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Category: Insurance Journal

RMS Range of Insured Losses from Ian $53-$74B, ‘Best Estimate’ of $67B
Insurance Journal | October 10, 2022
RMS Range of Insured Losses from Ian $53-$74B, ‘Best Estimate’ of $67B
Catastrophe modeler RMS chimed in on Hurricane Ian with an estimate of private-market insured losses from the storm of $67 billion. The Moody’s Analytics company said the amount was a “best estimate,” and also supplied a range of between $53 …
Insured Damages From Hurricane Ian $31-$53B: CoreLogic
Insurance Journal | October 10, 2022
Insured Damages From Hurricane Ian $31-$53B: CoreLogic
Property data and analytics provider CoreLogic included new and updated projections of storm surge and flood losses for Hurricane Ian for a final tally of between $41 billion and $70 billion in insured and uninsured flood and wind losses. Insured …
Ending Florida Agency Led to More Development, Losses in Ian, Report Says
Insurance Journal | October 10, 2022
Ending Florida Agency Led to More Development, Losses in Ian, Report Says
The shuttering of a state agency that was created to manage growth in Florida’s vulnerable coastal areas may have helped fuel the steady development that during Hurricane Ian resulted in some of the largest insured property losses in state history. …
AM Best Says Tower Hill ‘Rearranging the Furniture;’ Faces Surplus, Capital Problems
Insurance Journal | October 10, 2022
AM Best Says Tower Hill ‘Rearranging the Furniture;’ Faces Surplus, Capital Problems
The downgrade of one of Tower Hill’s insurance companies by AM Best financial rating firm, announced the day that Hurricane Ian nosed into southwest Florida, has led to new speculation that Tower Hill could be the next insurer to falter …
Two New York Hospitals to Pay $165M to Victims of Abuse by Gynecologist
Insurance Journal | October 10, 2022
Two New York Hospitals to Pay $165M to Victims of Abuse by Gynecologist
Two New York hospitals have agreed to pay more than $165 million to 147 former patients who have accused a former gynecologist of sexual abuse and misconduct. Columbia University Irving Medical Center and NewYork-Presbyterian announced the agreement Friday. Last year, …
City of Rochester Agrees to Pay $12M to Family of Black Man Killed by Police
Insurance Journal | October 10, 2022
City of Rochester Agrees to Pay $12M to Family of Black Man Killed by Police
City officials agreed to pay $12 million to the children of Daniel Prude, a Black man who died after police held him down until he stopped breathing on a snowy street in Rochester, New York. A federal judge approved the …
Munich Re Commits to Stricter Policies for Oil & Gas Underwriting, Investments
Insurance Journal | October 7, 2022
Munich Re Commits to Stricter Policies for Oil & Gas Underwriting, Investments
Munich Re, the world’s largest reinsurer, on Thursday announced stricter policies for investing in and underwriting oil and gas projects, drawing praise from environmental activists. The German reinsurer said on its website that as of April 2023 it would not …
Florida Citrus Industry Squeezed by Hurricane Ian; Crop Insurance to Cover Some Losses
Insurance Journal | October 7, 2022
Florida Citrus Industry Squeezed by Hurricane Ian; Crop Insurance to Cover Some Losses
The waters have receded, but the stink lingers. As Emma Reynolds Ezell surveys the damage that a night of 100 mile-per-hour winds wrought on her orange groves, she just can’t get over the stench. It’s nothing like the usual sweet …
Comp Insurer Antum Risk to Study Hospital Violence in South Carolina
Insurance Journal | October 7, 2022
Comp Insurer Antum Risk to Study Hospital Violence in South Carolina
The South Carolina Hospital Association plans to use data to address the growing issue of workplace violence, an effort that could ultimately affect workers’ compensation claim frequency and severity. The association announced it has hired South Carolina-based Antum Risk, a …
Study Shows Climate Change Made Droughts More Likely in 2022
Insurance Journal | October 6, 2022
Study Shows Climate Change Made Droughts More Likely in 2022
Climate change made droughts in the Northern Hemisphere droughts more likely this year, a new study by a team of U.S. and international scientists shows. The scientists, part of World Weather Attribution, a group that studies links between extreme weather …