INSURANCE NEWS
Global Non-Life Insurance Rates ‘Plateauing’ but Nat Cat Losses Delay Market Softening
Global non-life premiums are expected to hit a decade-high growth level of 4.3% in 2024, following the repricing of risk over the past several years in response to elevated claims, according to Swiss Re’s sigma. “Premium rates are now moderating, …
Gunmaker Sig Sauer Must Pay $11 Million Over Pistol That Fired Accidentally
Gunmaker Sig Sauer Inc. was ordered by a Pennsylvania jury to pay $11 million to a customer who alleged defects in one of the company’s pistols led it to go off without him pulling the trigger. Jurors in state court …
Danish Central Banker Sees Russia Hackers as Key Risk to Lenders
Cyber attacks against Nordic banks, likely perpetrated by Russia-linked hackers, pose the biggest threat to financial stability in the region, a top Danish central bank official said. Financial institutions should be prepared for an “arms race” with cybercriminals, Ulrik Nodgaard, …
Sweden Probe Into Broken Cable Advances as Seabed Study Winds Up
Sweden’s Navy completed a survey of the seabed near one of the damaged data cables in the Baltic Sea as the Nordic country investigates potential sabotage against the underwater infrastructure. A high-speed fiber optic cable connecting Finland and Germany was …
NAIC Elects New Officers for 2025
At the conclusion of its fall national meeting in Denver, the National Association of Insurance Commissioners elected new officers for 2025, with North Dakota Insurance Commissioner Jon Godfread to become president. Godfread was first elected commissioner of the Peace Garden …
CIAB: All Commercial Lines See Lower Q3 Premium Increases Except Umbrella
Respondents of a recent survey reported lower premium increases for all lines of business except umbrella during the third quarter. According to The Council of Insurance Agents & Brokers (CIAB) quarterly survey, commercial property/casualty premiums across all account sizes rose …
US Charges Five in ‘Scattered Spider’ Hacking Scheme
U.S. prosecutors unveiled criminal charges on Wednesday against five alleged members of Scattered Spider, a loose-knit community of hackers suspected of breaking into dozens of U.S. companies to steal confidential information and cryptocurrency. Martin Estrada, the U.S. Attorney in Los …
Florida Citizens’ Brass Tired of ‘Clickbait’ News on its Hurricane Claims Denials
Officials with Florida’s Citizens Property Insurance Corp. took issue Thursday with a number of national and Florida news reports that have suggested that the insurer has the “worst rate” on paying claims after recent hurricanes. “That’s just not accurate,” Citizens …
Forget Driverless Cars. Here Come Unmanned Helicopters for Firefighting, Crop Protection.
When Hector Xu was learning to fly a helicopter in college, he recalled having a few “nasty experiences” while trying to navigate at night. The heart-stopping flights led to his research of unmanned aircraft systems while getting his doctorate degree …
Second Teen Charged in New Jersey Forest Fire; New York Hopes Rain Douses Blaze
A second teenager was charged with intentionally setting a wildfire in a New Jersey suburb of Philadelphia as “significant” rainfall was expected to help douse a stubborn wildfire burning on the New Jersey-New York border Wednesday. Many parts of the …
Ninety One Joins Rush of Asset Managers Chasing Insurer Deals
South African asset manager Ninety One Ltd. has agreed to sell a stake to Sanlam Ltd., joining a raft of investment firms that have been tapping the deep pockets of insurers through such deals. Sanlam, the country’s biggest insurer by …
People Moves: Omaha National Appoints Klucarich as Chief Actuary
Omaha National Group, Inc. announced the appointment of Joan Klucarich as its Chief Actuary. Ms. Klucarich is joining Omaha National after working as Actuarial Manager with Risk & Regulatory Consulting, a national professional services firm. Ms. Klucarich’s experience also includes …