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Showing posts from July, 2020

Lloyd's commits to female representation target

Market also launches Culture Dashboard and is set to undertake a second annual survey in October following heavy criticism of its culture in 2019. from Insurer - insuranceage.co.uk https://ift.tt/2EvZbNi

Grumpy Old Insurance Execs: Bunker, Cooter, Hanks and Smith on trading through a hard market

For the 36th episode of Post and Insurance Age’s Covid-Cast video series we gathered together an esteemed panel of ‘grumpy old insurance execs’ to talk about how to trade through a hard market, something many might have not experienced before. from Insurer - insuranceage.co.uk https://ift.tt/317Ar5x

COVID-19 Couldn’t Stop Robust Quarter for ILS Issuance: Aon

Usage of insurance linked securities the first six months of 2020 is already 20% higher than all of 2019, underscoring the sector’s momentum and resilience even with the coronavirus pandemic, Aon Securities said in a new report. Aon traced a … from News – Insurance Journal https://ift.tt/3gjvuNx

Canadian Life Insurers to See Double-Digit Profit Drop in Q2 on COVID-19 Impact

Canadian life insurers are set to see double-digit earnings decreases in the second quarter as the pandemic-induced economic slowdown has ushered in decade-low interest rates and weighed on sales. Analysts predict declines in underlying earnings per share of between 10% … from News – Insurance Journal https://ift.tt/2XbZrYi

BI court case judges aiming for draft judgement in mid-September

Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgement in the business interruption court case brought by the Financial Conduct Authority against UK insurers. from Insurer - insuranceage.co.uk https://ift.tt/313ALT4

Don’t Count on Lower Premiums Despite Pandemic-Driven Boon for Insurers

When COVID-19 smacked the United States in March and April, health plans feared medical costs could skyrocket, jacking up premiums drastically in 2021, when millions of the newly unemployed might still be out of work. But something else happened: Non-COVID care collapsed as hospitals emptied beds and shut down operating rooms to prepare for an expected onslaught of patients sickened by the coronavirus, while fear of contracting it kept people away from ERs, doctors’ offices and outpatient clinics. In many regions of the country, the onslaught did not come, and the billions of dollars lost by hospitals and physicians constituted huge savings for health plans, fattening their bottom lines. But that doesn’t mean consumers will see lower premiums next year. Numerous insurers across the country have announced plans to hike rates next year, though some have proposed cuts. Peter Lee, executive director of Covered California, appeared skeptical about premium reductions in the state’s Affor...

Pen increases solicitors’ PI capacity to more than £100m

The backing comes from A-rated capacity and lasts for three years. from Insurer - insuranceage.co.uk https://ift.tt/30YEAZG

EU Begins to Tackle Cyber Warfare with Targeted Sanctions

Taking a firm geopolitical stand, the European Union imposed sanctions on targeted individuals and entities from Russia, China and North Korea in a sign that it was tackling cyber warfare head on. As part of the measures, the six individuals … from News – Insurance Journal https://ift.tt/3jUiLmB

S. Africa Insurers’ COVID-19 Payments May Be Too Little, Too Late, for Some Businesses

South African small businesses fighting rejected coronavirus-related claims said insurers’ offers of relief are too little too late for many and could leave some already struggling to survive with nothing at all. Insurers around the world have argued COVID-19 lockdowns … from News – Insurance Journal https://ift.tt/3jYOHpW

Alabama Environmental Regulator, 3M Reach Agreement on Contamination Cleanup

The Alabama Department of Environmental Management announced Friday that it has reached an agreement with chemical giant 3M regarding cleanup of “forever chemicals” at its plant in Decatur and at multiple sites in northwest part of the state. The state … from News – Insurance Journal https://ift.tt/3153C9t

USG Insurance Services Hires Florida-Based Morgan

USG Insurance Services, Inc., a national wholesaler and MGA, has hired Mark Morgan as producer/broker: Property, in Tampa, Fla. Morgan has 19 years of industry experience, most recently serving as director of New Business Development for CAT Program at Community … from News – Insurance Journal https://ift.tt/30elGi6

Swiss Re Confirms H1 Loss of $1.1B with Combined Ratio of 115.8%

Reinsurance company Swiss Re said on Friday the $2.5 billion in claims and reserves related to COVID-19 that it booked in the first half of the year would likely cover the bulk of its pandemic-related losses. The Zurich-based company, confirming … from News – Insurance Journal https://ift.tt/3gbuKKi

NYPD Reports $1M in Damage to 303 Police Cars Since Floyd Death

New York City police say 303 department vehicles have been vandalized since George Floyd’s May 25 death, causing nearly $1 million in damage. The department said Monday that 14 vehicles were a total loss because of fire damage, seven are … from News – Insurance Journal https://ift.tt/318iLa0

Pennsylvania Extends Grace Period for Expiring Driver Licenses

Pennsylvania reported more than 800 new confirmed coronavirus cases on Wednesday, as continuing concern about the virus prompted a new grace period for drivers with expiring licenses. The state Department of Transportation extended the expiration dates for driver licenses, identification … from News – Insurance Journal https://ift.tt/3fhB1TB

Insurance Broker PCF Acquires Avidity Insurance in Kansas

PCF Insurance Services (PCF), headquartered in Woodland Hills, Calif., has acquired Avidity Insurance, an Overland Park, Kansas-based independent insurance agency founded in 2013 by Will Wilson. Avidity offers home, auto, business, life and specialty insurance products and services. Founded in … from News – Insurance Journal https://ift.tt/30hAQU5

Liberty Mutual’s Aldous Joins EverQuote as VP of Insurance Data, Product Services

EverQuote, Inc., an online insurance marketplace, has added Michael Aldous as vice president of Insurance Data and Product Services. Aldous joins EverQuote from Liberty Mutual Insurance, where he led teams responsible for the development and launch of digital accident & … from News – Insurance Journal https://ift.tt/39P6g7h

Megadroughts Brought by Climate Change a Challenge for Texas Ranchers

Arthur Uhl III has been ranching for 30 years and routinely has the same lament: “It doesn’t rain enough.” Uhl, who works on his family’s San Angelo-area ranches, needs the rain to grow the grass that feeds his livestock. But … from News – Insurance Journal https://ift.tt/3fje7Lo

Schools, not Local Health Officials, Decide on Class Start, Texas AG Says

Local health officials in Texas do not have the authority to close schools to prevent spread of the coronavirus, state Attorney General Ken Paxton said July 28, pushing that decision solely into the hands of school officials. Paxton issued a … from News – Insurance Journal https://ift.tt/3fh9AZQ

