Insurance Journal
JULY 18, 2024
An incident at the Vineyard Wind offshore wind energy project this week that scattered shards of fiberglass across Massachusetts beaches was the latest in a series of failures involving wind turbines built by GE Vernova.
Insurance Journal
JULY 15, 2024
Against a backdrop of intensifying climate protests targeting Wall Street, the heavyweights of US finance are pushing back against what they characterize as a fundamentally flawed debate.
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Insurance Journal
JULY 16, 2024
Yield-hungry insurance firms are adopting an unconventional strategy: they’re skipping mortgage-backed bonds and buying the underlying whole loans outright. It’s a trend that’s picked up pace over the last few years.
Insurance Journal
JULY 31, 2024
Natural catastrophes caused about $62 billion of insured losses in the first half of 2024 — roughly 70% above the 10-year average — as extreme wildfires, droughts and floods upend historical norms.
Insurance Journal
JULY 21, 2024
Reinsurance in Florida’s long-stressed property insurance market was supposed to have stabilized this year – with moderate rate increases and more availability.
Insurance Journal
JULY 24, 2024
The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates.
Insurance Journal
JULY 12, 2024
Allstate is seeking an increase in its California homeowners insurance premiums by an average of 34%. According to the California Department of Insurance, the Allstate homeowners filing was received by the Department on April 14, 2023.
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Insurance Journal
JULY 23, 2024
Britain’s Environment Agency on Tuesday lambasted the country’s water companies for spewing sewage into rivers and seas, saying the majority of them were failing to get the basics right, as it outlined plans for a tougher regulatory approach.
Insurance Journal
JULY 29, 2024
The U.S. homeowners insurance segment suffered a $15.2 billion underwriting loss in 2023, more than double the loss seen in the previous year and the line’s worst underwriting results since at least 2000, according to a new AM Best report.
Insurance Journal
JULY 23, 2024
Hackers have leaked internal documents stolen from Leidos Holdings Inc., one of the largest IT services providers to the US government, according to a person familiar with the matter.
Insurance Journal
JULY 21, 2024
Insurers could face a raft of business interruption claims after a worldwide tech outage crippled industries from travel to finance on Friday, insurance industry experts said.
Insurance Journal
JULY 17, 2024
California will have to build public charging stations at an unprecedented — and some experts say unrealistic — pace to meet the needs of the 7 million electric cars expected on its roads in less than seven years.
Insurance Journal
JULY 26, 2024
California Insurance Commissioner Ricardo Lara said on Friday that he and the California Fair Plan have agreed to establishing a new high value commercial coverage option with limits up to $20 million per building and other steps that he said …
Insurance Journal
JULY 23, 2024
The highest court in Massachusetts has ruled that rainwater accumulation on roofs of buildings does not constitute “surface waters” within the meaning of “flood” in property insurance policies.
Insurance Journal
JULY 23, 2024
A growing homeowners insurance crisis for Californians is straining brokers who must work harder to get increasingly expensive and more frequently unavailable coverage for their clients, a crisis many of them blame on regulations and wildfires.
Insurance Journal
JULY 18, 2024
A new report warns that compounding natural disasters introduce new, interconnected, and complex risk scenarios — and points to a need to reimagine efforts that support disaster preparedness, mitigation, and recovery “in an era of intensifying extreme weather-climate events and …
Insurance Journal
JULY 19, 2024
Estimated industry insured losses to onshore property from wind in the U.S. for Hurricane Beryl will range between $2 billion to $3 billion, Verisk’s Extreme Event Solutions business unit said.
Insurance Journal
JULY 31, 2024
Damaging earthquakes that rocked West Texas in recent days were likely caused by oil and gas activity in an area that has weathered tremors for decades, according to the U.S. Geological Survey.
Insurance Journal
JULY 30, 2024
Delta Air Lines has hired a law firm and will seek compensation from Microsoft and CrowdStrike over a global cyber outage earlier this month that disrupted flights around the world, CNBC reported on Monday.
