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Great Bay Insurance Group names new presidents in leadership shift
Lovatt, who has 40 years of insurance industry experience, was a founding member of the group. He has worked in leadership roles with international, national, regional, and start-up insurance companies. In addition to his new role as president of Great Bay Insurance Company, he currently serves as chief underwriting officer and chief claims officer for…
Rising health insurance costs strain small US businesses
Health insurance premiums in the US In 2024, the United States experienced a significant increase in health insurance premiums. The average annual premiums rose by 6%, reaching $8,951 for single coverage and $25,572 for family coverage. This uptick was primarily driven by escalating medical costs and heightened utilization of healthcare services. Source link
AI vs AI: Firms need to step up their cyber game or risk falling to threat actors
“Using AI to detect fraudulent claims, for example, is no longer a nice to have, it’s a necessity. Because the bad guys are already using it,” Gupta said. “Claims are coming in with AI-crafted documents. Someone can easily create what looks like a legitimate ransomware attack, but all the artifacts are AI-generated. If a human…
The search for America’s best program administrators and carriers begins
Insurance Business America is now accepting entries for 5-Star Program Administrators & Carriers 2025 Source link
North American insurance industries brace for tariff shock
“The new tariffs announced this week, which will impact imported vehicles and auto parts, are expected to inflate the cost of new cars, repairs and used car values due to tight profit margins for manufacturers and the interconnected global supply chain,” Friedlander said. “This could generate higher premiums for home insurance and business insurance, in…
Amwins introduces excess casualty program for public entities
Program provides coverage for municipalities, schools and more Source link