Live Insurance News

Florida property insurance market must tackle substantial issues before special session

December 7, 2022December 6, 2022 Marc

Another special session will take place later in December, but some challenges must be handled first. Former Republican Florida Senator Jeff Brandes, who launched a petition calling for lawmakers to convene this spring to tackle Florida’s critical property insurance market, is now calling for additional reforms to take place ahead of this month’s additional special session. The former senator has been making these moves from the sideline to try to push more reforms along. “It’s the most urgent pocketbook problem facing Florida today,” said former Senator Brandes, who previously represented…

Nature Conservancy purchases an insurance policy to cover Hawaii’s coral reefs

November 23, 2022November 22, 2022 Julie Campbell

The nonprofit is the first organization to obtain coverage for the coral’s repair following coastal storms. Coastal storms in Hawaii have been damaging already threatened coral reefs and the Nature Conservancy nonprofit has now purchased an insurance policy to repair that damage. State officials cannot afford to implement the repairs that the coverage will pay the nonprofit to do. This first-of-its-kind insurance policy approach to climate change is an effort to obtain the necessary funding to help the coral reefs in Hawaii to keep up with the worsening storms. This…

Insurance companies have halted cargo coverage for Ukrainian grain

November 3, 2022November 2, 2022 Nordstrom

Insurers have withdrawn their coverage products for shipments of grain leaving Ukraine. Insurance companies have put a stop to the coverage they were providing to cargo shipments from Ukraine through a safe corridor backed by the UN after Russia announced the suspension of its participation, according to industry sources and recent media reports. The export deal between Russia and Ukraine in July was intended to ease a global hunger crisis. The July export deal was brokered by the United Nations and Turkey to ease the world hunger crisis that was…

Hiscox to provide shipping insurance for Ukraine grain corridor

August 5, 2022August 4, 2022 Logan B.

The Lloyd’s of London insurer has committed to an intended coverage consortium for the purpose. Hiscox has announced its commitment to a planned shipping insurance consortium that will offer coverage for ships moving through a safe passage corridor from Ukraine. The Lloyd’s of London insurer faced notable first-half losses, sending its shares downward. Ukraine has now finally had its first grain-carrying ship head out of its port since the start of Russia’s war there. This has occurred following a deal brokered by the United Nations and Ankara. The ship departed…

Cyber insurance premiums rise while availability falls amid growing threats

July 26, 2022July 25, 2022 H. Cutner

Though the coverage has been around for about a couple of decades, the risks are skyrocketing. Cyber insurance isn’t new to business coverage offerings, but as data breaches, ransomware attacks and other risks rise, so are premiums, while availability is dropping. The coverage is meant to help businesses overcome losses associated with these digital events. Losses covered by cyber insurance can include everything from the cost of repairing the damage to systems and securing them, recovering lost business or disruptions, paying ransoms, rebuilding a reputation and even legal fees in…