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Tag: insurance-journal

Massachusetts Climate Strategy Brings Together Its 78 Coastal Communities
Insurance Journal | November 30, 2023
Massachusetts Climate Strategy Brings Together Its 78 Coastal Communities
Massachusetts Governor Maura Healey has announced a plan to assist the state’s 78 coastal communities from Cape Cod to the North Shore where 2.5 million live with their development of long-term regulatory, policy, and funding solutions to the effects of …
Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand: AM Best
Insurance Journal | November 30, 2023
Reinsurance Market Outlook ‘Stable’ on Improved Rates, Higher Demand: AM Best
Substantial rate improvements, higher attachment points and rising investment income are combining with increased demand for reinsurance cover to create a stable outlook for the global reinsurance sector, according to AM Best. Of course, headwinds still exist for reinsurers such …
Red Sea Attacks on Ships Spark Safety Concerns for Sailors
Insurance Journal | November 30, 2023
Red Sea Attacks on Ships Spark Safety Concerns for Sailors
Commercial ships face increasing dangers at sea after armed groups have attacked and seized vessels in waters around the Red Sea and off the coast of Yemen, adding to perils for seafarers, shipping officials said on Wednesday. An attempted hijacking …
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 …