Industry News
Workers Compensation Continues to Lead P/C Industry With Strong Profits
Although economic uncertainty could affect insurers in the near to midterm, the workers compensation line continues to be a key driver of the profitability of the entire property/casualty insurance ...
Tokio Marine Weighs More Than $10 Billion of International M&A
Tokio Marine Holdings Inc., Japan's top property and casualty insurer, could spend more than $10 billion on acquisitions to boost its international business, according to Brad Irick, who co-heads the ...
Man Charged With ‘Maliciously’ Starting Massive LA Fire
Federal authorities arrested a 29-year-old man on charges that he intentionally started the blaze that days later became the Palisades Fire, which killed 12 people and destroyed thousands of homes in ...
Laws and Regs Already Protect Insureds From AI Missteps, Insurance Reps Say
Despite the rapid rise of artificial intelligence in the insurance sector, along with claims of widespread errors and even discrimination by algorithms, AI is becoming vital to the industry – but ...
WTW Offers Parametric Insurance With Weather-Warning Trigger
Willis, a business of WTW, announced the launch of a parametric policy that is activated automatically when a red weather warning is issued by the UK Met Office or Met Éireann, the Irish National ...
Insurer Says Tech Services Firms Should Pay for Insured’s Ransomware Damages
ACE American Insurance Co. is suing to recover $500,000 it paid in ransomware damages to a staffing company, claiming cloud computing and cybersecurity firms contracted by its policyholder should ...
Florida’s Citizens Is Deferring Flood Coverage Proof While NFIP Is Shut Down
Florida's Citizens Property Insurance Corp. is deferring the required proof of flood insurance while the federal government shutdown continues and the National Flood Insurance Program is in limbo. ...
Hedge Funds Targeting Fire Insurance Hit a Wall in California
Hedge funds speculating on wildfire insurance claims in California were just dealt a legal blow, after the state adopted new legislation designed to stifle such bets. Under the law, approved last ...