UPS Freight to Pay $75K to Resolve Kansas Disability Discrimination Lawsuit

UPS Freight will pay $75,000 to resolve a three-year old federal lawsuit over disability discrimination at its service center in Kansas City, Kansas, federal authorities said. The U.S. Equal Employment Opportunity Commission (EEOC) filed suit in August 2017 (Equal Employment … from News – Insurance Journal https://ift.tt/30e8wlc

Former Michigan Insurance Agent Pleads No Contest to Embezzlement Charges

A plea deal has been reached with a former Genesee County, Michigan, insurance agent who allegedly embezzled from her clients and provided them with phony insurance certificates for home and auto insurance, the state’s department of insurance reported. The Michigan … from News – Insurance Journal https://ift.tt/33cKjxy

Chubb CEO Says U.S. Failure to Manage Covid-19 Hurts Economy, Global Image

Global insurer Chubb’s employees have begun to return to their offices in many countries around the world as governments have brought the coronavirus pandemic under control. However, the United State government has not been able to get the virus under … from News – Insurance Journal https://ift.tt/3gbhyVM

As Benefits Expire, Senate Adjourns Without Congressional Deal on Coronavirus Aid

Just one day before a federal jobless benefit was set to expire, the U.S. Congress was no closer on Thursday to a deal extending or replacing the extra $600 per week in payments to tens of millions of Americans thrown … from News – Insurance Journal https://ift.tt/3fh9xx8

First Fidelity Brokerage of N.Y., Moulton Insurance of Ma., Acquired by PCF

PCF Insurance Services (PCF), headquartered in Woodland Hills, Calif., has acquired two brokerages based in the Eastern U.S. The brokerages that have joined PCF include: First Fidelity Brokerage, a New York City-based full-service property & casualty insurance broker with a … from News – Insurance Journal https://ift.tt/2EtA8ue

London Expects Only Half of Bankers to Return to Their Offices by Year-End

London’s normally buzzing financial districts will still be a pale shadow by the end of the year, as banks plan for no more than half their staff, who have mostly worked from home throughout the COVID-19 pandemic, to come to … from News – Insurance Journal https://ift.tt/3feLmj8

Lloyd’s Dive In festival opens registration

The diversity event is taking place virtually this year and has speakers including the first British astronaut Helen Sharman and BBC presenter Naga Munchetty. from Insurer - insuranceage.co.uk https://ift.tt/3gdFQhZ

RSA posts drop in premium in H1 2020

Provider expects Covid-19 premium slip of £110m for the group, including an estimated £81m impact in the UK & International business, as it also reveals a £33m loss on its UK and London market exit portfolios. from Insurer - insuranceage.co.uk https://ift.tt/39EcLtq

Finnish provider in cash offer talks with Hastings

Sampo Oyj has approached the business along with Rand Merchant Investment Holdings. from Insurer - insuranceage.co.uk https://ift.tt/2EAex3x

Generali’s H1 Net Profit Drops 56.7% to €774M ($909.8M) with €84M ($98.7M) COVID Hit

Generali’s first half net profit dropped by 56.7% to €774 million ($909.8 million), compared with €1.8 billion (US$2.1 billion) reported for the same period in 2019. The combined ratio improved to 89.5% (91.8% in H1 2019), driven by the improvement … from News – Insurance Journal https://ift.tt/2Xa3xQy

QC accuses FCA of failure to show causal connection between government action and the disturbance to the insured businesses

Insurers argued the Financial Conduct Authority is “unable to demonstrate” any meaningful connection between the action taken by the UK government on a national basis in response to Covid-19 pandemic and the locality of firms’ premises, as the court heard submissions from Zurich, QBE and Argenta yesterday. from Insurer - insuranceage.co.uk https://ift.tt/337kzTg

Missourians to Vote on Medicaid Expansion as Crisis Leaves Millions Without Insurance

ST. LOUIS — Haley Organ thought she had everything figured out. After graduating from a small private college just outside Boston, she earned her master’s degree, entered the workforce and eventually landed a corporate job here as a data analyst. Life seemed to be going as planned until the national retailer that Organ worked for announced furloughs during the coronavirus pandemic. After nine weeks of mandatory leave, the 35-year-old was laid off. The company gave her a severance package and put an expiration date on her health insurance plan. “I haven’t slept the whole night since about March,” Organ said earlier this summer. “I can’t turn my brain off, just worrying about everything.” Organ filed for unemployment, adding her claim to more than 40 million others nationwide since the pandemic took hold in mid-March, according to the Department of Labor. That’s about 1 in 4 U.S. workers. As a result of the unemployment crisis, millions of people lost access to their private health in...

Medi-Cal Agency’s New Head Wants to Tackle Disparities and Racism

When Will Lightbourne looked at the statistics behind California’s coronavirus cases, the disparities were “blindingly clear”: Blacks and Latinos are dying at higher rates than most other Californians. As of Monday, Latinos account for 45.6% of coronavirus deaths in a state where they make up 38.9% of the population, according to data collected by the California Department of Public Health. Blacks account for 8.5% of the deaths but make up 6% of the population. Lightbourne, who led California’s Department of Social Services under Gov. Jerry Brown, describes this pandemic as one that “rips the bandage off” a health care system long riddled with inequity. So, when Gov. Gavin Newsom asked Lightbourne, 70, to come out of retirement in June to lead the Department of Health Care Services, he said, he couldn’t say no. “He has committed his whole professional life to public service,” said Mike Herald, director of policy advocacy at the Western Center on Law & Poverty. “He’s not joking...

New Hampshire Investigating Ventilation in Nursing Homes After Virus Outbreaks

New Hampshire health and fire safety officials will spend the next two weeks investigating whether ventilation systems have contributed to coronavirus outbreaks at nursing homes, Gov. Chris Sununu said Tuesday. More than 30 long-term care facilities have experienced outbreaks, and … from News – Insurance Journal https://ift.tt/312Wbj4

Finland’s Sampo Oyj Explores Cash Offer of UK Insurer Hastings

Finnish insurance group Sampo Oyj is exploring an entry into the UK market with a potential bid for general insurer Hastings Group Holdings Plc. Sampo and Hastings’s biggest shareholder, Rand Merchant Investment Holdings Ltd., have approached the London-listed insurer about … from News – Insurance Journal https://ift.tt/3fjrkUM

Order by Connecticut Gov Presumes Workers Comp Benefits for Essential Employees

Connecticut Gov. Ned Lamont has signed an executive order that state union leaders predict will provide hundreds, possibly thousands, of front-line workers “presumptive eligibility” for workers compensation benefits if they contracted the coronavirus while on the job during the early … from News – Insurance Journal https://ift.tt/30UQHa8

RB Jones Marine Hires Great American’s Gambino, Adds Ocean Cargo Product

RB Jones Marine, a business unit of H.W. Kaufman Group that focuses on the commercial marine and excess energy space, has launched an Ocean Cargo Stock Throughput Product in partnership with Atain Insurance Companies. RB Jones has also added John … from News – Insurance Journal https://ift.tt/2P8YjAw

