Pa. announces midyear comp loss cost filings
The Pennsylvania Insurance Department received midyear workers compensation loss cost filings of 5.24% and 10.02% for Jan. 1, 2019, from the Pennsylvania Compensation Rating Bureau, Insurance Commissioner Jessica Altman announced Tuesday.
Global regulators hold off designating ‘too big to fail’ insurers
(Reuters) – Global insurance regulators will put off singling out insurers deemed so important to the financial system that they are required to hold extra capital, in a victory for companies such as American International Group Inc. and Prudential Financial Inc.
Sompo looks to blockchain to make payments across countries
Japan-based insurer Sompo Holdings, Inc. has partnered with Kenya-based digital foreign-exchange platform BitPesa Ltd. to use blockchain to conduct financial transactions across countries.
Supply-chain managers need to rethink risk management strategies: Experts
Experts said that supply-chain managers need to introduce new key performance indicators to measure the ability to recover from catastrophe-, cyber attack- and geopolitical conflict-related disruptions.
Companies look to stockpile goods to prepare for Brexit
Several companies, including U.K.-based Premier Foods P.L.C., are stockpiling raw material and goods as a contingency against Brexit-related disruptions.
Saudi Re eyes domestic growth, profit rises 16%
Saudi Re for Cooperative Reinsurance Co. is looking to tap into growth opportunities in the local market driven by improving regulations and proposed economic initiatives.
Cyber attacks, extreme weather top business risks: Report
A report found that Indian companies cited large-scale cyber attacks, data theft, and extreme weather as the top business risks.
Generali eyes opportunities in Latin America
Jaime Anchustegui, international chief executive of Italy-based Assicurazioni Generali S.p.A., said that the insurers is looking to expand its operations in Latin America, Spain and Turkey.
Commercial insurance rates expected to rise in Australia: Swiss Re
A report by Swiss Re Institute said that the upward trend in commercial insurance pricing in Australia is likely to continue in 2019, largely driven by economic growth.
Reinsurers’ losses likely to exceed expectations, but rates unlikely to rise
U.S.-based ratings agency Standard & Poor’s L.L.C. said that reinsurance rates may not increase significantly at renewals in 2019 despite reinsurers’ catastrophe-related losses likely to exceed their budgets this year.
GIC Re’s profit declines 64%
Reinsurer General Insurance Corp. of India’s net profit declined 64% year over year to more than 5 billion Indian rupees ($69 million) in the quarter ended Sept. 30.
Insurers to increase rates following nearly $9 billion disaster bill
Japanese insurers plan to hike fire insurance premium rates as they expect to pay 1 trillion Japanese yen ($8.7 billion) for catastrophe-related damage in the fiscal year ending March 31, 2019.
PG&E shares dive after utility flags impact from Camp wildfire
(Reuters) Shares of utility PG&E Corp. fell 18% Wednesday after the company warned of liquidity concerns if its equipment was found responsible for starting the Camp wildfire currently raging in California.
Millennials may have most life ahead, have least adequate life insurance
The Millennial generation is the least prepared for unexpected life events due to a lack of adequate life insurance coverage, according to the latest edition of New York Life Insurance Co.s Life Insurance Gap survey released Tuesday.
Reinsurance rates may rise at Jan. 1 renewals: Morgan Stanley
Reinsurance rates could stabilize or increase at the Jan. 1, 2019, renewals, according to a report released by Morgan Stanley, which noted that after last years record catastrophe losses, property catastrophe reinsurance pricing improved slightly in 2018.
Insured losses from California wildfires nearing record levels: Best
Insured wildfire losses in California could be approaching record levels, with the potential for historic losses already likely before the Woolsey Fire ripped through the wealthier area of Malibu, says a briefing from A.M. Best Co. Inc.
Democratic election victories could propel employee-friendly comp changes
The Democrats winning control of the U.S. House of Representatives and of governorships and legislatures in multiple states in elections last week could result in improvements in health care access at the federal level and the passage of bills at the state level that could boost comp benefits for injured workers.
NHL settles with former players on concussion risk lawsuit
The National Hockey League on Monday announced a tentative $18.9 million settlement with 318 retired players who sued the league, accusing it of failing to protect them from head injuries or warning them of the risks involved with playing.
British bank settles with HBOS whistleblower
(Reuters) – Lloyds Banking Group PLC said it has settled with a former senior risk officer who accused former bosses of concealing a massive fraud at its HBOS Reading unit prior to a record-breaking cash call needed to keep the combined group afloat in 2009.