New bill introduced in California to help overcome homeowners insurance crisis

Homeowners insurance - American flag, money, person holding up house

The federal bill was proposed by state Representative Adam Schiff (D-Burbank) last week. Last Wednesday, California Representative Adam Schiff (D-Burbank) introduced a new federal bill with the intention of leaving behind the crisis in the homeowners insurance market and propping it back up again following the exit of several insurers from markets across the country. The legislation is called the INSURE Act and would correct the issue through federal reinsurance. The INSURE Act stands for Incorporating National Support for Unprecedented Risks and Emergencies Act. The idea behind it is to…

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Swiss Re seeks creation of cyber insurance linked securities marketplace

Cyber insurance - Protection Security

The global reinsurance giant has stated that the industry needs a new approach to underwriting cyber risk. Swiss Re has issued a call to the industry saying that a new approach is required to underwrite cyber risk while repeating is recommendation for the development for a cyber insurance linked securities (ILS) marketplace. The reinsurance company released a new Institute report including its insights and suggestions. The reinsurer stated in a new Institute report that the cyber risk model is still in its early days and that it has become evident…

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Lloyd’s of London insurance market will write online for the first time in 2020

Lloyd’s of London - London Buildings

The industry’s largest market will finally begin writing electronic business next year. Lloyd’s of London, the largest insurance market in the world, has finally announced that it will be taking its first steps into writing online. It will write its first business electronically beginning in 2020. The first online-only policy writing will begin operations as of January 1, 2020. The largest reinsurer in the world, Munich Re, will start writing policies by way of an online-only syndicate at the beginning of next year. This, according to statements issued by both…

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What you need to know about Berkshire insurance investing struggles

Berkshire Insurance - Analysis - Woman with glasses

Warren Buffett is known for outstanding outcomes in this industry but current figures are sour. In the investing world, Berkshire insurance decisions have often been seen as the gold standard in terms of solid and reliable choices. However, the company’s operating earnings fell in Q2 2019, shocking many investors. Insurers owned by Berkshire saw a substantial plummet in underwriting income in that quarter. Berkshire insurance underwriting income fell by almost 63 percent during the second quarter. This brought it to $353 million. The firm’s reinsurance unit also drooped to a…

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Australian insurance companies may face massive payouts from Cyclone Debbie

australia insurance companies cyclone debbie

The country’s Insurance Council has cautioned that damage could cost billions of dollars. The Insurance Council of Australia (ICA) has cautioned Australian insurance companies, businesses and residents that the damage from Cyclone Debbie is extensive and will be costly. In fact, the ICA declared it a catastrophe. There has yet to be a final estimate of what the damage total will be but previous ones have been in the billions. Over 90 percent of the residents of North Queensland are covered by some form of insurance policy. The majority of…

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