Commercial Lines
10M Americans Will Be Affected by Climate Change by 2075: CBO Warning
Ten million Americans will be "substantially affected" by climate change by 2075, causing government disaster spending to jump, the Congressional Budget Office projected Thursday. But, instead of ...
First Commercial Carrier Approved in California to Sell Cannabis Insurance
Since last year, Californians are allowed to grow and possess marijuana. Now, the most populous U.S. state has taken another step to bolster the cannabis business by deciding to give insurance cover ...
Commercial Insurance Reserve Charge, Hurricanes Drive $1.7B Loss for AIG’s Third Quarter
Highlighting the development as a "noteworthy item" in an earnings announcement Thursday night, American International Group reported prior-year loss reserve strengthening of $836 million before ...
Property Insurance Industry ‘Feeling the Pressure’ from Cyber Risk, Advisen Panelists Say
Property underwriters are feeling the pressure as cyber has become an increasing source of risk within the property insurance industry, according to panelists at Advisen's 2017 Cyber Risk Insights ...
Berkshire Hathaway Likely to Report Big Q3 Claims Costs—and Reduced Insurance ‘Float’
The insurance business has been good to Warren Buffett. For decades, his stable of carriers at Berkshire Hathaway Inc. have provided him billions of dollars to invest. They've also turned an ...
Exxon Will Fork Over $300M to Settle U.S. Air Pollution Violations
Mobil Corp. agreed to pay more than $300 million to resolve air pollution violations tied to eight chemical plants in Texas and Louisiana, one of a pair of environmental settlements with oil ...
Possible Brexit Casualty: 75,000 UK Insurance and Banking Jobs
Sam Woods, Britain's top banking regulator, said a consultancy's estimate that Brexit could cause as many as 75,000 job losses in banking and insurance is "plausible" if the U.K. leaves the European ...
Calif. Wildfire Insured Losses at $3.3B and Rising: Regulator
Wildfires in California have caused insured losses of more than $3.3 billion, based on claims reported by 15 insurers, and the figure will rise, the California Department of Insurance said on ...