[ad_1] Three issues are top of mind… [ad_2] Source link

[ad_1] Eleven nominated directors elected to one-year terms [ad_2] Source link

[ad_1] Drawing insights from 1,000 senior executives surveyed in November 2024, the report reveals how businesses with annual revenues exceeding $250 million are reassessing their risk management strategies in light of increasingly interconnected and volatile supply chains. Respondents included risk managers, logistics leads, and senior executives, highlighting the need for cross-functional alignment in supply chain…

[ad_1] Talanx performance across divisions In the reinsurance division, insurance revenue increased 5% to €7.0 billion. However, the insurance service result declined to €515 million from €720 million, driven by the California wildfires. The investment result before currency effects in reinsurance saw a modest increase to €252 million. Operating profit for the division was €702…

[ad_1] “Allianz’s first quarter performance and our confirmed outlook underscore our financial strength and resilient business model, which benefits from the attractiveness of our customer value propositions amid geopolitical and economic uncertainty,” he said. “In fact, we view this uncertainty and change as a catalyst for innovation and growth, allowing us to pursue new opportunities…

[ad_1] What’s the reasoning behind the move? [ad_2] Source link

[ad_1] In January, Tokio Marine Highland marked the 30th anniversary of its Private Flood Division, originally established by Heinrich in 1995. The division, which began in Heinrich’s garage, has evolved into a market leader in private flood insurance, offering residential, commercial, and excess flood coverage. [ad_2] Source link

[ad_1] Committee chair Sen. Josh Hawley said many consumers feel abandoned when they need their insurers most. He cited repeated inspections, inconsistent estimates, and claim denials. “They delay, and they deny, and they offer excuses,” Hawley said, describing reports of insurers sending multiple adjusters with varying assessments. [ad_2] Source link

[ad_1] First elected to the Kansas House in 2013, Hawkins has held multiple leadership roles, including House majority leader and chair of the Health and Human Services Committee. Alongside his legislative work, he spent 30 years in the insurance sector, with a focus on employee benefits. His background also includes service in the Kansas National…

[ad_1] ‘Just being transparent can drastically lower the chance of a future clash happening,’ says expert [ad_2] Source link

[ad_1] How brokers can support their clients [ad_2] Source link

[ad_1] Keenan joined National Interstate Insurance Company, part of Great American Insurance Group, in 2006. He initially led Hudson Management Group, the company’s subsidiary based in St. Thomas, US Virgin Islands. Over the years, he has held several leadership roles, most recently serving as national business development officer for National Interstate.  [ad_2] Source link

[ad_1] American National has also been restructuring its property and casualty operations. In 2023, the company announced its exit from the homeowners insurance market in nine states, including California, Louisiana, Arkansas, Colorado, Minnesota, Oklahoma, South Carolina, South Dakota, and Washington. The company attributed the decision to profitability challenges in those markets.  [ad_2] Source link

[ad_1] Military-aligned mission and strategic alignment highlight key priorities for new role [ad_2] Source link

[ad_1] Rising car premiums  In 2024, the national average cost for full coverage car insurance rose to $2,543 annually, marking a 26% increase from $2,014 in 2023. This upward trend is attributed to factors such as inflation, supply chain disruptions, and increased vehicle repair costs.  [ad_2] Source link

[ad_1] Despite its limitations, parametric coverage appeals for its speed, objectivity, and flexibility. Payouts are faster, disputes are rare, and policies can be tailored to specific risks – whether it’s excessive rainfall, drought, or rising river levels.  [ad_2] Source link

[ad_1] “Brokers can play a bigger role” in the fight against nuclear verdicts  The insurance industry’s coalition work continues to expand. An inaugural in-person symposium in 2022 drew 50 to 60 people. Last year, that number had grown to 250. Another one is scheduled for later this year, and is expected to draw carriers, brokers,…

[ad_1] The Australian Reinsurance Pool Corporation (ARPC), for example, was formed in the aftermath of 9/11, when commercial terrorism coverage became scarce. It offers reinsurance for losses related to declared terrorist incidents affecting commercial property, business interruption, and liability. [ad_2] Source link

[ad_1] The British Insurance Brokers’ Association (BIBA) Conference is Europe’s largest insurance broking exhibition and insurance professionals are encouraged to attend. BIBA offers extensive networking and knowledge-enhancing opportunities. This event is expected to attract over 9,500 participants, including more than 230 exhibitors ranging from insurers, brokers, service providers, and software vendors. This event is sponsored…

[ad_1] “Brokers and agents, for a long time, said the insurance companies are becoming irrelevant because they’re really not leaning into risk, they’re not providing what we need to bring to our clients and they exclude more than they cover,” she said. “To be relevant to our clients and to the brokers and agents working…

[ad_1] “Allianz’s first quarter performance and our confirmed outlook underscore our financial strength and resilient business model, which benefits from the attractiveness of our customer value propositions amid geopolitical and economic uncertainty,” he said. “In fact, we view this uncertainty and change as a catalyst for innovation and growth, allowing us to pursue new opportunities…

[ad_1] Talanx performance across divisions In the reinsurance division, insurance revenue increased 5% to €7.0 billion. However, the insurance service result declined to €515 million from €720 million, driven by the California wildfires. The investment result before currency effects in reinsurance saw a modest increase to €252 million. Operating profit for the division was €702…

[ad_1] The legislation, which has already cleared the House by an overwhelming 96-17 margin, proposes to bar individuals who are unlawfully present in the US from seeking compensation for general damages — such as pain and suffering, emotional distress, and lost wages — in civil cases stemming from automobile accidents. However, it would still permit…

[ad_1] The Montana Legislature has approved a new measure requiring insurance companies operating in the state to disclose detailed wildfire risk score information when used to underwrite or rate residential property.  House Bill 533, passed by the 69th Legislature and now enrolled, mandates that admitted insurers provide specific information to homeowners, applicants, or their insurance…

[ad_1] The case stemmed from disputes over insurance coverage for two commercial properties in Louisiana that were damaged during Hurricane Ida in August 2021. After the storm, the properties were sold to new owners – 3131 Veterans Blvd LLC and Mpire Properties LLC – who took over the rights under the existing insurance policies. The…

[ad_1] Under the proposal, a “residential home safety and loss prevention course” is defined as a program that offers instruction on minimizing personal injuries and property losses from fire, theft, burglary, accidents, and weather-related events, including hurricanes, ice storms, and tornadoes.  [ad_2] Source link

[ad_1] If the total taxes calculated under the bill amount to less than $5,000 in a given year, the captive insurance company must pay a minimum tax of $5,000. For captives newly authorized within a calendar year, the minimum tax is prorated by quarter: $5,000 if authorized in the first quarter; $3,750 in the second;…

[ad_1] Industry vets bring expertise in terrorism underwriting and nationwide construction strategy [ad_2] Source link

[ad_1] Under the statute, policyholders are no longer permitted to reassign post-loss benefits, including any rights, duties, or benefits under their insurance policies. While insurers cannot require the use of a particular repair facility, they may still suggest preferred vendors and operate within existing repair networks.  [ad_2] Source link

[ad_1] David Blades (pictured above), associate director, industry research and analytics at AM Best, said that social inflation, life care plans, jury anchoring, and litigation financing are frequently cited as contributing to the escalation of excess verdicts.  [ad_2] Source link