Industry News
Travelers CEO: Retroactive Attempts to Force Virus BI Cover Appear Less Likely
Earlier in the coronavirus pandemic, insurers became increasingly troubled about legal and legislative efforts to make them retroactively include viruses in their business interruption coverage. ...
Zurich Insurance Declines to Renew Cover for Controversial Trans Mountain Oil Pipeline
Insurer Zurich has decided not to renew cover for the Canadian government's Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some ...
Travelers Reports Q2 Net Loss, ‘Modest’ COVID-19 Impact
The Travelers Companies reported a net loss of $40 million for the quarter ended June 30, 2020, compared to net income of $557 million in the prior year quarter. The insurer said COVID-19 and related ...
U.S. Cyber Market Growth Slows Even as New Risks Emerge: AM Best
Growth in the U.S. cyber insurance market continues to slow, with 2019 marking the fourth consecutive year in which premiums grew less than in the prior year, says a new report from AM Best. At the ...
W.R. Berkley’s CEO: Workers Comp Rates Could Start Climbing in 2021
For W.R. Berkley Corp. and most other workers compensation carriers, rates have declined for some time. That trend could start reversing itself starting in 2021, CEO W. Robert Berkley Jr. predicted ...
Branch, an InsurTech MGA, Will Launch a Reciprocal Exchange After Raising $24M
Branch, an InsurTech startup focused on bundling digital home and auto insurance, is eying national expansion through 2021 after nailing down $24 million in new financing. The MGA also plans to add a ...
Court Rejects Liberty Mutual Bid to Charge Employer for Claims Paid from Exempt Workers
A workers compensation insurer cannot charge an employer an extra $1.7 million in premiums for the risk presented by employees who were exempt from coverage under Iowa's workers' compensation law, a ...
Inconsistent Data Hampers Climate Risk Assessment in Finance
Comparing how banks and insurers from different countries cope with climate change is being hampered by a lack of consistent data, the Financial Stability Board said on Wednesday. Regulators are ...