Industry News
Natural Disasters Cost Insurers $116B in 2021, or 63% Higher Than Average: Gallagher Re
Insured losses from major natural catastrophes in 2021—excluding COVID-related losses—have so far reached an estimated $116 billion, the third largest total since 2011, and about 63 percent ...
Court Siding With Merck Over War Exclusion for Cyber Attack a Warning to Insurers
Last month the Superior Court of New Jersey ruled insurers cannot use a policy exclusion to avoid covering about $1.4 billion in damages Merck & Co. said it suffered from a spring 2017 cyber ...
Zurich NA Launches ‘100 Acts of Caring’ Initiative to Give Back to Community
Zurich North America launched a new initiative in February called "100 Acts of Caring." Zurich employees will give back to their communities in 2022 by completing a minimum of 100 acts of caring ...
Colo. Supreme Court the Latest to Decide if Claims Adjusters Can Be Held Personally Liable
For the third time in three years, a state supreme court is being asked to decide whether a claims adjuster can be held personally liable for bad faith. The Colorado Supreme Court on Jan. 11 heard ...
Allstate’s Net Income Down 50% in Q4 as Auto Claims Rise
Allstate Corp. said fourth-quarter 2021 net income plummeted 50 percent compared to results of the prior-year quarter as auto claim frequency and severity increased. Adjusted net income for Q4 was ...
The Latest Launches From Greensite, Mercury Insurance, Coalition
Greensite Insurance Services, an Aon speciality insurance program, has launched a cannabis management liability program tailored toward private entities including startups that are looking for ...
Kemper Eyes Rate Hikes, Agency Cancellations After Q4 Fall
Kemper Corp. said it is taking rating and other actions, including canceling some agents, as it seeks to recover from inflation-riddled fourth-quarter financial results. Kemper Corp. reported a net ...
How Autonomous Car Companies Are Outrunning U.S. Regulators and Lawmakers
Self-driving vehicle companies from Tesla Inc. to General Motors Co.'s Cruise are racing to start making money with their technology, outrunning efforts by regulators and Congress to write rules of ...