INSURANCE NEWS
Use of Weather Derivatives Surges as Extreme Climate Events Rock the Globe
Energy companies, hedge funds and commodity traders are stepping up their use of financial products that let them bet on the weather, as they seek to protect themselves against – or profit from – the increasingly extreme global climate. On …
Insurance Executives Paid Millions in Compensation as Rates Skyrocket: CFA Findings
A new report from the Consumer Federation of America (CFA) says chief executives of insurance companies are “living high on the hog” as policyholders are forced to absorb increases in insurance rates. The research from the association of nonprofit consumer …
Summit: Insuring Cannabis Specialists Talk Trends, Risks and Coverage Challenges
Unique vapes, infused cocktails and even personal hygiene items — the variety of new and emerging cannabis products is a clear sign the industry is maturing and innovating. And more importantly for insurance professionals specializing in the cannabis space, insurance …
75% of Small Businesses Are Underinsured, Says Hiscox Survey
Small businesses may be growing their revenue, but the vast majority – 75% – are not adequately protecting themselves and their assets. Small businesses are an essential part of the US economy, with 56 million workers employed at firms with …
Less Red Ink in Florida, 2 New Insurers, and Citizens Wants Commercial Take-outs
Florida-based insurers still aren’t profitable, overall, but their net losses and underwriting losses are getting smaller. Two more property insurance companies are preparing to enter the Florida market. And the number of Citizens Property Insurance Corporation’s commercial policies is growing …
People Moves: IOA Names Sullivan Western Division President
Insurance Office of America (IOA) named Paul Sullivan western division president. Sullivan joined IOA in 2009. He was previously IOA’s regional president of the Northwest region. Former roles include vice president at Arthur J. Gallagher & Co., California Insurance Center …
Its Basketball Players Are Not Employees, Dartmouth College Argues
Dartmouth College lawyers argued last Thursday that the Ivy League school’s basketball players should not be considered employees because they are unpaid members of a money-losing program whose need-based scholarships don’t depend on their participation or talent. In a National …
Aon Estimates Losses From September Flooding in New York City Area
The significant flash flooding in New York City in late September could end up costing hundreds of millions of dollars in economic and insurance losses, according to global insurance broker Aon’s most recent report on natural catastrophes. Fueled in part …
Police Didn’t Give Alabama Homeowner Time to Respond Before Opening Fire, Lawyer Says
DECATUR, Ala. (AP) — An attorney representing the family of a Black man who was fatally shot at his home by police said Friday that officers did not give the man time to respond before they opened fire. Steve Perkins, …
Hacker Puts 23andMe User Data Up for Sale on the Internet
An anonymous hacker is claiming to be selling “millions” of genetic profiles cobbled together from hijacked 23andMe customer accounts. The seller suggested the profiles, which include email addresses, photos, gender, date of birth and DNA ancestry, could be used to …
Most Homeowners Face Barriers to Improve Resiliency, Says APCIA Survey
As personal property owners face issues related to rising frequency and severity of natural catastrophes, a survey has found many do not have money or know where to start in order to mitigate damages. The American Property Casualty Insurance Association …
Is Mar-a-Lago Worth $1 Billion? Valuations at the Core of Trump’s Fraud Trial
FORT LAUDERDALE, Fla. (AP) — How much is Donald Trump`s Mar-a-Lago worth? That`s been a point of contention after a New York judge ruled that the former president exaggerated the Florida property`s value when he said it`s worth at least …