Industry News
War With Russia Will Shrink Ukraine Economy 45%, Says World Bank
The World Bank says Ukraine's economy will shrink by 45.1 percent this year because of Russia's invasion, which has shut down half of the country's businesses, choked off imports and exports, and ...
California’s PG&E to Pay $55M to Avoid Criminal Charges Over Wildfires
California utility PG&E Corp has reached settlement agreements with district attorneys representing Northern California counties to avoid prosecution over two major wildfires, with the company ...
Climate Change Protesters Disrupt Lloyd’s Headquarters
Climate change protesters in London have targeted insurance underwriting house Lloyd's of London for its role in enabling fossil fuel projects. The City of London Police said they were aware of ...
Executives on the Move at Allstate, MEMIC, Deloitte
Don Civgin, vice chair and CEO, Protection Products and Services at Allstate, has announced his decision to retire, effective May 1. Civgin joined the company as chief financial officer in 2008, ...
Insurers Found Liable for $101M Payment Into Lead Paint Abatement Fund
Taking a calculated risk by selling a hazardous product isn't the same as intentionally causing harm. For that reason, insurers must cover a court judgment that requires the company that sold Dutch ...
Insurance Commissioners Endorse Climate Risk Disclosure Standard for Insurers
The National Association of Insurance Commissioners (NAIC) announced at its spring meeting that a bipartisan group of state insurance regulators has adopted a new standard for insurance companies to ...
Non-Modeled Disaster Losses Are Growing Component of Insurance Claims: RMS
Not only did natural catastrophes in 2021 break insurance claims records, but they also highlighted the growing cost of non-modeled characteristics of disasters, which are altering the industry's ...
Commercial Insurance Price Hikes Drop to Single Digits But Cyber Triples
There still are no price decreases showing up on WTW's regular update of rate changes for more than 30 commercial insurance lines, but many buyers are now seeing last year's double-digit jumps ...