Houston’s CrossCover Insurance Services Adds 3 to Leadership Team

Houston-based CrossCover Insurance Services, a managing general underwriter (MGU) of middle-market commercial properties, has expanded its leadership team with the appointments of Brett Dupre, director of Specialty and Underwriting; Sam McBirney, director of General Property; and Mason Rudloff, director of … from News – Insurance Journal https://ift.tt/2D4gept

New Orleans Archdiocese nears Settlement with US over Katrina Aid

The Roman Catholic Archdiocese of New Orleans is nearing a settlement with federal authorities in a lawsuit alleging fraud involving Hurricane Katrina aid, according to court records filed on July 27. The federal court filing in New Orleans says federal … from News – Insurance Journal https://ift.tt/2P57F05

Wisconsin Monitoring Contaminated Water Spill from Fire Extinguisher Maker

Wisconsin environmental officials said July 27 that they’re monitoring cleanup of what they’re calling an accidental release of contaminated river and groundwater at a Marinette plant that manufactures fire extinguishers and fire suppression systems. Department of Natural Resources officials said … from News – Insurance Journal https://ift.tt/39EdjzD

Claiming Plaintiff Farmer Not Ruined, Bayer Says Herbicide Verdict Should Be Tossed

Bayer AG contended in court papers that a jury verdict in favor of a Missouri peach farmer was based on a false premise because a private investigator it hired found the farmer was still in business. A jury in U.S. … from News – Insurance Journal https://ift.tt/39EZSzg

Without More Aid, Many Small Businesses Won’t Make It

OAKLAND, Calif./NEW YORK — After surviving two strokes at age 27, Olivia Colt threw herself into starting a catering business, a lifelong dream. Ten years and another stroke later, she had built Salt & Honey Catering Plus Events into a … from News – Insurance Journal https://ift.tt/30e7MNf

CoreLogic Bidders Seek Shareholders’ Support to Replace Nine Directors

The investors seeking to take over CoreLogic Inc. plan to solicit support from fellow shareholders to replace nine directors, after the company rejected their $7 billion proposal to take it private. Cannae Holdings Inc. and Senator Investor Group previously said … from News – Insurance Journal https://ift.tt/2D4y3oa

The Importance of Forensic Accounting to Future Hurricane BI Claims

As a licensed general contractor and a certified public accountant in South Florida who has been advising clients in accounting- and construction-related issues for the past 15 years, I have seen hurricane seasons come and go – and I have … from News – Insurance Journal https://ift.tt/3fcW7CD

PCF Insurance Services Acquires Horizon Insurance of Florida

PCF Insurance Services (PCF), headquartered in Woodland Hills, Calif., has acquired Horizon Insurance, a Bradenton, Fla.-based provider of personal, commercial and financial services insurance. Horizon Insurance is an independent agent started in February 2004 when Lori P. Augustyniak purchased the … from News – Insurance Journal https://ift.tt/39IK7ro

Police: Hell’s Angel Sparked Destructive Riots in Minneapolis

Police say a man captured on surveillance video breaking windows at a south Minneapolis, Minn., auto parts store in the days after George Floyd’s death is a Hell’s Angels member who was bent on stirring up social unrest. Dubbed “Umbrella … from News – Insurance Journal https://ift.tt/2CR5Wch

Washington Extends Relief for Employers Struggling to Pay Workers’ Comp

The Washington State Department of Labor & Industries is again extending the deadline for employers that are finding it difficult to pay their workers’ compensation premiums during the COVID-19 outbreak. Under L&I’s extension, employers who are participating in the Employer … from News – Insurance Journal https://ift.tt/39FUUTe

Higginbotham Enters New Mexico with Pat Campbell Merger

Higginbotham and Pat Campbell Insurance, an independent agency in Las Cruces, N.M., have merged operations. Both firms broker commercial and personal property/casualty insurance, employee benefits and individual life and health insurance. This is Higginbotham’s first brick-and-mortar in New Mexico, adding … from News – Insurance Journal https://ift.tt/3ge9Wln

Insurance Broker Acrisure Acquires Tulco’s Artificial Intelligence Insurance Business

Insurance broker Acrisure announced that it has acquired artificial intelligence (AI) company Tulco LLC’s insurance practice with the aim of bringing data science, AI and machine learning capabilities to the insurance brokerage industry. Acrisure said it will harness AI capabilities … from News – Insurance Journal https://ift.tt/39AnR2O

Hawaii’s Battle is Now Complacency Following Another Hurricane Near-Miss

Hurricane Douglas joined a long list of hurricanes that have come near the Hawaiian Islands but didn’t cause major damage. Kauai Mayor Derek Kawakami said such experiences unfortunately help people become complacent and think disaster will never strike them. “What … from News – Insurance Journal https://ift.tt/2BJy5kW

Moderate Aftershock of M7.8 Quake Off Alaska Confirmed

A moderate earthquake, an aftershock of last week’s magnitude 7.8 quake off the Alaska Peninsula, occurred in the same region Monday, the Alaska Earthquake Center confirmed. The center said Monday’s quake had a preliminary magnitude of 5.5 and was located … from News – Insurance Journal https://ift.tt/2X774iQ

Brown & Brown CEO Sees ‘Sporadic’ Economic Recovery Ahead After Own COVID Recovery

Insurance broker Brown & Brown, Inc. reported second quarter revenues of $598.8 million, an increase of $23.6 million, or 4.1%, compared to the second quarter of the prior year, Commissions and fees increased in the quarter by 4.4% and organic … from News – Insurance Journal https://ift.tt/332cPlD

Sabre reports GWP of £86.9m for first half of 2020

The motor insurer said it had continued focus on a strategy of prioritising underwriting profitability over volume whilst reflecting Covid-19 impacts using a data-driven pricing approach. from Insurer - insuranceage.co.uk https://ift.tt/2BEHSsm

Moped Sharing Firm Revel Halts New York Service After Second Reported Death

Electric moped sharing service Revel said on Tuesday it was suspending service in New York after a string of accidents and reports of a second rider killed in the city in recent weeks. Revel said in a statement it was … from News – Insurance Journal https://ift.tt/39B0GoQ

South Korea Investigates Suspected Safety Issues with Tesla Vehicles

South Korea said it is investigating suspected safety issues with vehicles made by U.S. automaker Tesla Inc, which is competing strongly with Hyundai Motor Co in the South Korean electric vehicle market. Braking and steering systems including the Autopilot function … from News – Insurance Journal https://ift.tt/2X5uHZ9

