Personal lines resulted in the US industry experiencing its first and biggest Q1 net loss in over a decade. Low personal lines have caused the US property and casualty insurance industry to experience the largest underwriting loss on record and its first in 12 years, according to a new data analysis of statutory financial statements by S&P Global market Intelligence. The analysis was a preliminary calculation based on the underwriting losses of P&C insurers. According to S&P Global Market Intelligence’s preliminary calculations, property and casualty insurers in the United States…Read More
Category: Insurance Industry News
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Insurance industry climate needs spur new NOAA and NSF research center
A new agreement between the NOAA and NSF will support the creation of the new facility. The National Oceanic and Atmospheric Administration (NOAA) and National Science Foundation (NSF) have reached an agreement to establish a research center in order to help meet the changing needs of the insurance industry due to climate change. Insurers and reinsurers are among those experiencing the earliest repercussions of climate change. Moreover, the reinsurance and insurance industry are also among those who must develop a specific response to climate change. It must adapt to rapidly…Read More
Exxon and Guyana accused of oil spill insurance breach
A Guyanese court recently ruled against the energy company and the country’s environmental agency. A unit of Exxon Mobil has been ruled to be in breach of oil spill insurance for its first Guyana offshore oil project, partly because of errors made by the country’s environmental regulator, according to a Guyanese court. The government of Guyana has rejected the ruling made by the court against its environmental regulator. According to High Court Justice Sandil Kissoon in the ruling, Exxon “engaged in a disingenuous attempt” to shrink its environmental permit obligations…Read More
Prudential life insurance claims illegally denied says Department of Labor
Over 200 claims were denied by the insurer, even though it had been collecting premiums. The US Department of Labor has accused Prudential Financial of illegally denying over 200 life insurance claims, even after the insurer had continued to collect premiums from the policyholder. This is only the most recent instance of a rash of insurers denying claims customers have paid for. A number of life insurance companies have been found to be denying claims made on policies that have been paid into for years. Many employers include supplemental life…Read More
Will Fox News’ insurance policies cover its record $787.5 million Dominion settlement?
The channel has agreed to the payout to the voting systems company, but it might have coverage for that. Fox News has agreed to a tremendous $787.5 million settlement payment to Dominion Voting Systems, though its insurance policies might provide coverage for much of that stunning amount. The payment represents the largest publicly known US defamation case settlement in history. As considerable as the figure is, it is unlikely to cause significant damage to Fox News. Fox Corp. reportedly already had almost $4.1 billion in cash available according to a…Read More
Could high auto insurance from EVs boost appeal of hydrogen cars?
As electric vehicles become increasingly popular, drivers are finding coverage to be costly. Battery electric vehicles have been skyrocketing in popularity as drivers look for ways to reduce their emissions, but high auto insurance premiums are proving to be an unappealing feature of those cars. Over time, the battery electric vehicles are expected to drive up losses for insurers causing rates to rise. According to a recent Moody’s Investor Service report titled “Electric vehicles to drive up costs, pricing for auto insurers as they grow more popular,” drivers can expect…Read More
Horse insurance sales rise with cost of veterinary care
As medical services become increasingly expensive, especially for emergency calls, coverage is appealing. Over the last few years, pretty much everything has become considerably more expensive, and this includes the cost of veterinary care for horses, resulting in a growing interest in horse insurance coverage. Medical coverage for the animals can help to keep emergency veterinary calls affordable. Owners are increasingly choosing to purchase horse insurance coverage for their animals in order to protect their investment and make sure that they don’t need to face a time when it would…Read More