Reinsurer Scor’s chairman Denis Kessler dies aged 71
Scor SEs non-executive chairman Denis Kessler, credited with making the French reinsurer one of the leading players in its field, has died aged 71, the company said on Friday.
Property premiums rise by up to 50% in New Zealand
Mark Gustafson, general manager at New Zealand-based Certus Insurance Brokers (NZ) Ltd., said that property insurance premiums in New Zealand increased 20% to 50% during renewals as a result of losses from recent natural catastrophe events, Asia Insurance Review reported. Mr. Gustafson added that damage from two storms in January and February generated tens of […]
Reinsurance support crucial in cyber insurance space: Moodys
Analysts at Moody’s Investors Service Inc. said that reinsurance support plays a big role in the cyber insurance market, as primary insurers continue to reinsure cyber risk through quota share arrangements in order to gain expertise and capital protection, Reinsurance News reported. The analysts added that reinsurers have slowly increased their tolerance for cyber risk […]
Swiss billionaire jailed over asbestos-related deaths in Italy
An Italian court in the city of Novara on June 7 imposed a 12-year jail sentence on Stephan Schmidheiny, an industrialist and former main shareholder in the cement production company Eternit Italia, for causing 392 deaths linked to the use of asbestos in his factories, Reuters reported citing Adnkronos. Mr. Schmidheiny’s factories in the town […]
Weak operating conditions raise risks for insurers in Sri Lanka
A report by Fitch Ratings Inc. said that a weak operating environment for Sri Lankan insurers has increased near-term downside risks to their credit profiles, Asia Insurance Review reported. The agency believes that the poor foreign-currency liquidity in the local banking system could limit the ability of insurers to meet foreign-currency obligations. It expects insurers’ […]
UK specialist insurer Atrium names new chief
U.K.-based specialist insurer Atrium Underwriting Group Ltd. has named John Fowle as its new group chief executive, succeeding Richard Harries, who will be retiring on June 30, Reinsurance News reported. Mr. Fowle is presently serving as the group chief executive at Chaucer Insurance Group PLC and will resume the new role once he has fulfilled […]
Premiums up over 7% in Bosnias Serb Republic
Data from the insurance agency of Bosnia’s Serb Republic showed that local insurers’ combined gross written premiums increased by 7.3% year-on-year to 276.9 million Bosnian mark ($152.1 million) in 2022, SeeNews reported. Meanwhile, nonlife insurance premiums grew by 8.4% year-on-year to BAM222.1 million.
Court order to prevent reopening of mine in Chile
An environmental court in Chile issued a work stoppage order to Canadian metals mining firm Lundin Mining Corp. on June 8, preventing it from reopening its Alcaparrosa copper mine, which was forced to close nearly a year ago after a gaping sinkhole opened in a nearby village, XM reported citing Reuters. Government agency CDE had […]
Axa, Capco partner on climate-related risk management and reporting
AXA Hong Kong and Macau, a member of Axa SA, has partnered with Belgium-based business and technology management consultancy Capco to offer climate-related risk management and reporting service to financial institutions and other organisations, Fintech Finance News reported. Lance Levy, chief executive at Capco, said that the partnership brings together AXA’s expertise in climate modelling […]
Digital twin technology to model and test treatments expected to grow: Survey
Digital twin technology, a virtual representation of a physical entity or system, is expected to be broadly adopted in health care, according to a new survey, reports Healthcare Dive. Tata Consultancy Services found that 90% of respondents expect adoption of digital twins for health care within the next six years, and 52% of respondents see […]
CoreLogic hit by lawsuit alleging excessive fees for 401(k) plan
A former CoreLogic Inc. employee and current retirement plan participant has alleged in a new lawsuit seeking class action status that fiduciaries of the CoreLogic Inc. 401(K) Savings Plan breached the fiduciary duties of prudence and loyalty to the plan and its participants, Plansponsor reports. The complaint, filed in U.S. District Court for the Central […]
LTC market under pressure because of decades of inadequate pricing: Report
The long-term care insurance market is in a financial crisis because claims far exceed premiums that had been agreed upon years earlier and that inflation and other factors have made it irrelevant, according to a report by New York regulators, reports Fierce Healthcare. The New York State Department of Financial Services says this has led […]
Several factors pushing property insurance prices higher: USI
Capacity restrictions, especially for catastrophe-exposed locations, will continue to drive commercial property insurance prices higher this year, according to a report by USI Insurance Services Inc.
St. Louis packaging firm settles discrimination charges
The U.S. Equal Employment Opportunity Commission said Thursday that a St. Louis-based packing company will pay $252,768 to settle discrimination charges that it did not place females in machine operator positions.
Liberty Mutual must cover Illinois city in pollution suit
Liberty Mutual Insurance Co. units must defend and indemnify an Illinois city charged with letting its water main system deteriorate and harming residents because its coverages pollution exclusions do not apply, an Illinois state appeals court ruled Thursday, in overturning a lower court ruling.
The BI Top 10: Week of June 5, 2023
A ruling against USI in its poaching case against Alliant tops this weeks news. Also of note: The announcement of this years Innovation Awards winners.
#insurancefraud #jealousmuch?
A new survey shows its, like, totally cool to exaggerate damages on an insurance claim or, like, totally awesome to say you hurt yourself at work when you didnt. Sort of.
Bon Secours takes complaints over contract rates with Anthem public
Bon Secours Mercy Health is sparring with Anthem Blue Cross & Blue Shield over reimbursement, the latest acrimonious contract negotiation to go public, Fierce Healthcare reports. The Cincinnati-based health system posted a notice on its website that the rates Anthem pays its doctors, nurses and other providers are "not sustainable nor market competitive." Anthem says […]
Senate panel looks at health insurer use of AI to review claims
Lawmakers are continuing to raise concerns about health insurers' use of algorithms and AI to approve or deny claims, reports Becker’s Payer Issues. In a June 8 Senate Finance Committee hearing on health care consolidation, Sen. Ron Wyden, an Oregon Democrat and chair of the committee, said he is "increasingly concerned by the potential for […]
New program to expand value-based primary care for Medicare, Medicaid
The Biden administration on June 8 announced a 10-year experiment aimed at improving the way Medicare and Medicaid pay for primary care, Axios reports. The effort, dubbed the Making Care Primary Model, will ease safety-net and independent primary care providers into getting paid for the value of services they provide, rather than the volume. The […]