Man Arrested in Connection with Delaware Church Fire Causing $250K in Damages

A Delaware man has been accused of setting multiple fires inside a church sanctuary. The Delaware State Fire Marshal’s office arrested Thomas Loftis III in connection with the blaze that erupted at Reach Church, news outlets reported. He was captured … from News – Insurance Journal https://ift.tt/30ZTv5M

First American Insurance Agency Acquires Massachusetts’ Morin & Foy

First American Insurance Agency, an independent insurance firm, has acquired Morin & Foy, a property and casualty firm situated in Brimfield, Mass. First American Insurance Agency is only acquiring the Brimfield, Mass., location. Morin & Foy serves its surrounding communities … from News – Insurance Journal https://ift.tt/3gbEWTd

InsurTech NY Opens Applications for October Cohort

InsurTech NY has announced that it will be accepting applications for its growth-stage InsurTech accelerator. The application window will be open from July 21 to August 17, and applications will be accepted through the InsurTech NY website. The program will … from News – Insurance Journal https://ift.tt/331PPTP

FCA reveals vulnerable customer guidelines

Insurance Cares: The watchdog has called on financial services firms to do more to ensure vulnerable customers receive positive outcomes as it consults on guidance. from Insurer - insuranceage.co.uk https://ift.tt/33hYOAz

Aon and Insurtech Skytek Collaborate to Track Marine Assets During Hurricane Season

With the National Oceanic and Atmospheric Administration (NOAA) warning 2020 will see “above-normal” hurricane activity, Skytek, in collaboration with Aon plc, has responded to the needs of marine re/insurance companies with a new hurricane tracking system, which enables them to … from News – Insurance Journal https://ift.tt/30RqpWg

Analysis: Fintech Funding Slides as Coronavirus Casts a Chill with Venture Capitalists

Aritra Chakravarty, founder of London-based online accounts and investments provider Dozens, admits it’s a tough time to be seeking up to 15 million pounds ($19 million) for a start-up. “It’s definitely a bearish market” said Chakravarty, who is seeking funding … from News – Insurance Journal https://ift.tt/3f7bRqI

Insurers’ QC claims FCA is “forcing a square peg into a round hole” in BI test case

Providers argue regulator’s case doesn’t work because access to premises was not prevented during pandemic as lawyers for Hiscox, Ecclesiastical, MS Amlin, Arch Insurance and Zurich make their submissions. from Insurer - insuranceage.co.uk https://ift.tt/3hKwdrf

First Insurance Company of Hawaii Launches Admitted Parametric Product

First Insurance Company of Hawaii (FICOH) has launched a parametric product for Hawaii homeowners and renters. The FirstTrack product provides coverage for expenses that fall below most hurricane policy deductibles, including hurricane preparation and immediate post-hurricane expenses. According to FICOH, … from News – Insurance Journal https://ift.tt/336rGeO

S. African Insurers Bow to Policyholder Demands to Pay COVID Biz Interruption Claims

South African insurers are bowing to demands for the payment of losses that businesses suffered during the nation’s lockdown. Momentum Metropolitan Holdings Ltd.’s Guardrisk will make settlement payments to policyholders who submitted business-interruption claims for losses suffered when all but … from News – Insurance Journal https://ift.tt/2CNWDd7

Colonial Claims of Florida Appoints Cerasuolo as Chief Executive Officer

Colonial Claims, an independent insurance claims service company, has appointed John Cerasuolo as its new chief executive officer. Cerasuolo will work on Colonial’s executive management team, and will serve alongside founder Doug Branham, who will continue his involvement as chairman. … from News – Insurance Journal https://ift.tt/3jOSIgH

Kentucky Bars Ordered to Close, Restaurants to Reduce Capacity as Virus Spikes

Kentucky’s governor on Monday ordered that bars close and restaurants scale back indoor service and urged school districts to wait until later in August to resume in-person classes in a new round of actions to combat a spike in coronavirus … from News – Insurance Journal https://ift.tt/2X7axOj

Rising Virus Cases Spark Concern for Florida Nursing Homes

The coronavirus transformed Florida’s nursing homes into closely guarded fortresses beginning in March, with the state banning family visits, isolating infected residents in separate wings and now requiring staff be tested every two weeks. But the explosion of cases statewide … from News – Insurance Journal https://ift.tt/3fg1vF6

Celebrating Insurers Warned Michigan COVID Ruling Not the Knockout Punch They Wanted

A recent ruling from a Michigan judge that business interruption claims payouts require tangible alteration to a property may have sounded like a knockout win for the insurance industry but a legal expert has a slightly different take. Tom Baker, … from News – Insurance Journal https://ift.tt/3f8tZQZ

McConnell’s Liability Shield Among Hurdles for Coronavirus Relief Bill

Stimulus talks between President Donald Trump’s representatives and Democrats bogged down Tuesday over demands by Senate Majority Leader Mitch McConnell that his proposed changes to liability law be included wholesale in the aid package. House Speaker Nancy Pelosi said McConnell’s … from News – Insurance Journal https://ift.tt/2P5vKni

Citing Safety, Union Sues to Block Trump Waivers That Speed Up Poultry Lines

A food workers’ union filed a federal lawsuit Tuesday to block Trump administration waivers that allow poultry plants to operate production lines at a faster pace, arguing the higher speeds endanger employees. The suit challenges the U.S. Department of Agriculture’s … from News – Insurance Journal https://ift.tt/30WteVV

COVID-19 Surge in Texas Amid Hurricane Hanna Cleanup in Texas

As recovery and cleanup efforts got underway on July 27 in South Texas in the wake of a downgraded Hurricane Hanna, worried residents confronted the prospect of undertaking the effort amid a surge in coronavirus cases that has left many … from News – Insurance Journal https://ift.tt/3g4sIvs

Firms Need Immediate Rethink on U.S. Data Transfers, Says EU Privacy Watchdog

Companies seeking to transfer data to the United States must revert to new arrangements with immediate effect after the Privacy Shield transatlantic pact was declared invalid last week, a European Union watchdog said on Friday. The privacy watchdog said the … from News – Insurance Journal https://ift.tt/3jOYQp6

Average Age of Cars Americans Are Driving Nears 12 Years: IHS Markit

Americans are hanging on to their cars and trucks longer, pushing the average age of vehicles on the road to the highest level in nearly 20 years even before the coronavirus hit, according to new data from IHS Markit Ltd. … from News – Insurance Journal https://ift.tt/2X3URLU

Insurtech Zego Partners with E-Scooter Firm, Ginger, to Insure 1st UK E-Scooter Trial

London-based insurtech Zego has partnered with e-scooter company, Ginger, to provide insurance for the UK’s first ever e-scooter trial, which has just launched in the Tees Valley, a city region in the north east of England. The partnership follows the … from News – Insurance Journal https://ift.tt/30VbVVb

