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Chubb Estimates $1.4B in Q2 Pretax COVID-19 Catastrophe Losses
Chubb's new, sobering disclosure of Q2 2020 global net catastrophe losses underscores the damage COVID-19 is doing to carriers' bottom lines. The global property/casualty insurer reported a whopping ...
Federal Biz Interruption Bill Backed by Plaintiffs Group Introduced
Last week, a U.S. lawmaker introduced a bill that would allow insurers to voluntarily pay certain COVID-related business interruption claims and get reimbursed by the federal government, but ...
Is COVID Physical Damage? Plaintiffs Relying on Bacteria, Ammonia and Cat Urine Rulings
In 1963, congregants noticed a strange odor in the basement of the First Presbyterian Church in Littleton, Colo. Some suspected a gas leak or maybe spilled stationary ink. Others thought the smell ...
The Risk of ‘Take-Home’ COVID-19 and the ‘Next Asbestos’
Estimates of the size of COVID-19's impact on the insurance industry vary widely, but some companies (including Chubb and Willis Re) have suggested that, considering both asset and liability losses, ...
Chubb Unveils Public-Private Program for Pandemic Biz Interruption
Chubb unveiled a proposal for the insurance industry and federal government to partner on covering future pandemic-related business interruptions—and to get money to small businesses ...
Chubb Loses $331M in Q2, Slammed by COVID-19 Costs
Over just two quarters, the coronavirus pandemic has forced Chubb's net income to plunge, and now, swing to a sizable loss. Chubb lost $331 million, or $0.73 per share during the 2020 second quarter, ...
The Hartford Produces Q2 Profit; Announces Job Cut, IT Investment Plans
The Hartford survived second quarter COVID-19 related challenges by producing an overall profit, though the property/casualty insurer announced plans to reduce expenses through job cuts and other ...
Reinsurance Capital Dips; Capacity Available: Aon
Global reinsurance capital fell 6 percent to $590 billion for the first quarter of 2020, Aon reported in its June/July Reinsurance Market Outlook report this week The report, which also looks at ...
Remote Workforce Likely Here to Stay: Accenture
The insurance industry made a smooth transition to a largely remote workforce when the COVID-19 pandemic began, with most companies reporting either no change or even an increase in employee ...
Beware of Always and Never
Let's start with the normal distribution curve. Have I lost you already? Most of us know the normal distribution curve, also known as a bell curve. It sits on an x/y axis. It starts low, gradually ...
Insurers Need Playbook to Slow Social Inflation; COVID Didn’t Do It
If liability insurers and defendants want to turn the tide of social inflation, they need to come together as teammates with a solid game plan, a reinsurance claims executive said recently. Agreeing ...
What Reinsurance Execs Say About Social Inflation
While some observers reported a letup in social inflation during COVID-19 lockdown periods, reinsurance executives speaking at a recent conference said they fear U.S. jury verdicts and settlements ...
COVIDigation Nation: Why So Many Cases? Are More Coming?
Let's get a few things out of the way. First, I am not a data scientist or an actuary. I am an attorney interested in data. More specifically, I am interested in using data from disparate sources to ...
Managing Social Inflation: What Should Be in the Defense Playbook
Plaintiffs attorneys have honed skills for identifying cases destined to result in nuclear verdicts, a former defense attorney working for a reinsurance company said recently, describing their ...
Flexibility and Patience Helping Insurance Leader Through COVID Challenges
Over the years, I have been described as "old school" or "set in his ways." Having been in the insurance business since June 1, 1977, I guess there is a legitimate reason. I am getting old. Never in ...
No Events = No Networking?
Arguably, the greatest asset I own after 30 years in the insurance industry is my network. My network was built over decades of engagements. To be clear, all of those engagements were face to face. I ...
Nationwide Becomes Fully Independent Agency Carrier on July 1
Nationwide said it will complete an 18-month transition on July 1 to operate as a fully independent agency carrier. With that milestone date, more than 99 percent of the company's formerly captive ...
Walls Between Life and Work Come Down
One of my team talked about resilience and courage being key words to describe the way our business has dealt with the new realities of a COVID-19 world. These are words I equate with the men and ...
Buckle Plans to Run Its Carrier as a ‘Digital Front’
Recently, Buckle made an acquisition that helps it expand in interesting ways. Buckle, a digital seller of rideshare insurance, bought Gateway Insurance Company from carrier Atlas Financial Holding ...
COVID BI Coverage Suits Top 700; Yep, That’s A Lot
When insurance coverage lawsuits brought by businesses seeking coverage for COVID-related interruptions surpassed the 700 mark last week, the natural question to ask was: Is that a lot? That's ...
Chubb CEO Greenberg Laments U.S. Govt. Covid-19 Setbacks, Promotes Diversity Initiatives
Chubb's employees have begun to return to their offices in many countries around the world as governments have brought the coronavirus pandemic under control. That's been a problem in the United ...
Pandemic Reinforces Innovation Culture at Root
In many respects, we unintentionally built Root to weather situations like the COVID-19 pandemic. We have always been fueled by our passion for identifying what's not working and rolling up our ...
Leading When The World Restarts: Executive Views
How has the pandemic changed you personally? As a leader? How will it change your company? How should the industry plan to respond to future pandemics? Carrier Management asked carrier, reinsurance ...
