Tech firms see employment practices rates rise, E&O fall
Technology companies saw double-digit increases in employment practices liability insurance last year, while directors and officers liability rates were almost flat, and technology errors and omissions, including cyber, prices fell, according to a report by Embroker Inc.
Man’s car insurance fraud scheme not so progressive
A Pennsylvania man is accused of defrauding his insurance company after filing a car-accident claim eight minutes after he bought the policy.
Sedgwick forms Tennessee-domiciled captive
Sedgwick Claims Management Services Inc. has formed Fusion Insurance LLC, a Tennessee-domiciled captive insurer.
Coalition hires former Tesla exec as CTO
Cyber insurer Coalition Inc. Thursday said it has named former Tesla executive Maha Virudhagiri as the company’s first chief technology officer.
Appeals court rules family of school volunteer killed on duty can’t sue
The California Court of Appeal Wednesday affirmed a trial court’s ruling that a school volunteer killed while helping load food into vehicles during a food drive was by law considered an employee of the district and therefore the family cannot sue for negligence.
Hurricanes drive Q4 surge in cat claims: Verisk
Late-season hurricanes helped drive a 113% surge in catastrophe claims and a 36% increase in total property claims in the fourth quarter of 2024, according to a report issued Thursday by Verisk Analytics Inc.
Police officer timely files claim for PTSD decade after triggering event: court
The Arizona Court of Appeals on Tuesday upheld a finding that a police officer timely filed his claim for post-traumatic stress disorder almost a decade after the event that triggered his condition.
Massachusetts to consider requiring comp to cover medical marijuana
Massachusetts lawmakers are considering a bill that would amend state law to require workers compensation insurers to cover medical marijuana.
Delaware aims to remain top US corporate legal home; Texas marshals a challenge
A year after Elon Musk urged U.S. companies to abandon Delaware as their legal home and follow Tesla to Texas, legislators in the two states on Wednesday considered bills in an unusual battle over corporate law that critics say benefits powerful shareholders.
North Sea tanker collision insured damage estimated at $100M-$300M
Morningstar DBRS estimates insured losses from the Feb. 10 collision between the MV Solong and MV Stena Immaculate in the North Sea could range from $100 million to $300 million, and expects multiple insurance policies to be activated, Reinsurance News reported. The crash resulted in significant damage, a fire and a fuel spill, with protection […]
VIG’s premiums up 10%
Vienna Insurance Group reported a 10% increase in gross written premiums to 15.2 billion euros ($16.6 billion) for 2024, Reinsurance News reported. The company’s net combined ratio was 93.4%, up slightly from 92.6% in 2023, due to €617 million in gross claims from storm Boris, which heavily impacted Austria, the Czech Republic and Poland.
Japan Post Insurance to invest up $2B in reinsurance operation
Japan Post Insurance Co. Ltd. has signed a memorandum of understanding with New York-based KKR & Co. Inc. and its subsidiary, Global Atlantic Financial Group, to explore an investment in a reinsurance vehicle, Insurance Asia reported. The company plans to hold more than a 50% stake and invest between $1 billion and $2 billion. The […]
MGA Rokstone launches mid-market aviation coverage
U.K.-based managing general agent Rokstone, part of Aventum Group Limited, has launched a middle market aviation insurance program to give brokers access to Lloyd’s capacity for larger general aviation risks and manufacturers, Life Insurance International reported. It offers general aviation coverage for corporate and commercial aircraft risks, as well as aerospace coverage for product liability […]
Specialty reinsurer Canopius’ profits up 10%
Canopius Group Limited, a U.K.-based specialty reinsurer, saw a 10.4% year-on-year increase in profit after tax to $401.3 million for fiscal year 2024, Insurance Asia reported. The company’s written premiums rose 26% to $3.53 billion, while its APAC business saw a 28% surge in written premium to $377.3 million.
Turkey prepares to expand insurance pool scope beyond earthquake
Turk Reasurans Anonim Sirketi announced that preparations to expand the Turkish Compulsory Insurance Pool from covering only earthquake insurance to a broader mandatory disaster insurance are complete, pending parliamentary approval, Middle East Insurance Review reported. The proposed law would extend coverage to rural villages and include perils such as forest fires and floods.
New Australian flood model launched
U.K.-based JBA Risk Management has launched a new comprehensive Australian inland flood model with detailed flood data coverage for key urban areas like Sydney, Brisbane and Melbourne, Asia Insurance Review reported. It integrates physical and statistical approaches to assess flooding from tropical and non-tropical storms and provides insights into potential changes in flood risks.
Saudi insurer’s revenues climb, profits slide
Saudi Arabia-based Malath Cooperative Insurance Co. saw an 8% year-on-year increase in insurance revenue to 1 billion Saudi riyal ($269 million) for 2024, Atlas Magazine reported. Despite this growth, its insurance service result dropped 61% to SAR34.7 million, while annual net profit declined 29% to SAR26.9 million.
Cyber insurance interest grows: Study
Market research by several cyber security and data protection firms suggest a growing interest in cyber insurance as businesses grapple with sophisticated cyber threats, with human error remaining a major vulnerability, ITWeb reported. According to KnowBe4’s latest research paper, 75% of data breaches stem from human factors, while the global average cost of a data […]
Judge says D&O policies cover whistleblower lawsuit
A Delaware trial judge said Tuesday a Chicago-based real estate management company’s directors and officers liability insurers must defend against a whistleblower suit accusing it of submitting false certifications and information about its rent rates for Section 8 housing.