The Duffy Family of Insurance Agencies Acquires The N. Pingree Insurance Agency

The N. Pingree Insurance Agency and its Georgetown and Haverhill, Mass., offices have joined the Duffy Family of Insurance Agencies. N. Pingree Insurance Agency was established in 1938 by H. Nelson Pingree. Brothers Robert and Calvin Pingree took over for … from News – Insurance Journal https://ift.tt/3hFtrnl

Court Rules New Jersey Can Shut Down Gym That Defied Closure

A state judge ruled that New Jersey authorities can shut down a gym that has repeatedly defied Governor Phil Murphy’s executive order to remain closed during the COVID-19 pandemic. The ruling held Atilis Gym of Bellmawr, in the Philadelphia suburbs, … from News – Insurance Journal https://ift.tt/3jR3inA

Sapiens International Corporation Enters Agreement to Acquire Delphi Technology

Sapiens International Corporation, a global provider of software solutions for the insurance industry, has entered into a definitive agreement to acquire Delphi Technology Inc. (Delphi), a Boston, Mass.-headquartered vendor of software solutions for property and casualty carriers with a focus … from News – Insurance Journal https://ift.tt/3hJmBgG

Insurtech Fundraising Rises in Q2 with $1.6 Billion Invested

Following the COVID-19-induced slowdown in global insurtech investment during the first months of 2020, insurtech firms raised $1.56 billion during the second quarter. The total, up 71% over Q1, was driven in part by later-stage investments, including four “mega-rounds” in … from News – Insurance Journal https://ift.tt/3jN7p40

Roles from LV and L&G at risk amid redundancy programme

LV General Insurance has revealed “worst case scenario” of up to 600 job cuts as it restructures and integrates L&G. from Insurer - insuranceage.co.uk https://ift.tt/3g8zn83

Unprecedented challenge for broker PI as prices double and exclusions threaten non-compliance

News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are allowed. from Insurer - insuranceage.co.uk https://ift.tt/2X40TvJ

LV puts 600 roles at risk of redundancy

The cull follows the acquisition of Legal & General as the personal lines insurer seeks to integrate the businesses and streamline its claims function. from Insurer - insuranceage.co.uk https://ift.tt/3giRxDS

Munich Re’s Head of Epidemic Risk Solutions Discusses Pandemic Insurance Market

Summary: Dr. Gunther Kraut, head of Epidemic Risk Solutions at Munich Re, discusses the current state of the pandemic insurance market and what can be expected for the future. He says one of the challenges of developing this market, aside … from News – Insurance Journal https://ift.tt/3hHqlPB

Hiscox QC accuses FCA of “tearing up the rule book on causation”

Jonathan Gaisman, QC, branded parts of the Financial Conduct Authority’s arguments as camouflage, a misuse of language and “blurring every divisible thing into one amorphous mass” as he defended Hiscox in the ongoing business interruption test court case. from Insurer - insuranceage.co.uk https://ift.tt/3f3dXYF

The COVID-19 Downturn Triggers Jump in Medicaid Enrollment

Reversing a three-year decline, the number of people covered by Medicaid nationwide rose markedly this spring as the impact of the recession caused by the outbreak of COVID-19 began to take hold. Yet, the growth in participation in the state-federal health insurance program for low-income people was less than many analysts predicted. One possible factor tempering enrollment: People with concerns about catching the coronavirus avoided seeking care and figured they didn’t need the coverage. Program sign-ups are widely expected to accelerate through the summer, reflecting the higher number of unemployed. As people lose their jobs, many often are left without workplace coverage or the money to buy insurance on their own. Medicaid enrollment was 72.3 million in April , up from 71.5 million in March and 71 million in February, according to the latest enrollment figures released last week by the Centers for Medicare & Medicaid Services. The increase in March was the first enrollment up...

Removal of Wrecked Cargo Ship in Georgia Port Stalled by Virus, Hurricane Season

Efforts to cut apart and remove a capsized cargo ship off the Georgia coast are being delayed for more than two months because of hurricane season and challenges posed by the coronavirus, project leaders said Friday. Those operations will be … from News – Insurance Journal https://ift.tt/2P2KWBC

West Virginia City Faces Health Crisis from Water Outage

A southern West Virginia town has been without water service for several days after a pump broke, prompting concerns about a shortage of a precious resource during the coronavirus pandemic. Residents of the 563-customer system are having to scramble to … from News – Insurance Journal https://ift.tt/2Da2Ek0

Judge Nixes 7% Plaintiffs Attorneys’ Fee on Opioid Settlements

A federal judge overseeing thousands of opioid lawsuits declined on Monday to grant a demand by plaintiffs attorneys for fees that could be worth billions of dollars, a request drug company defendants had said would jeopardize settlement talks. In February, … from News – Insurance Journal https://ift.tt/303r8V2

Trump Administration Wants FCC to Write Rules on Liability for Social Media Content

A U.S. Commerce Department agency on Monday petitioned the Federal Communications Commission to reinterpret a 1996 law to require transparency in how social media companies moderate content, after President Donald Trump asked it to intervene in the matter. Trump directed … from News – Insurance Journal https://ift.tt/3jOSy8S

U.S. Volkswagen Owners Cheated in Diesel Scam Receive $9.8 Billion in Settlements

U.S. buyers of polluting Volkswagen AG vehicles received more than $9.8 billion in settlements, the Federal Trade Commission (FTC) said on Monday. Volkswagen agreed to offer to buy back or repair more than 550,000 polluting diesel U.S. vehicles after it … from News – Insurance Journal https://ift.tt/3g1lvfH

California Scrutinizing Amazon’s Treatment of Workers During Coronavirus Outbreak

California’s attorney general and state and local agencies are investigating whether Amazon.com Inc. has taken adequate steps to protect its workers from the coronavirus pandemic, according to a court filing on Monday. Attorney General Xavier Becerra’s office, California’s Division of … from News – Insurance Journal https://ift.tt/3hH3X8Z

Workers Compensation Rates Could Start Rising in 2021, Says W.R. Berkley CEO

For W.R. Berkley Corp. and most other workers’ compensation carriers, rates have declined for some time. That trend could start reversing itself starting in 2021, CEO W. Robert Berkley Jr. predicted recently. “I would not be surprised as we make … from News – Insurance Journal https://ift.tt/2X4Gpmy

IAT Insurance Adds Open Lot Coverage for Franchised Auto Dealerships

IAT Insurance Group has expanded its multi-line DealerPack offerings for franchised auto dealerships to include dealers open lot insurance. Key elements of the policies include: Available as an option within the DealerPack package policy Guaranteed cost Available for “non-floored only” … from News – Insurance Journal https://ift.tt/2X1GUxT