AIG Will Move to New Manhattan HQ in 2021
American International Group is moving its global headquarters in 2021 as part of a continued push to modernize its operations, the company disclosed on July 21. The property/casualty insurance giant ...
‘My Airplane’: Don’t Let Fear Keep You From Taking Action
Certainty is scarce right now. When we lack certainty, we lack calm and peace. Our lives feel out of control. It's daunting to capture calm in the midst of chaos. But when we seize control in times ...
With COVID-19, Carrier Execs, Employees Working From Home Abandon Regular Office Hours
Carrier executives and employees working from home due to the COVID-19 pandemic have seen traditional business hours and office-space spontaneity go out the window, according to an exclusive Wells ...
Leading When The World Restarts: InsurTech Executive Views
How has the pandemic changed you personally? As a leader? How will it change your company? How should the industry plan to respond to future pandemics? Carrier Management asked carrier, reinsurance ...
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. ...
U.S. Commercial Auto Losses Reach Worst Point in a Decade
The U.S. commercial automobile insurance segment's underwriting losses deepened to $4 billion in 2019, the segment's worst loss in 10 years and a continuation of a decade-long trend of worsening ...
Tesla CEO Musk Seeks Actuaries to Help Build New Insurer
Tesla, which has been testing an insurance product for its drivers in California, is preparing to build an insurer, one CEO Elon Musk says will be "revolutionary." And he's inviting actuaries to join ...
Michigan COVID BI Ruling Not A Knockout Punch; FCA Case Defeat Could Be Disastrous
A recent ruling from a Michigan judge that business interruption claims payouts require tangible alteration to a property may have sounded like a knockout win for the insurance industry but a legal ...
A Quarantine Dispatch on Metromile, Lemonade and Root’s Financials
Since the first article in this series, Dispatches From InsurTech Survival Island, our principal goal in analyzing the quarterly statutory statements of the most relevant U.S. property/casualty ...
Five Business Trends That Will Become ‘Business as Usual’
A business crisis is when something prevents an organization from conducting "business as usual." That definition has never been more true for more businesses at one time than during the last several ...
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 ...
‘Finding Meaning’ Amid the COVID-19 Pandemic
The COVID-19 pandemic has not only caused a tremendous amount of death, but it has also altered society's ability to perform and experience the traditional rituals of dying, which are necessary to ...
Michigan Judge Rejects Restaurants’ COVID-19 Business Interruption Claim
A trial court judge in Lansing, Mich., handed a victory to insurers in what may be the nation's first final ruling on the question of whether a property insurer is liable for financial damages caused ...
Managing a Pandemic: Are There Lessons From Catastrophe Modeling?
COVID-19 isn't the first and won't be the last pandemic to threaten the well-being of the global population, but it will likely turn out to be the worst in the last 100 years. It would be hard to ...
Argo Group Searches for New CFO, Updates Leadership Responsibilities
Argo Group International Holdings has started searching for a new chief financial officer and is updating responsibilities for its senior leadership team in a broader, related move. The Bermuda-based ...
Lloyd’s to Leave U.S. Admitted Market, Double Down on Reinsurance, E&S
Lloyd's announced it plans to stop accepting admitted market accounts in the U.S. in a year and focus on the U.S. reinsurance and excess and surplus (E&S) insurance market, where it is the market ...
10 Productivity Pitfalls Your Business Should Avoid
What separates the best performing workplaces from those that remain middle-of-the-road? It's just one single word: productivity. The top-performing organizations all understand how to generate and ...
My First Days of Leadership—During a Global Pandemic
A global pandemic was certainly not in my 90-day plan when I assumed this role in February, but it's shaping how my leadership team and I are leading today and will lead in the future. From the start ...
After COVID: The Road Ahead for Agents
Looking ahead to the days after the COVID-19 crisis, the need for some changes in the independent agency channel becomes clear. The channel needs more—and better—digital capabilities. During the ...
Autonomous Trucking Technology Is Here—Are Commercial Insurers Ready?
June 16, 2019, was a seemingly normal day on Florida's Turnpike in Orlando. Minivans were filled with families on their way to Disney; local Floridians were going about their daily routines. But ...
Chubb Makes North America, Overseas Executive Promotions
Chubb made a few new executive promotions affecting its North America and overseas operations. Tim Stapleton has been named Executive Vice President, Financial Lines, Overseas General Insurance – ...
From IT Leader to C-Suite: A Natural Path for Insurer CEO
A career path that starts in the technology department and ends with the top job as chief executive officer hasn't been common in the property/casualty insurance industry, but it was a natural one ...
Creating Certainty: Now and in the Future
Companies don't have a choice about the timing and magnitude of a crisis like COVID-19. What will define a company is the choices leaders make from this point forward. How do we move beyond managing ...
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 ...
Hurt by COVID 19, W.R. Berkley’s Profit Plunges
Larger investment losses and COVID-19 took a substantial bite out of W.R. Berkley's 2019 second-quarter net income, but the specialty insurer and reinsurer still stayed in the black overall. Net ...
Hippo Continues Expansion With Plans to Acquire Spinnaker Insurance
The InsurTech Hippo plans to snatch up Spinnaker Insurance Company following a multi-year partnership. The deal is designed to help Hippo – a managing general agent focused on home insurance - ...