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Property brokers say NOAA data purge creates blind spots
NOAA’s disaster database has long been a critical resource for insurers, brokers, and risk modellers. Its abrupt removal creates blind spots as hurricane season looms, impacting property insurance pricing, risk models, and underwriting accuracy, according to brokers Insurance Business spoke to. Source link
Alliant expands Utah team with VP hire
“Danny’s extensive experience in strategic benefits consulting, carrier relationships, and market analysis makes him a valuable asset to our team,” said Kevin Overbey, president of Alliant Employee Benefits. “His ability to develop tailored solutions that align with business goals while maximizing employee value will help our clients optimize the value of their programs.” Source link
Court dismisses negligence lawsuit against State Farm over fatal USPS truck crash
The case, brought by Christian and Abigail Godinez, sought to hold State Farm accountable for the June 13, 2022, crash, arguing that the insurer’s failure to report the nonrenewal of a truck insurance policy had set off a chain of events that led to the collision. The court, however, found that the plaintiffs’ theory of liability was too speculative and dismissed the claim with…
Insurance networks at a crossroads: Growth slows as consolidation reshapes the industry
Speaking to IB, he said that most industry leaders agree that the future of insurance networks will be shaped by strategic growth, technological advancements, and increased collaboration. Specifically, Strakhov pointed to discounted vendor services, specialized support in accounting, legal, financing and consulting, as well as partnerships with MGAs and wholesalers that allow agents to manage…
Fourth & Final Cornerstone: Community
Introducing the final cornerstone of CH Insurances’ Four Cornerstones: Community! 🌟 After embracing Conversation, Collaboration, and Change, we now celebrate what we feel is the heartbeat of CH —Community. This cornerstone is all about building connections that matter, supporting each other, and enriching lives both within and outside our company. Together, we’re more than just…
Liberty Mutual suffers half a billion drop in net income
“Our first-quarter results reflect progress in underwriting and investment performance,” said Tim Sweeney, Liberty Mutual chairman and CEO. “We saw a 6.5-point improvement in our underlying combined ratio, reaching 81.9% for the quarter. Despite higher catastrophe losses, including those tied to wildfires in California, our total combined ratio stood at 96.6%.” Source link