Florida’s Citizens Won’t Resume Policy Cancellations in August After All

Florida’s state-run insurer Citizens Property Insurance Corp. will extend its moratorium on cancellations until the end of 2020 despite saying earlier this month it would resume processing them on Aug. 15. The decision comes after Florida CFO Jimmy Patronis urged … from News – Insurance Journal https://ift.tt/3hJ13kk

Credit Scoring Battle Brewing Between Washington Commissioner and Insurer Groups

Insurer groups are taking issue with push by Washington Insurance Commissioner Mike Kreidler to prohibit insurers from including information from consumer credit histories in the insurance scores used to calculate premiums for auto, homeowners, renters and life insurance policies. Kreidler … from News – Insurance Journal https://ift.tt/39yYiPJ

California Governor Pledging to Support Essential Workers

California Gov. Gavin Newsom pledged Friday to do more to protect farm workers, grocery clerks and other essential workers – many of whom are Latino –from the health and economic harms of the coronavirus as the infection spreads through their … from News – Insurance Journal https://ift.tt/2CQcuaQ

Harry And Meghan File Lawsuit Over Photo of Son at California Home

Prince Harry and Meghan Markle sued to stop the sale and publication of a photo of their son Archie that they say was shot at their Los Angeles-area home in invasion of their privacy. The royal couple gives a detailed … from News – Insurance Journal https://ift.tt/3g40j8Z

Windows Broken Fire Set During Seattle Protests

Protesters in Seattle broke through a fence Saturday where a youth detention facility was being built, with some people setting a fire and damaging a portable trailer, authorities said. Thousands of protesters ad gathered near downtown Seattle on Saturday in … from News – Insurance Journal https://ift.tt/303Q0vW

Anchorage Tsunami Alerts Were Sent by Mistake, Officials Says

The magnitude 7.8 earthquake in the Aleutian Islands last week should not have sent tsunami alerts as far as Anchorage, Alaska’s most populous city, the Alaska Tsunami Warning Center said. The warnings were justified for coastal communities where they prompted … from News – Insurance Journal https://ift.tt/330KsUS

Berkshire Hathaway GUARD Offers Accountants Professional Liability in Pennsylvania

Berkshire Hathaway GUARD Insurance Companies recently announced it added Pennsylvania to the list of states where the insurer offers its Accountants Professional Liability product. In 2016, it began writing Professional Liability for a limited number of classes in 13 states … from News – Insurance Journal https://ift.tt/3f1eKcp

Delaware Judge Upholds Dismissal Call in Softball Injury Lawsuit

A Delaware judge has refused to overturn her decision to toss a lawsuit by a paralegal who said he was targeted for retaliation after being injured while playing on his law firm’s softball team and filing a workers’ compensation claim. … from News – Insurance Journal https://ift.tt/2Da5CVE

Concern Over Small Businesses Grows as Coronavirus Resurges, Federal Aid Expires

The number of outright failures of U.S. small businesses in the first months of the coronavirus pandemic was comparatively modest, but the months ahead look far grimmer as cash balances dwindle, federal help expires, and the disease surges back. That … from News – Insurance Journal https://ift.tt/330hLaK

AIR Worldwide Releases Updated Earthquake Model for Australia

Catastrophe risk modeling firm AIR Worldwide (AIR) announced the release of its updated Earthquake Model for Australia. These updates were prompted by findings in the National Seismic Hazard Model from Geoscience Australia (GA), which challenged established conceptions of Australia’s seismic … from News – Insurance Journal https://ift.tt/2CRq2TE

The Hilb Group Acquires Massachusetts’ Eldredge & Lumpkin Insurance Agency

The Hilb Group LLC (THG) has acquired Massachusetts-based Eldredge & Lumpkin Insurance Agency Inc. (E&L). The transaction became effective on July 1, 2020. Located in Chatham, Mass., E&L is a full–service agency primarily providing property and casualty insurance for personal … from News – Insurance Journal https://ift.tt/3hH9xbC

AXA XL Presents New Leadership Team for Americas

As part of the proposed changes to its insurance operating model announced in April, AXA XL has appointed its new Americas leadership team, reporting to Joe Tocco, chief executive officer for the Americas. The appointments include: Donna Nadeau to chief … from News – Insurance Journal https://ift.tt/2CUH831

Meat Packing Plant Owners Defend Operations During Pandemic

As part of an investigation into the spread of coronavirus at U.S. meat plants, Democratic Senators Elizabeth Warren and Cory Booker released responses from major producers that defended their operations during the pandemic. The four biggest meatpackers — Tyson Foods … from News – Insurance Journal https://ift.tt/305KOI6

AXA XL Announces Leadership Team for UK & Lloyd’s Region

AXA XL announced the new leadership team for its UK & Lloyd’s region. Effective immediately, the appointments are part of the proposed changes to the operating model of AXA XL’s Insurance business following a strategic review. They are in line … from News – Insurance Journal https://ift.tt/2CKAOLw

Germany to Reform Regulation of Insurers, Banks, Payment Firms on Wirecard Scandal

German Finance Minister Olaf Scholz intends to unveil a reform of the government’s financial oversight, as the widening scandal over the collapse of Wirecard AG reaches the highest levels of Chancellor Angela Merkel’s government. Scholz’s 16-point “action plan” would install … from News – Insurance Journal https://ift.tt/3jKSLKw

Axa XL reshuffles UK & Lloyd's leadership team

Move follows the provider's strategic review of its operating model earlier this year and the appointment of Sean McGovern as CEO UK & Lloyd's market. from Insurer - insuranceage.co.uk https://ift.tt/32ZLBfy

South Africa Retailer Steinhoff Offers $1B to Settle Global Accounting Fraud Lawsuits

South Africa’s Steinhoff has proposed to pay around $1 billion to settle outstanding legal claims following a massive accounting fraud, a fraction of the over 9 billion euros ($10.5 billion) claimants are seeking. The announcement sent its shares up over … from News – Insurance Journal https://ift.tt/32X7hsw

Third Wave of Severe Flooding Expected in China

China warned that the worst of the deluges that have led millions to be evacuated may be yet to come, after a third wave of floods formed in the upper reaches of the Yangtze River on Sunday. “The flood control … from News – Insurance Journal https://ift.tt/39HPyqB

South African Insurer Santam to Pay Virus Relief to Clients with Biz Interruption Cover

South Africa’s largest property and casualty insurer will pay as much as one billion rand ($60 million) in relief to clients with business-interruption cover hit financially by the coronavirus pandemic. Santam Ltd. will begin making relief payments next week, mainly … from News – Insurance Journal https://ift.tt/30NwqDi

Last Thing Patients Need During Pandemic: Being Last to Know a Doctor Left Network

NEW YORK — As the coronavirus spread silently through New York City early this year, Deborah Koeppel had an appointment with her cardiologist and two visits with her primary care doctor. Both physicians are members of Concorde Medical Group, a practice in Manhattan with an office conveniently located a few blocks from where Koeppel works. She soon received notices telling her — after the fact — that those doctors were not in her health plan’s network of providers. According to the notices, she was on the hook for $849 in out-of-network cost sharing for three visits, which typically would cost her nothing from in-network providers. Changes to health plan networks occur all the time as doctors retire, relocate or leave networks. And patients may be the last to find out about such changes because providers or insurers are not always required to inform them. Koeppel also faced the loss of low-cost access to her in-network gynecologist and dermatologist. “I felt sickened,” said Koeppel,...

