INSURANCE NEWS
First-Half P/C Underwriting Loss Just $2B Shy of Loss for All of 2022
The total net underwriting loss of $24.5 billion for the U.S. property/casualty industry after the first six months of 2023 is $2 billion less than total losses recorded for all of 2022, according to a new AM Best report. Catastrophe …
China Relaxes Rules for Insurers to Invest in Stock Markets
China’s financial regulator on Sunday reduced the risk weighting it attaches to insurance companies’ holdings of blue-chip shares and tech stocks, encouraging them to invest more in the country’s lagging stock market. The National Administration of Financial Regulation (NAFR)said on …
How Reinsurers Can Win in the Game of Volatility
Executive summary: Reinsurance underwriting is all about finding equilibrium between their reason for being—reducing the volatility of cedents earnings—and producing stable profits in their own businesses. With new laws promising to change a Florida litigation environment that was out of …
Oakbridge Adds Another Agency with BDH in Georgia
Oakbridge Insurance has acquired Georgia-based Bishop-Durden-Hale Insurance Group, the companies announced. Bishop-Durden, which specializes in coverage for manufacturers, municipalities and schools, will keep its offices in Vidalia and Savannah. The firm was founded in 1996. Brian Bishop is the agency’s …
World’s Largest Ports May Be Unusable by 2050 Without More Climate Action: Report
Some of the world’s largest ports may be unusable by 2050 as rising sea levels hit operations, and efforts to speed up decarbonization of the maritime sector and bring in new technology are vital, a study showed on Friday. Weather-related …
Fire Restrictions Across Much Of Western Nevada Lifted After Six Weeks
Cooler temperatures and increasing moisture levels allowed state and federal public land managers last week to lift fire restrictions that have been in place across much of western Nevada since late July. An unusually mild wildfire season, combined with the …
FirstChoice, a MarshBerry Company, Adds 500th Member to Network
MarshBerry, an investment banking and consulting firm serving the insurance distribution and wealth management industries based in Woodmere, Ohio, announced that FirstChoice, a MarshBerry Company, has welcomed its 500th member to the network. “We are so pleased to achieve this …
Climate Change Drives Insurance Woes in Louisiana
A little over a year ago, Peter Gardner, a Louisiana developer, completed rehabbing an apartment building with 144 units and got a surprise so ugly it made him decide to move his business out of town. When the project began, …
Illinois Plant Explosion Injures Eight People
A Sunday evening explosion in Archer-Daniels-Midland Co.’s processing complex in Decatur, Illinois, has injured at least eight people, according to the Decatur Fire Department. The blaze was largely under control within a few hours, but a crew remains on standby …
Texas Power Grid Faces New Challenges Amid Summer Heat and High Demand
HOUSTON (AP) – Texas’ power grid has been under tremendous stress during this summer’s sweltering heat, with the state setting 10 new records for electricity demand. The grid`s reliability has been questioned by residents and lawmakers since a deadly winter …
Wisconsin Sawmill to Pay $191,000 and Cease Hiring Children Under 16 Following Teenager’s Death on the Job
MADISON, Wis. (AP) – A northern Wisconsin sawmill has agreed to pay nearly $191, 000 and stop hiring children under 16 to settle a federal lawsuit labor regulators filed after a teenager was killed on the job this summer and …
Judge Rules Against Consumer-Watchdog Anti-Discrimination Effort
A federal judge has ruled that the U.S. Consumer Financial Protection Bureau (CFPB) does not have broad authority to tackle discriminatory banking practices, handing a win to financial industry groups that sued the regulator. The American Bankers Association, the U.S. …