloomberg,...
SC Appeals Court: Insurer’s Bad Faith Meant Award Was 10X Policy Limit
Dec 14 2023 // Jose Castillo didn’t ask his insurance company to defend him from a lawsuit that alleged his shoddy construction caused millions of dollars in water damage to a townhouse project, so his insurer didn’t provide...
KBRA: Florida Insurers Got Creative in 2023 but Higher Reinsurance, Storms Coming
Dec 13 2023 // Things are looking up in the buffeted Florida market, but reinsurance rates will continue to rise for the next two years, and a 2024 hurricane season could be busy. It all suggests that property insurers will continue to...
Markets/Coverages: MGA Optio and Insurer Partner AmFirst to Offer Political Violence & Terrorism Cover
Dec 12 2023 // Optio Group, the London-based specialty managing general agent (MGA), announced it has entered into an agreement with a new insurer partner to provide underwriting capacity for political violence and terrorism (PVT)...
New York Fines Dental Insurer $400K Over Data Breach
Dec 11 2023 // New York Attorney General Letitia James today secured $400,000 from dental insurance provider Healthplex, Inc. for failing to properly protect the personal and medical information of New Yorkers. Healthplex, a Long...
With Differing Court Rulings on Pre-Suit Notice of Intent, Florida Insurers Left Guessing
Dec 11 2023 // On October 27, 2023, Florida’s 5th District Court of Appeal ruled that a personal injury protection pre-suit demand letter needs to include only a billing ledger and does not need to state the exact amount that the...
Kansas Insurance Companies to See Reduced Surplus Lines Tax Rate in 2024
Dec 8 2023 // Insurance companies in Kansas will pay a reduced surplus lines tax rate beginning next year after the legislature passed a law lowering the surplus tax rate from 6% to 3% for tax years 2024 and after. Kansas insurance...
Rising War Risks Prompt Insurers to Reassess Property Cover in Geopolitical Hot Spots
Dec 7 2023 // Insurers grappling with the rising risk of physical attacks on businesses due to war or civil disorder are reconsidering the breadth and scope of such cover in potential conflict hot spots. Political violence cover, which...
The Tools Carriers Need to Recruit for Busy Season
Dec 6 2023 // This post is part of a series sponsored by CoreLogic. ‘Busy season’ can mean a lot of things, depending on the industry you’re talking about. For accountants, the busy season leads up to the day taxes are...
Hailstorm Claims Risk Undermining Solar Energy, Insurer Says
Dec 6 2023 // Solar farms around the world are under threat due to costly hailstorm-related claims, according to renewable energy underwriter GCube Insurance. Hail was the costliest category for insurance claims by the renewables...
Insurers Heavily Exposed to Impact of Climate Change: Global Watchdog
Dec 6 2023 // Insurers are heavily exposed to the impact of climate change and also face risk from their alternative investments in reinsurance, the International Association of Insurance Supervisors said in a report on...
Federal Crop Insurance Provides Billions in Profit for Insurers, Says USDA
Dec 5 2023 // Roughly one-third of U.S. government spending to insure the nation’s crops since 2011 has gone to insurance companies that derive more than $1 billion in profit from the program each year, according to a government...
Former Root Marketing Exec Pleads Guilty to Taking Over $10 Million From the Insurer
Dec 1 2023 // Brinson Caleb “BC” Silver, former chief marketing officer for insurtech Root, has pleaded guilty to stealing more than $10 million from his former employer and violating court orders. According to the U.S....
Shadow Banks, Such as Insurers, Hedge Funds, Could Be Sitting on Elevated Risk: ECB
Nov 30 2023 // The European Central Bank may need to take on a bigger role in supervising shadow banks as they are now bigger than conventional lenders and may be sitting on elevated risk, the outgoing head of the ECB’s supervision...
P/C Insurers Face Challenging Claims Dynamics as Frequency, Severity Rise: Swiss Re
Nov 28 2023 // The property/casualty insurance industry is confronting challenging claims dynamics, with rising frequency and severity of claims despite decreases in economic inflation, according to Swiss Re. The pace of claims growth in...
Texas Judge Orders Houston Attorney to Reimburse Insurer $137,000 for “Frivolous” Lawsuit
Nov 28 2023 // A Texas judge has ordered a Houston plaintiffs’ attorney to reimburse an insurer $137,000 for the legal fees it expended to defend itself against a “frivolous” and “groundless” lawsuit that...
Title Insurer to Pay New York $1 Million Penalty Over 2019 Data Breach
Nov 28 2023 // The New York State Department of Financial Services (DFS) announced that First American Title Insurance Co. will pay a $1 million penalty to New York State for violations of DFS’s cybersecurity regulation stemming...
Texas Supreme Court Reverses Sanctions, Finds Carrier Had Right to Medical Records in UIM Case
Nov 22 2023 // The Texas Supreme Court on Friday reversed a Dallas County judge’s decision to sanction an insurer for making an “overbroad” discovery demand, finding that the carrier had a valid interest in the medical...
Governments Increasingly Will Foot Bill for Climate Risks as Insurers Exit: Report
Nov 22 2023 // As insurers start to pull out from markets battered by the fallout of climate change, governments are increasingly at risk of having to foot the bill, according to the Bank for International Settlements. “This trend,...
New Law Lets New York Auto Insurers Waive Photo Mandate Starting Next May
Nov 21 2023 // New York finally has a law on the books that allows insurance companies to waive pre-insurance photo inspections. Bills to permit inspection waivers have been introduced since 2009. Gov. Kathy Hochul recently signed one...