Kentucky Teen Settles Lawsuit Against Washington Post Over D.C. Encounter

A Kentucky teen and The Washington Post have settled a lawsuit over the newspaper’s coverage of his encounter with a Native American man at the Lincoln Memorial in Washington last year. The teen’s lawyers said on social media Friday that … from News – Insurance Journal https://ift.tt/30SK9J9

Court Affirms Class Action Suit Against State Farm in Kentucky Claim Underpayment Case

A federal appellate court has cleared the way for a class-action lawsuit to proceed against State Farm Fire and Casualty Insurance Co. that may force the insurer to correct underpayments paid to some 65,000 policyholders. A 6th Circuit Court of … from News – Insurance Journal https://ift.tt/3jLANHw

Workers’ Compensation Rates Won’t Be Adjusted for Coronavirus Experience This Year

The workers’ compensation line is unlikely to generate a profit this year and may not recover in 2021, an insurance industry economist said during a webcast Thursday. Steven N. Weisbart, senior vice president and chief economist for the Insurance Information … from News – Insurance Journal https://ift.tt/2OXPTvz

Trump Signs Executive Orders to Lower Prescription Drug Prices

U.S. President Donald Trump on Friday signed four executive orders aimed at lowering the prices Americans pay for prescription drugs, as he faces an uphill re-election battle and criticism over his handling of the coronavirus pandemic. Trump has previously proposed … from News – Insurance Journal https://ift.tt/3jGTY5q

Indivior to Pay $600M to Settle Claims of Deceptive Marketing of Opioid Treatment

Indivior Plc has agreed to pay $600 million and have a subsidiary plead guilty to a felony charge to resolve U.S. allegations that it engaged in an illegal scheme to boost prescriptions of its opioid addiction treatment Suboxone. The U.S. … from News – Insurance Journal https://ift.tt/30KL3Y2

Hanna Pounds South Texas Coast Already Beset by COVID

Hurricane Hanna pummeled the south Texas coast on Saturday night with howling winds and a surging sea that threatened a broad area already contending with an intense spike in coronavirus deaths. Hanna is the first hurricane for the 2020 Atlantic … from News – Insurance Journal https://ift.tt/3f6yFXs

Clint Eastwood Files Suit in California Against CBD Sellers Over Use of His Name

Clint Eastwood sued several companies that sell CBD supplements on Wednesday, alleging that they are falsely using his name and image to push products he would never agree to endorse. Two lawsuits filed in federal court in Los Angeles include … from News – Insurance Journal https://ift.tt/32Shvdx

New York Company to Pay $200K in Penalties for Safety Violations

A home and personal care fabric products manufacturer will correct hazards at its five manufacturing facilities in New York and pay $200,000 in penalties to resolve safety violations after an investigation by the U.S. Department of Labor’s Occupational Safety and … from News – Insurance Journal https://ift.tt/3jDBGBV

Global Risk Solutions Acquires Connecticut’s William Kramer & Associates

Global Risk Solutions Inc. (GRS), a provider of claims adjusting and environmental risk management solutions, has acquired William Kramer & Associates (WKA). Terms of the acquisition were not disclosed. GRS Complex Claims Solutions (CCS) specializes in large and complex claims, … from News – Insurance Journal https://ift.tt/3jDBAKz

The Central Insurance Companies Promotes Zollner to Northeast Regional VP

The Central Insurance Companies has promoted Matt Zollner to vice president of the Northeast regional office. In his new role, Zollner will be relocating to the Boston area this fall. He will replace Vice President Jocelyn Pfeifer, who is being … from News – Insurance Journal https://ift.tt/2WSgHls

Everest Insurance Promotes Karmilowicz to President, CEO; Mulray to COO

Everest Insurance reports that Michael Karmilowicz has been named president and chief executive officer and Michael Mulray has been named the chief operating officer. They assume these new positions immediately. Karmilowicz joined Everest Insurance in July of 2015, and most … from News – Insurance Journal https://ift.tt/30L6ok2

Facebook’s WhatsApp to Expand Indian Partnerships to Offer Pensions, Insurance

Facebook Inc.’s WhatsApp plans to team up with more Indian lenders to expand banking services in rural areas and for lower income individuals, the messaging platform’s country head said on Wednesday. WhatsApp, which counts India as its biggest market with … from News – Insurance Journal https://ift.tt/3jFHsmW

Insurers Exploring ‘New World’ of Police Officer Professional Liability

U.S. insurers and brokers are starting to craft professional liability coverage for police officers, spurred on by signs that policymakers in some cities and states want to use a financial stick to curb police misconduct. They see a potential market … from News – Insurance Journal https://ift.tt/2D2HZye

London’s International Underwriting Association Publishes New Motor Terrorism Clause

A new model clause for clarifying coverage of motor terrorism risks has been published by the International Underwriting Association. It has been developed after a growing spate of terrorist attacks using vehicles led to concern about a potential concentration of … from News – Insurance Journal https://ift.tt/2ZX0pJM

Plastic Pollution in Oceans Expected to Triple by 2040

The annual flow of plastics into our oceans is on a trajectory to triple over the next 20 years, which could add up to 110 pounds of plastic trash for every meter of coastline worldwide, a new report finds. That … from News – Insurance Journal https://ift.tt/3jLuOTo

Everest Insurance Division Names Karmilowicz as President & CEO, Mulray as COO

Everest Re Group Ltd. announced today that Michael Karmilowicz has been named president and CEO of the Everest Insurance Division with Michael Mulray being named the division’s chief operating officer. Karmilowicz and Mulray assume these positions with immediate effect. Karmilowicz … from News – Insurance Journal https://ift.tt/30DJ1Jc

London Broker Tysers Appoints Buesnel from Deloitte as CEO

Tysers, the independent, London-based wholesale insurance broker, announced that Clive Buesnel will become its next chief executive officer, subject to regulatory approval. Buesnel has spent much of his career in both operational and strategic roles in the UK and global … from News – Insurance Journal https://ift.tt/39ojlnS

German Prosecutors Arrest Ex-Wirecard Execs on Suspicion of Running Criminal Racket

