Industry News
Progressive Insurance Dinged by Q2 Rise in Auto Claims, Low Premiums
Progressive Corp. reported a 56 percent decrease in net income to $790.1 million for the second quarter. Net income was down 9 percent for the first six months. The company said the largest ...
U.S. Senate Bill Would Sanction Countries That Harbor Cyber Criminals
Two senior U.S. senators planned legislation on Thursday that would fight ransomware attacks on U.S. infrastructure by sanctioning countries the harbor cyber criminals, as well as by strengthening ...
AIG CEO Zaffino Acknowledges Reduction of Cyber Insurance Limits as Coverage Costs Climb
American International Group Inc is tightening terms of its cyber insurance, noting that its own premium prices are up nearly 40% globally, with the largest increase in North America, the U.S. ...
TypTap, a Home and Flood Insurance InsurTech, Files Proposed IPO Plans
HCI Group, Inc. announced that its InsurTech subsidiary, TypTap Insurance Group, Inc., a Florida-based writer of private market homeowners and flood insurance, has confidentially submitted a draft ...
Lemonade Customer Base Now Surpasses 1.2M; Q2 Losses Land Above $55M
Lemonade's customer base continues to climb in the 2021 second quarter, with that number now surpassing 1.2 million. In contrast, the New York-based digital insurer reported nearly 814,200 customers ...
Allianz CEO Baete Recaps ‘Horrible Week’ Regarding U.S. DOJ Fund Division Probe
Oliver Baete, chief executive officer of Germany's Allianz, on Friday spoke of a "horrible week" for him and the insurer, his first response to a disclosure that the U.S. Department of Justice was ...
As Workers Return to Office, Insurers Worry About COVID-19 Discrimination Claims
Liability insurers on both sides of the Atlantic are scaling back the cover they offer companies ahead of an expected wave of discrimination claims as employers call staff back to their desks after ...AIG Celebrates Strong Q2 Gains Driven by Investment Income, Business Growth, Rate Hikes
American International Group generated a modest profit in the second quarter, citing gains from higher net investment income, far fewer catastrophe losses and strong rate hikes in its ...