Carbon Underwriting places property consortium with Howden
Managing general underwriter Carbon Underwriting Ltd. has placed a new Lloyd’s property consortium with U.K.-based insurance broker Howden Broking Group Ltd.
Law firms raising wages, adding perks to compete for new associates
Midsize U.S. law firms are facing recruiting pressure in a tight labor market, compelling some to raise early career attorneys’ salaries and offer other perks to attract talent.
Children, COVID-19 key drivers of medical expenses: Aflac
Households that had a COVID-19 diagnosis and those with children had higher rates of household health care spending and medical bill concerns, according to the 2021 Aflac Health Care Issues Survey.
OSHA rules could drive quarantine-driven labor shortages
Employment lawyers say that a federal mandate for companies with 100 or more employees to ensure they’re vaccinated or tested weekly could worsen severe worker shortages by forcing staffers who test positive to quarantine even if they have no symptoms.
Senate adjourns without voting on Biden nominee to lead benefits agency
Despite advancing through the Senate committee process in early December, President Biden’s nominee to lead the Employee Benefits Security Administration may be in jeopardy.
2021 natural disasters cost $170 billion in insured damages
A report by U.K.-based charity Christian Aid found that global insured damages from 10 most destructive weather events reached $170 billion this year.
Union strike to halt operations at all ports
The Finnish transport workers’ union AKT will go on a 24-hour strike at ports on Dec. 28 in response to collective agreement disputes involving wood processing company Keitele Forest Oy, bringing all Finnish ports to a halt.
Guy Carpenter to merge UK and European facultative operations
Reinsurance broker Guy Carpenter will combine its Continental European and U.K. facultative operations into a single division on Jan. 1, 2022.
Insurers settle just 30% of natural disaster claims
According to the Insurance Regulatory and Development Authority of India, insurers have settled nearly 30% of the total 25.5 billion Indian rupees ($341 million) claimed by people and entities affected by cyclones and floods in the financial year 2020-21.
Startup focused on primary care for hourly workers without insurance
Primary care startup Vitable LLC aims to reinvent the way primary care is delivered to hourly workers who lack health insurance.
Top risk management stories of 2021
The list of the most read risk management-related stories on the Business Insurance website in 2021 includes a pair detailing cyberattacks and two concerning brokers filing poaching lawsuits against rivals. Topping the years Top 10, though, is the report on Aon PLC dropping Donald Trump as a client in the wake of the Jan. 6 attack on the U.S. Capitol.
5. Willis sued Marsh over poaching of 25 employees
The past year has seen a significant amount of personnel movement in the insurance brokerage sector as rival companies hired staff away from their previous employers.
4. Aon reorganized leadership after Willis deal was scrapped
When it was announced in March 2020, Aon PLCs agreement to buy rival Willis Towers Watson PLC was set to create the worlds largest brokerage, but nearly two years later the deal is history and both brokers continue to operate as independent companies.
2. Data breaches hit the insurance brokerage sector
Advising companies on how to protect their data from cyberattacks has been one of the fastest growing business lines for insurance brokers in recent years, but in 2021 some of those companies found they needed help themselves.
10. Gallagher secured major boost to its reinsurance business
The disintegration of Aon PLCs planned purchase of Willis Towers Watson PLC had a chain reaction that scuttled various other deals that had been contingent on the completion of the merger, but the biggest of the secondary deals eventually still happened.
9. Broker lost case for providing poor advice
A 3-2 ruling by New Hampshires Supreme Court against an insurance broker for providing poor advice on a hotels insurance coverage drew considerable reader interest in 2021.
7. Chubb announced changes in financial lines leadership
Executive leadership changes, whether new hires or promotions, continue to feature prominently among Business Insurances most-read stories, and Chubb Ltd.s announcement of several changes at the top of its North American financial lines division was another example.
3. Executives death chilled insurance sector
The insurance industry lost a dedicated executive in 2021 when Heidi Hull was killed in a family tragedy.
6. CNA disconnected systems after March cyberattack
The rise in ransomware attacks over the past year hit some cyber liability insurers from multiple directions.
8. Aon sued former employees who joined rival
In a year that saw numerous poaching suits filed by brokers, one involving transportation insurance intermediaries drew significant interest.