German prosecutors arrested three former top executives of Wirecard on Wednesday, saying it suspected them of masterminding a criminal racket to fake the company’s accounts and bilk creditors of billions of euros. Former Chief Executive Markus Braun, already a suspect, … from News – Insurance Journal https://ift.tt/3eXjVds

Covid-19: FCA seeks to extend measures to help insurance customers who are struggling financially

The regulator wants the measures, which require firms to consider premium reductions and payment deferrals, to be extended to 31 October. from Insurer - insuranceage.co.uk https://ift.tt/3hwyPJf

UK, EU Clash Over Post-Brexit Trade Deal as End-of-Year Transition Period Looms

Britain and the European Union clashed on Thursday over the chances of securing a free trade agreement, with Brussels deeming it “unlikely” but London holding out hope one could be reached in September. Since Britain left the bloc in January, … from News – Insurance Journal https://ift.tt/2BpZTKP

Ecclesiastical takes claims director from Allianz

Jeremy Trott will take over as current claims director David Bonehill retires in October. from Insurer - insuranceage.co.uk https://ift.tt/3fWhwkp

With DACA Ruling, Did Supreme Court Grant Trump New Powers To Reshape Health Care?

President Donald Trump came into office vowing to repeal and replace Obamacare. While he successfully neutralized the health care law’s requirement that everyone carry insurance, the law  remains in effect . When Fox News host Chris Wallace noted that Trump has yet to put forward a replacement plan, Trump told him to stay tuned. “We’re signing a health care plan within two weeks, a full and complete health care plan that the Supreme Court decision on DACA gave me the right to do,” Trump said July 19 on “Fox News Sunday.” “The Supreme Court gave the president of the United States powers that nobody thought the president had.” Trump said he would “do things on immigration, on health care, on other things that we’ve never done before.” We wanted to know if the Supreme Court really did that. So we ran the president’s words by a number of people who study constitutional and administrative law. We heard several reasons why the Supreme Court might not have said what Trump think...

RSA QC lambasts ‘clear misuse’ of the word ‘peril’ by action group

Representing RSA, David Turner QC, accused the Hospitality Insurance Group Action of “clear misuse” of the word ‘peril’ on the on the fourth day of the hearing of the Financial Conduct Authority’s Covid-19 business interruption test case. from Insurer - insuranceage.co.uk https://ift.tt/3jENMLs

Blog: Insurance in the danger zone

The FCA BI case is dragging the reputation of the whole insurance sector through the mud. Ashwin Mistry reflects on how trust can be restored. from Insurer - insuranceage.co.uk https://ift.tt/30FfPBy

North Carolina Capital City Bans Late-Night Alcohol Sales

A North Carolina mayor has banned alcohol sales in the city after 11 p.m. in an effort to curb the coronavirus spread. Raleigh Mayor Mary-Ann Baldwin signed an executive order Monday announcing the sale ban in bars, restaurants and grocery … from News – Insurance Journal https://ift.tt/3jDlzUY

$3.5M Settlement Reached in Death of Black Man Shot 22 Times by West Virginia Police

A West Virginia city has agreed to settle an excessive force lawsuit filed by the family of a homeless Black man who was shot 22 times by police, an attorney said. Christopher E. Brown, the attorney for the family of … from News – Insurance Journal https://ift.tt/2ZT7ueu

Former Athlete, Others Sue University of Nebraska over Assault Claims

A former University of Nebraska-Lincoln volleyball player and eight other women have sued the university, alleging it did not properly investigate complaints of sexual assault and harassment. The complaint filed in U.S. District Court in Nebraska outlines an alleged pattern … from News – Insurance Journal https://ift.tt/30IdiGL

State Insurance Commissioners Vow to Probe Role of Race in Insurance

The nation’s state insurance commissioner said they are forming a special committee to address issues of race in insurance including the level of diversity in the industry and insurance product design and pricing practices that disadvantage minorities. “It is the … from News – Insurance Journal https://ift.tt/2E8EfM8

Crest in Arizona Names McGee Vice President/Producer in Commercial Lines

Crest Insurance Group of Tucson, Ariz., has named Mike McGee a vice president/producer in the commercial lines division. McGee has a background in risk management. He has worked as a Hotshot & Helitack Firefighter and also served in the U.S. … from News – Insurance Journal https://ift.tt/2WNwm59

Travelers Reports Q2 Loss on Catastrophes, Investments; Only Modest COVID Impact

The Travelers Companies reported a net loss of $40 million for the quarter ended June 30, 2020, compared to net income of $557 million in the prior year quarter. The insurer said difference was primarily due to higher catastrophe losses, … from News – Insurance Journal https://ift.tt/3jx9XCW

Swiss Re Appoints Pasricha as Global Head P&C Solutions, Succeeding Schuh

Swiss Re announced that Pranav Pasricha, currently CEO of Intellect SEEC, has been appointed global head P&C Solutions of Swiss Re’s global Reinsurance Business Unit, effective Aug. 3, 2020. Pasricha succeeds Eric Schuh, who is leaving Swiss Re to pursue … from News – Insurance Journal https://ift.tt/32Khp7W

Hiscox blasted by QC over policy interpretation

The arguments set out by Hiscox in its defence over non-payment of business interruption arising from Covid-19 are too narrow, unrealistic and uncommercial according to Hiscox Action Group. from Insurer - insuranceage.co.uk https://ift.tt/3fUtT0w

Swiss Re to Report $1.1 Billion Loss During First Half on Hit from COVID-19

Reinsurance company Swiss Re said on Wednesday that claims and reserves of $2.5 billion related to COVID-19 will lead to a net first half loss of about $1.1 billion. The company, which reported the loss ahead of its regularly planned … from News – Insurance Journal https://ift.tt/2ZQpRAw

Zurich Insurance Decides Not to Renew Cover for Canada’s Trans Mountain Oil Pipeline

Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups. All financial services companies are under pressure from … from News – Insurance Journal https://ift.tt/2CIemm7

Medicaid Mystery: Millions of Enrollees Haven’t Materialized in California

The predictions were dire: Coronavirus lockdowns would put millions of Americans out of work, stripping them of their health insurance and pushing them into Medicaid , the health insurance program for low-income people. In California, Gov. Gavin Newsom’s administration projected that the pandemic would force about 2 million additional people to sign up for the state’s Medicaid program, called Medi-Cal, by July, raising enrollment to an all-time high of 14.5 million Californians — more than one-third of the state’s population. But July is almost over, and Medi-Cal enrollment has hovered around 12.5 million since March, when the pandemic shut down much of the economy — though enrollment ticked up in May and June, according to the latest data from the state Department of Health Care Services, which administers the program. Essentially, enrollment hasn’t budged even though nearly 3 million Californians are newly unemployed. “It’s a mystery,” said Anthony Wright, executive director of ...