Top 10 Off Beats from November
It’s the season for guarding against porch-pirate losses with insurance. Old, spooky houses are also in the news.
Net written premium up 8.5%, underwriting profit $4.1B in Q3
Net premiums written rose 8.5% to $691.2 billion for the first nine months of 2024 as the U.S. property/casualty industry netted a $4.1 billion underwriting profit, compared with an underwriting loss of $32.1 billion in the first nine months of 2023, according to a report Wednesday from A.M. Best Co.
Michael Chang leaves WTW
Michael Chang has left his position as head of corporate risk & broking for North America at Willis Towers Watson PLC.
Lancashire names US CEO, CUO, other execs
Lancashire Holdings Ltd. Wednesday named James Flude CEO of Lancashire Insurance U.S. and Huw Jones to the newly created role of chief underwriting officer for Lancashire U.S.
Insurance to save the day for stolen deliveries
Victims of porch pirates can now add another risk management strategy in the lineup of home surveillance cameras and self-service lockers: insurance.
Employers of adult entertainers face new safety regs beginning in 2025
Employers of adult entertainers will face new safety requirements including panic buttons and improved security measures, the Washington State Department of Labor & Industries announced Tuesday.
Zurich Resilience Solutions adds tool to help manage climate risks
Zurich Resilience Solutions, a unit of Zurich Insurance Group Ltd., has launched Climate Spotlight, an interactive digital tool to help businesses and public entities manage climate-related risks.
CMS upgrades UnitedHealthcare, Centene star ratings after court challenge
The Centers for Medicare and Medicaid Services has revised star ratings for UnitedHealthcare Inc. and Centene Corp.’s Medicare Advantage contracts after UnitedHealthcare successfully challenged a rating downgrade in court, Becker’s Payer Issues reports. The dispute centered on a secret shopper phone call that allegedly never connected, impacting UnitedHealthcare’s ratings and costing $190 million in bonuses. […]
Humana CFO Susan Diamond resigns; Celeste Mellet to succeed
Humana Inc.’s CFO Susan Diamond is stepping down, with Celeste Mellet set to succeed her amid ongoing financial challenges in the company’s Medicare Advantage business, Healthcare Dive reports. This leadership change comes as Humana navigates financial difficulties, including a significant drop in Medicare Advantage star ratings and a lawsuit against the HHS over rating calculations.
UnitedHealth’s 2025 profit forecast misses expectations
UnitedHealth Group Inc. has projected its 2025 adjusted profit to be between $29.50 and $30.00 per share, slightly below Wall Street’s expectations of $29.92, causing a 1% drop in its share price on Dec. 3, Reuters reports. The company attributes the conservative forecast to government payment cuts for Medicare and low state payment rates for […]
AMA urges stricter prior authorization rules
The American Medical Association is urging the U.S. Labor Department to adopt stricter prior authorization rules for employer-sponsored health plans, similar to those recently implemented for Medicare Advantage plans, BenefitsPro reports. The AMA argues that current practices under the Employee Retirement Income Security Act are burdensome for physicians and lack the reforms seen in Medicare […]
Jefferson County faces rising health insurance costs, reallocates funds
Jefferson County, New York, is facing higher-than-expected health insurance costs, prompting legislators to consider reallocating funds from its balance sheet to cover the increase, WWNY-TV reports. County Administrator Ryan Piche attributes the nearly 17% rise in claim costs to medical inflation, particularly in prescription drugs. In response, the county plans to hire a new health […]
Auto portability gains momentum
Auto portability adoption is gaining momentum, with over 15,000 defined contribution plans and approximately 5 million participants joining the Portability Services Network in its first year, 401K Specialist reports. This initiative aims to enhance retirement savings, particularly for minority and women savers, by addressing systemic frictions in the U.S. retirement system. The Portability Services Network, […]
Gallagher expands global presence with key acquisitions
Arthur J. Gallagher & Co. has acquired Australia-based Hann Insurance Brokers Pty Ltd., specializing in property and casualty, along with the U.K. operations of Caytons Law LLP, which specializes in legal advice for commercial and professional liability insurance matters, Verdict reported. The company has not disclosed the financial terms of the transaction. These acquisitions, along […]
Mitsubishi faces $90 million loss due to copper trader fraud
Mitsubishi Corp. has uncovered suspected fraud by a Shanghai-based copper trader resulting in a loss of over $90 million, The Edge Singapore reported. Copper trader Gong Huayong made unauthorized trades with local companies, including some related to him, leading to losses exceeding 600 million Chinese yuan ($82.5 million), which allegedly led to the 13.8 billion […]
Turkish insurance sector seeks up to $3 billion for disaster protection
The Insurance Association of Turkey has outlined its 2025 expectations, emphasizing the need for increased natural disaster protection and an additional $2 billion to $3 billion in reinsurance, Xprimm reported. The association also anticipates higher insurance penetration due to urban transformation projects and stable housing sales, while suggesting building inspection insurance to ensure construction quality.
Insurers consider joint reinsurance amid interest rate cuts
Non-life insurers in South Korea are exploring joint reinsurance to mitigate financial impacts from consecutive interest rate cuts and new accounting standards, Asia Insurance Review reported Maeil Business. Hanwha Insurance may sign the first joint reinsurance contract for non-life insurers, following life insurers’ lead, as these long-term agreements help increase financial stability.
Insurers push for zero-coupon bonds to mitigate long-term risks
Indian insurers are advocating for the issuance of zero-coupon bonds to better manage their long-term liabilities, Business Standard reported. These bonds, which are bought at a discount and redeemed at face value upon maturity, could help insurers reduce interest-rate and reinvestment risks. As the bond market evolves, insurers are driving demand for 20- and 30-year […]
UAE faces growing cyber threats
According to Acronis Threat Research Unit, the U.A.E. has experienced a significant rise in cyber threats this year, with ransomware attacks increasing from 27 in 2023 to 34 incidents between January and November, Middle East Insurance Review reported. Additionally, malware detections have surged by 65.3%, putting pressure on financial organizations to enhance cybersecurity measures.
AI misinformation emerges as major business risk
The latest future risks report from Axa XL, a unit of Axa SA, identifies artificial intelligence-driven misinformation as the fourth biggest risk to businesses, following climate change, geopolitical unrest, and cybersecurity, The Royal Gazette reported. The report warns that AI misinformation can undermine democratic processes, amplify divisions, and erode trust in institutions.