INSURANCE NEWS
AI Thermostats Pitched for Texas Homes to Relieve Stressed Grid
Three of the biggest names in US home energy automation are coming together to offer some relief to the beleaguered Texas electrical grid. Power supplier NRG Energy Inc. is partnering with Renew Home LLC to distribute about 650,000 artificial intelligence-enabled …
Multiple Climate Disasters Trigger First-Ever Red Cross Disaster Insurance Pay-Out
The world was hit by so many floods and landslides in 2024 that it triggered the aid sector’s first multi-disaster insurance pay-out, the Red Cross told Reuters, signaling both the scale of the problem and the need for new financing …
Spain’s Devastating Floods Will Cost Insurers Over $3.8 Billion
The floods that devastated the Spanish region of Valencia at the end of last month are expected to trigger total insurance losses in excess of €3.5 billion ($3.8 billion), Moody’s estimates. The projection is based on the first 72,000 insurance …
North Dakota Voters Reject Marijuana Legalization
North Dakota voters defeated a measure calling for the legalization of recreational marijuana. The outcome of the proposal wasn’t clear until Wednesday morning. North Dakota is one of a handful of states, including Florida and South Dakota, where recreational marijuana …
Smoke Wafts Over New York City From New Jersey Brushfire
A small fire burning in New Jersey’s Bergen County has sent smoke wafting across the Hudson River into New York City. Firefighters have a 19-acre (7.7-hectare) fire along the Palisades Interstate Parkway partially contained, according to an X post by …
Wind-Driven Southern California Blaze Has Destroyed at Least 132 Structures
A Southern California wildfire that was driven by high winds has destroyed at least 132 structures and forced more than 10,000 people to evacuate. The fire in Ventura County has burned 20,596 acres and is 7% contained. The Mountain Fire, …
Update: Citizens Resumes Binding as Rafael Turns Away From Florida
Florida’s Citizens Property Insurance Corp. has lifted its suspension on binding of policies as Hurricane Rafael turned away from Florida and was tracking toward Mexico and was expected to weaken. Citizens, the largest property insurer in the state, ended the …
Florida Boom Metros See Biggest Drop in Home Prices Since 2011
An area along Florida’s west coast including affluent Sarasota is seeing the worst home price declines since the aftermath of the Great Recession, as the region recovers from hurricanes and faces rising inventory. While home prices continue to rise across …
Hippo Sells Majority Stake in First Connect Insurance to Centana Growth Partners
Insurtech Hippo said it has sold a majority stake in First Connect Insurance Services, a digital platform for independent agents. The buyer is private equity fund Centana Growth Partners, who with Hippo shares Palo Alto, California as home. Centana said …
Viewpoint: Are You Covered for AI Risks?
You can’t go anywhere without hearing about the impact of generative artificial intelligence on … well, everything. The insurance industry is not immune from these impacts; it has been affected by AI in countless ways – from the use of …
Tech Update: WTW Unveils Machine-Led Solution to Enhance Insurance Reserving
Insurance broker WTW announced the launch of ResQ Machine-led Reserving, which WTW describes as a game-changing technology for insurers and reinsurers to enhance accuracy and efficiency in property/casualty reserving. ResQ Machine-led Reserving uses proprietary algorithms that optimize the core reserving …
Aon’s NFP Acquires Irish Wealth and Corporate Benefits Advisory Business
NFP, the Aon company and international insurance brokerage and consulting firm, announced it has acquired HC Financial, a financial planning and corporate employee benefits advisory business based in Galway, Ireland. Financial details of the deal were not disclosed. The HC …