Francis Okyere, 70, a previously licensed insurance agent in Westlake Village, California, was arrested in relation to a scheme that involved him allegedly stealing multiple victims’ identities and using them to open a fraudulent insurance agency. The victims’ identities were …
The real price of anything is the toil and trouble of acquiring it.” — Adam Smith An insurance company is a portfolio of functional departments replete with skilled professionals providing a spectrum of services to get-and-keep customers. Unfortunately, few insurers …
This year marks the 25th anniversary of the cyber insurance market. While many industry observers view cyber coverage as a surging phenomenon in response to escalating incidence of random attacks, the first cyber policy was envisioned and crafted in 1997 …
Eighty-five year old Sam’s family and friends feared this was it. Sam, who lives alone, had fallen again and this time, he fractured his back. Days later as he was lying in the hospital bed wearing a back brace, he …
The insurance market for senior care and housing facilities has emerged from the volatile period of the pandemic and is again responsive and competitive. Premiums that were going up considerably are moderating in some subclasses and carriers that pulled away …
Historically, wholesale insurance brokers have been viewed through the limited perspective of being solely a transactional facilitator of submissions or an avenue to access additional markets, especially in the excess and surplus (E&S) marketplace. But now more than ever, the …
AM Best estimates that traditional reinsurance capital will drop by roughly $40 billion to $435 billion at year-end 2022, after hefty jumps recorded in each of the prior three years. The projected 8.4% decline to $435 billion for 2022 from …
Federal lawsuits, including a nationwide class action filed in California, have put a spotlight on a type of captive insurance program, charging its directors with a scheme that involved forged signatures and fake policies. The lawsuits, by Lexington Insurance, an …
The number of U.S. products recalled this year has already surpassed 1 billion, according to the U.S. product recall index released by Sedgwick’s brand protection division. Only two other years on record have seen more than 1 billion units recalled: …
The second quarter 2022 marked a full five years of premium increases for across all lines of commercial insurance business, according to the latest report from the Council of Insurance Agents and Brokers (CIAB). The average premium increase across all …
