INSURANCE NEWS
Non-Life Insurers’ Profits to See Boost From Higher Rates
Non-life insurers are set to significantly improve their profitability in the next few years as investment returns from higher rates cushion a hit from a rise in claims, a report by Swiss Re Institute showed on Saturday. Insurers invest a …
SpaceX’s Starship Probe Ends With 63 Regulatory Fixes
The U.S. Federal Aviation Administration wrapped up a technical investigation into SpaceX’s April test launch of its giant Starship rocket, saying in a Friday statement that the company must implement dozens of corrective measures before flying the vehicle again. The …
P/C Insurers Set to Significantly Improve Profitability Even as Claims Rise: Study
Non-life insurers are set to significantly improve their profitability in the next few years as investment returns from higher rates cushion a hit from a rise in claims, a report by Swiss Re Institute showed on Saturday. Insurers invest a …
Carolina Insurance Agent Charged with ID Theft, Taking out Secret Life Policy
North Carolina authorities have charged a Charlotte-area insurance agent with identity theft after he reportedly took out a life insurance policy without the man’s knowledge. Derek Urban Ezzell, 56, a multi-lines producer in Concord, submitted an insurance application in the …
Brave New Whirl: Hurricane Lee Rewriting Rule Book on Storm Behavior
ATLANTA (AP) — Hurricane Lee is rewriting old rules of meteorology, leaving experts astonished at how rapidly it grew into a goliath Category 5 hurricane. Lee — which just as quickly dropped to a still-dangerous Category 3 and held that …
MGAs and Fronting Companies: Exploring the New ‘Asset-Light’ Frontier
Premiums underwritten by U.S. managing general agencies not affiliated with insurance companies reached $33 billion in 2022, and fronting companies wrote another $13 billion in the same year, a new report says. Reinsurance broker Howden Tiger and the insurance research …
Class Action Claims Mobile Home Park Managers Conspired to Fix and Inflate Lot Rental Prices
CHICAGO (AP) – A lawsuit seeking class-action status accuses nine mobile home community management companies and a mobile home market data provider of conspiring to fix and inflate lot rental prices at more than 150 locations across the U.S. The …
Kansas Insurance Department Returns Funds to Group-Funded Pools After Eliminating Assessment Fees
Kansas Insurance Commissioner Vicki Schmidt announced the Kansas Insurance Department (KID) has returned dollars to group-funded pools following the enactment of legislation that does away with two assessment fees. The Department introduced and successfully lobbied for the passage of legislation …
Litigation Funding Firms Seek to Intervene in Disciplinary Proceedings Against McClenny Moseley & Associates
Two litigation funding firms are seeking to intervene in disciplinary proceedings against McClenny Moseley & Associates after a federal judge in Louisiana ruled that the law firm has no right to any attorney fees for 201 hurricane-damage claims. The Equal …
Severe Storm Leaves Thousands Without Power in Little Rock, Arkansas
LITTLE ROCK, Ark. (AP) – Thousands of Little Rock residents were without power Wednesday after a severe storm uprooted trees and damaged homes in neighborhoods rebuilding from a tornado that hit the state last spring. There were no immediate reports …
After Countrywide Pause, InsurTech Hippo Slowly Reemerging Next Week
A profitability problem that would have otherwise taken insurtech Hippo half a year to correct is on the mend after just 30 days, the chief executive officer said at an investor conference Thursday. Speaking at the Keefe, Bruyette & Woods …
MS Workers’ Comp Trust Can Seek Reimburse From Driver in State Official’s Injury
A workers’ compensation fund for Mississippi state agencies will can take subrogation action against the driver of an all-terrain vehicle that badly injured the then-chief of staff to the state’s lieutenant governor, the Mississippi Supreme Court decided this week. A …