Florida special session targets litigation cost, Citizens depop and reinsurance availability
The Florida Legislature has formally called for a special session beginning next Monday to tackle the state’s property insurance crisis that will consider legislation targeting 11 specific areas, including bringing down litigation costs, ensuring the availability of reinsurance, and fostering the depopulation of policies from Citizens.
Ireland’s govt is 90% finished with insurance reform programme
The Irish government has confirmed that around 90 percent of actions have now been completed or are ongoing within its sweeping insurance reform programme, which was launched two years ago in a bid to make the country’s insurance sector more competitive and consumer-friendly.
FIO to assess whether cyber risks warrant federal insurance response
The US Treasury Department has issued a request for comment to inform the Federal Insurance Office (FIO)’s work on cyber including assessing whether a federal insurance response to catastrophic incidents is warranted.
Munich Re’s Hamm calls for further Florida insurance reform in Ian’s wake
The bipartisan property insurance reform package that Florida governor Ron DeSantis signed off on in May did not go far enough, with further changes needed if the legal system abuses prevalent in the Sunshine State are to be stemmed, Munich Re US’ executive vice president Kerri Hamm believes.
NY AG accuses Trump of insurance fraud over asset valuations
The New York attorney general’s lawsuit filed today accusing former US president Donald Trump of financial fraud includes allegations that he falsely inflated his net worth by billions of dollars to induce insurers to provide coverage for higher limits and at lower premiums.
IRB raises R$100mn after settling with CasaShopping and selling stake in mall
IRB Brasil Re has reached an out-of-court settlement with the owners of Rio de Janeiro’s CasaShopping enterprise and sold its stake in the mall for a combined R$100mn ($19.5mn) as the loss-hit reinsurer made another move to bolster its capital position.
ComparetheMarket’s £18mn antitrust fine overturned
The UK’s largest price comparison website ComparetheMarket has had a £17.9mn ($21.6mn) fine imposed by the UK’s Competition and Markets Authority (CMA) overturned by a tribunal, which ruled that the antitrust watchdog failed to prove that the site kept home insurance costs artificially high.
B3i confirms plans to liquidate following “unsuccessful funding rounds”
Blockchain insurtech B3i has announced that it has officially filed for plans to liquidate according to Swiss law “following unsuccessful funding rounds”, and confirming The Insurer’s earlier reporting.
Demotech defends position after delaying ratings announcement
Demotech has said it will continue to follow its methodology and remain an independent observer “despite outside pressure” after writing to Florida carriers and state regulators to inform them it will not now be announcing rating actions tomorrow.
Wagstaff warns of “worrying” lack of detail in new UK financial reform bill
It was billed as a revolutionary package that would force regulators to promote the global competitiveness of the UK’s financial sector and slash unnecessary red tape, but Caroline Wagstaff, CEO of the London Market Group (LMG), has said the new Financial Services and Markets Bill contains a “worrying” lack of ...
Report: US federal court insurance case filings hit new high in 2021
A new report from Lex Machina reveals that the 14,793 insurance case filings in US federal district courts in 2021 was 20 percent higher than in 2020, with last year including a large spike in hurricane-related claims but a fall in business interruption (BI) cases.
AIG expands access to reproductive care, regardless of where staffers reside
AIG’s Peter Zaffino has become the latest industry CEO to respond to the Supreme Court ruling overturning Roe v Wade, telling colleagues in an all-staff memo Tuesday that the company is expanding its healthcare benefits to support reproductive choices for colleagues regardless of their state of residence.
WTW, NFP, Amwins and Chubb among companies to respond to SCOTUS ruling
Leaders at companies from across the industry have sent memoranda to staff in response to Friday’s Supreme Court ruling eliminating the constitutional right to an abortion, with executives almost universally calling for colleagues to treat one another with respect amid heated debate and with many firms extending healthcare benefits to ...
MMC reassures staff on out-of-state healthcare travel costs after SCOTUS ruling
Marsh McLennan CEO Dan Glaser has told colleagues in the wake of Friday’s Supreme Court ruling overturning Roe v Wade that the firm will extend employee health benefits to include travel costs for out-of-state health care, including reproductive procedures.
Triple-I: Proposed SEC climate rules would create unnecessary layer of oversight
Responding to the US Securities and Exchange Commission (SEC)’s recent proposed rulemaking for climate disclosures, the Insurance Information Institute (Triple-I) has argued that a new layer of federal oversight would neither enhance nor standardise the climate-related disclosures US insurers make to investors.
R Street proposes five NFIP solutions at Senate hearing
Public policy research organisation R Street suggested five solutions to help fix the National Flood Insurance Program (NFIP) during a recent Senate banking committee hearing, including developing a private market by pricing policies at an actuarially sound rate.
FCA says poor broker governance is leading to customer harm
The Financial Conduct Authority (FCA) has said it continues to see evidence of “ineffective governance” within UK insurance intermediaries, with the watchdog warning that poor oversight is leading to “significant risk” of potential harm for policyholders.
European insurers call for global consistency on capital rules
European insurers have called on international regulators to ensure consistency around capital standards for the biggest players in the global (re)insurance market.
Oregon judge denies TRO in AP-CAC Specialty senior living execs dispute
Senior living broking executives fired by AssuredPartners (AP) and who have recently agreed to join upstart retailer CAC Specialty have defeated a request by their former employer seeking a temporary restraining order that would block them from starting their new roles.