Insurance Journal
JULY 28, 2024
Allstate’s Florida subsidiaries are nonrenewing some 33,000 condominium unit policies over the next several months, delivering another blow for beleaguered condo owners across the state.
Insurance Journal
JULY 25, 2024
The U.S. Federal Trade Commission has launched a study of products that could allow companies to set different prices for consumers based on their locations, past purchases, and other personal data.
Insurance Journal
JULY 23, 2024
The national auto insurance shopping and quoting rate reached a new high between April and June, but many insurers appear to have achieved or are approaching rate adequacy, “which should lead to less rate activity and perhaps less shopping in …
Insurance Journal
JULY 25, 2024
Uber Technologies Inc. and Lyft Inc. can keep classifying California drivers as independent contractors, after the state’s top court said a company-backed law passed by voters doesn’t wrongly curtail the legislature’s power over worker protections.
Insurance Journal
JULY 22, 2024
Industry stakeholders continue to try to get a grasp of the implications from last week’s massive technology outage affecting motley industries around the world, but the theme of policy language is reoccurring for a cyber insurance industry not known for …
Insurance Journal
JULY 23, 2024
A Southern California fire destroyed six homes and damaged seven others in a blaze that was reportedly ignited by fireworks. The Hawarden Fire started over the weekend and at one point threatened nearly 1,500 homes.
Insurance Journal
JULY 16, 2024
A once in 200-years storm dumped 11 inches of rain over four hours on the central Massachusetts town of Leominster in September, washing away culverts, creating a sinkhole that swallowed cars at a dealership and flooding the city council chambers …
Insurance Journal
JULY 16, 2024
Progressive Corp. today reported second quarter 2024 results of about $1.5 billion and a combined ratio of 91.9. Results for the Mayfield Village, Ohio-based insurer are in comparison to second quarter 2023 net income of $345.
Insurance Journal
JULY 29, 2024
HOUSTON (AP) — The number of Texas deaths after Hurricane Beryl came ashore and knocked out power to millions of residents climbed to at least 36 on Thursday as officials confirmed more people who died in homes that were left …
Insurance Journal
JULY 14, 2024
A new report asserts the impact of business email compromise incidents on U.S. companies is likely underestimated and misunderstood—and it shows that multifactor authentication and cybersecurity awareness programs may be the top two risk management controls to prevent BEC attacks.
Insurance Journal
JULY 19, 2024
A software update wreaked havoc on computer systems globally on Friday, grounding flights, forcing some broadcasters off air and hitting services from banking to healthcare.
Insurance Journal
JULY 12, 2024
Insurers’ losses from Hurricane Beryl will be “low and readily absorbed” and the storm is not expected to change pricing conditions in the P&C and reinsurance sectors, Moody’s Ratings said.
Insurance Journal
JULY 12, 2024
Florida Tax Watch, a nonprofit government watchdog in operation for 45 years, is urging state lawmakers to expand wind-mitigation tax breaks for homeowners struggling with higher insurance premiums.
Insurance Journal
JULY 25, 2024
ZestyAI, a provider of climate and property risk analytics solutions powered by artificial intelligence (AI), announced it has received approval for use in rating and underwriting from the Texas Department of Insurance for its complete suite of Severe Convective Storm …
Insurance Journal
JULY 14, 2024
Here’s a troubling phrase hurricane forecasters hate but often hear: “It’s just a Category 1. Nothing to worry about.” Or even worse: “Tropical storm? Just some wind and rain.
Insurance Journal
JULY 31, 2024
The Park Fire near Chico, California, at 609 square miles is now the fifth largest wildfire in history, destroying 277 structures and damaging 29, according to CalFire. The fire covers four counties—Butte, Plumas, Shasta, Tehama—and is 389,791 acres.
Insurance Journal
JULY 28, 2024
Trapped inside a car, the adult black bear and cub thrashed about. The horn was blaring and the radio blasting. Outside the car, a second cub ran around in apparent distress by the Connecticut home.
Insurance Journal
JULY 31, 2024
A global accounting body on Wednesday proposed guidance on how companies can do more to show the impact of climate change on their financial performance, saying standalone disclosures do not give investors the clarity they need.
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