Systemic pandemic risk is too much for insurance industry capacity, says Generali CEO

Systemic Pandemic Risk - EU mask

Philippe Donnet said that insurers must make changes to create more protection. The European insurance industry is not equipped with the necessary capacity to handle the systemic pandemic risk, said Philippe Donnet, Generali insurance company CEO. The Italian insurer’s chief says that considerable additional protection must be implemented. According to Donnet, in order to equip the insurance industry with what it needs to manage systemic pandemic risk, additional protection must come in the form of private-public partnerships. The Generali CEO made this statement during an online Politico interview cited by…

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Berkshire’s 2020 underwriting profit got a shot in the arm from GEICO

Underwriting profit - Person holding out cash

The company’s income was black, even when its P/C reinsurance experience notable losses. Berkshire Hathaway recently reported that despite the widespread losses it saw in insurance on the whole, it managed to see property/casualty underwriting profit last year due to GEICO’s performance. The number two insurer in the United States managed to more than double its profits from 2019. The results GEICO brought Berkshire Hathaway brought its full-year property/casualty income into the black, despite having seen underwriting losses in P/C reinsurance in both 2019 and 2020. All tolled, GEICO brought…

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Lloyd’s warns of Internet of Things device threat to insurance industry cyber risk

Insurance Industry Cyber risk - Computer code - Security Alert

IoT gadgets are raising the threat of attacks and breaches to industrial and manufacturing businesses. Internet of Things (IoT) devices are raising insurance industry cyber risk, according to a new Lloyd’s report published in conjunction with CyberCube cyber analytics specialist, and Guy Carpenter reinsurance broker. As digital threats become increasingly complex, insurers are warned to better understand emerging risk. The Lloyd’s report was titled “The Emerging Cyber Threat to Industrial Control Systems”. It outlined the need for insurers to better understand the evolution of threats and how this sophistication changes…

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Allstate homeowners insurance rates increase following 191 hike approvals

Allstate homeowners insurance rates - Home Money - Rates

The insurer has the green light to raise its premiums for property owners across 43 states. Following the receipt of 191 approvals from state regulators in 2020, Allstate homeowners insurance rates can rise in as many as 43 states. This would produce a premiums increase of an estimated $222.3 million, according to an S&P Global Market Intelligence analysis. Conversely, State Farm’s filings suggest that they will be reducing their premiums in 17 states. At the same time that Allstate homeowners insurance rates filings were seeking to increase premiums, State Farm…

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USAA announces entry into the US small business insurance market

Small business insurance market - Open Sign on Shop Door

The insurer serving military and veterans will be writing policies in that category for the first time. USAA, the insurer serving military members and veterans, is taking its first steps into the American small business insurance market. The company has stated that it will begin writing these policies for coverage in five different states. The five states in which USAA will be entering the small business insurance market include Arizona, Tennessee, South Carolina, Illinois, and Colorado. That said, it will be restricted to those states only for its initial entry…

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State Farm auto insurance rates rise as Allstate reins them in

State Farm auto insurance rates - Person with car key

The Bloomington-based insurer is raising premiums for drivers in at least 5 major states. State Farm auto insurance rates will be on the increase as the insurer begins to withdraw some of the considerable price cuts it put into place last summer. The insurance company slashed premiums for drivers during the pandemic to reflect reduced driving. In fact, the decreased State Farm auto insurance rates were the first among the major vehicle insurers to make the nationwide cuts. The company reduced premiums by an average of 11 percent across the…

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Wawanesa Mutual unveils new digital education platform for insurance brokers

Platform for insurance brokers - digital learning

The insurer has introduced the technology to provide its partners with meaningful support. Wawanesa Mutual Insurance Company recently announced its new digital education platform for insurance brokers to provide additional support for those partners. This new tool offers convenient access to on-demand training tools and modules. The new Wawanesa training platform for insurance brokers is meant to offer education in an effective, efficient and convenient way. Called ‘Broker Continuing Education’, this platform offers training opportunities precisely when the partners need them. Though it is already being populated with a number…

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