"Insurance shouldn’t just be a pot of money for attorneys"
As insurers retreat from some markets, policyholders are facing skyrocketing premiums, stricter underwriting and unexpected policy cancelations
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Gag ordered over AIG, Munich Re, Swiss Re, Zurich, Starr and multiple Lloyd’s underwriters
The case, pending in the Southern District of New York, pits Newmont Corporation and its subsidiary, Newmont Ghana Gold Limited, against several major insurance carriers, including American International Group UK Limited (AIG UK), Munich Re, Swiss Re, Zurich American, Starr International, and several Lloyd’s underwriters. Newmont is seeking coverage under a suite of insurance policies…
AI adoption in insurance accelerates, but ROI pressures loom: KPMG
What are the three phases of value? According to KPMG, the “enable” phase emphasizes building AI foundations by appointing responsible executives, creating AI strategies, identifying high-value use cases, increasing AI literacy, and ensuring regulatory alignment. This phase also involves launching AI pilots, utilizing cloud platforms, and leveraging pre-trained models with minimal customization. Source link
Lloyd’s sees profits dip as major claims affect 2024 results
Lloyd’s 2024 results Gross written premium for the year, meanwhile, rose to £55.5 billion, up from £52.1 billion in 2023, representing a 6.5% increase. The growth was driven primarily by an 8.5% rise in volume, including 7.6% from existing syndicates and 0.9% from new entrants. Source link
What Policies Do I Need?
The truck repair industry is crucial in maintaining the U.S. transportation infrastructure by ensuring commercial trucks remain operational. As demand for reliable freight transport grows, the industry has seen steady expansion in recent years and is expected to continue its upward trajectory. Operating a truck repair shop involves servicing large vehicles such as on-highway, vocational,…
Florida lawmakers revive effort to repeal no-fault auto insurance
Under Florida’s no-fault system, drivers are required to carry $10,000 in PIP coverage to cover their own medical expenses regardless of fault in an accident. However, critics argue that the $10,000 limit, unchanged since 1979, is insufficient to cover modern medical costs. Source link
Insurance moves at Penn Mutual and BTIS
BTIS promotes head of operations Builders & Tradesmen’s Insurance Services, Inc. (BTIS), an Amynta Group company, has announced the promotion of Jessica Keefe to senior vice president, head of operations. With over 20 years of experience in compliance, operations, and strategic growth, Keefe has played a key role in BTIS’s expansion and operational efficiency since…