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Archive: November 2023

India’s GIFT-City Financial Hub Plans to Grow in Re/Insurance, Direct Listings
Insurance Journal | November 30, 2023
India’s GIFT-City Financial Hub Plans to Grow in Re/Insurance, Direct Listings
Gujarat International Finance Tec-City, India’s newest financial hub and a flagship project of Prime Minister Narendra Modi, is preparing for its next phase of growth. The first phase followed the creation in 2020 of a new regulator, the International Financial …
AM Best: Adverse Results Linger For Nonstandard Auto
Insurance Journal | November 30, 2023
AM Best: Adverse Results Linger For Nonstandard Auto
AM Best reported a net underwriting loss of $333 million for the U.S. nonstandard auto insurance segment during the first half of 2023 — a year-over-year improvement from the $773 million loss seen in the first six months of 2022. …
Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
Insurance Journal | November 30, 2023
Q3 2023 Signals Six Years of Premium Increases for Commercial Lines: CIAB
Overall commercial property/casualty premiums increased slightly more than 8% on average in the third quarter, marking six full years of steady increases. According to The Council of Insurance Agents and Brokers’ Q3 Market Survey, the 8.1% average increase in Q3 …
Insurtechs Unite to Launch InsurTech Coalition
Insurance Journal | November 30, 2023
Insurtechs Unite to Launch InsurTech Coalition
Members from several insurtechs, including Boost, Branch, Clearcover, Lemonade and Root Insurance, published an open letter to the insurance industry announcing the launch of the InsurTech Coalition, a trade organization working to shape the future of insurance. The letter states …
Ransomware Prompts Multistate Hospital Chain to Divert Some ER Patients
Insurance Journal | November 30, 2023
Ransomware Prompts Multistate Hospital Chain to Divert Some ER Patients
A ransomware attack has prompted a healthcare chain that operates 30 hospitals in six states to divert patients from at least some of its emergency rooms to other hospitals, while putting certain elective procedures on pause, the company announced. In …
State Supreme Court Upholds Attorney Fees in Tennessee Workers’ Comp Case
Insurance Journal | November 30, 2023
State Supreme Court Upholds Attorney Fees in Tennessee Workers’ Comp Case
In what could be seen as a rare win for the claimants’ bar in Tennessee, the state Supreme Court upheld a $50,500 award of attorney fees, an amount that is almost double the workers’ compensation benefits paid to the injured …
Wisconsin Roofing Contractor Faces $180K in Fines For Repeated Safety Violations
Insurance Journal | November 29, 2023
Wisconsin Roofing Contractor Faces $180K in Fines For Repeated Safety Violations
After an Overhead Solutions LLC manager attended an on-site training discussion on fall hazards on May 25, 2023, federal workplace safety inspectors observed the company’s employees working about 30 feet above ground on a Menasha apartment complex roof without adequate …
People Moves: Markel Appoints Howden’s Woodhouse for War and Terrorism Team; Costero Brokers Taps Marsh’s Olley as Cyber Divisional Director
Insurance Journal | November 29, 2023
People Moves: Markel Appoints Howden’s Woodhouse for War and Terrorism Team; Costero Brokers Taps Marsh’s Olley as Cyber Divisional Director
This edition of International People Moves details appointments at Markel and Costero Brokers. A summary of these new hires follows here. Markel Appoints Howden’s Woodhouse for War and Terrorism Team Markel, the insurance operation of Markel Group Inc., has named …
Former Oklahoma Insurance Commissioner Gerald Grimes Passes Away at 82
Insurance Journal | November 29, 2023
Former Oklahoma Insurance Commissioner Gerald Grimes Passes Away at 82
Former Oklahoma Insurance Commissioner Gerald Grimes passed away this month at the age of 82. Grimes was appointed as Oklahoma’s Eighth Insurance Commissioner in 1975. He served in the role for 16 years. Grimes was born in the Capitol Hill …
Texas CEO and His 2 Children Were Among 4 Killed in Highway Crash Before Thanksgiving
Insurance Journal | November 29, 2023
Texas CEO and His 2 Children Were Among 4 Killed in Highway Crash Before Thanksgiving
ROUND MOUNTAIN, Texas (AP) – The CEO of a construction company and his two young children were among four people killed the day before Thanksgiving in a three- vehicle crash that was still being investigated Monday. Zach Muckleroy, 44, head …