INSURANCE NEWS
Chubb Posts Record P/C Underwriting Income for Q4 and 2024
Chubb posted record property/casualty underwriting income of about $1.6 billion, up 3.8% during the last quarter of 2024. Fourth quarter net income was down 22% to about $2.6 billion compared to the same period a year ago, but the Whitehouse …
Climate Change Will Lead to Higher Deaths in Europe, Study Shows
As Europe gets hotter, more people are expected to die from extreme heat, outweighing the reduction in those killed by very cold weather. Cities in northern European regions such as the UK and Ireland and Scandinavia would see an overall …
People Moves: Ignite Specialty Names Patel US Head of IP Underwriting; QBE North America Hires Finnis as SVP of Distribution
Ignite Specialty Risk Names Patel as US Head of Intellectual Property Underwriting Ignite Specialty Risk, headquartered in London, appointed Ankit Patel as U.S. head of intellectual property (IP) underwriting. With more than a decade of experience, Patel specializes in contingent …
Growth of Pet Insurance Continues as Market Could Reach $4.5B
Any pet owner who has been hit by sticker shock at the vet’s office understands why pet insurance is a booming business. Pet health insurance purchases have been up over the last several years, dramatically expanding premiums for the inland …
US Economic Losses From Natural Disasters Soared in 2024
Economic losses from hurricanes and other natural disasters soared in the U.S. last year and were above average globally, reflecting another year of costly severe storms, floods and droughts. Damage caused by Hurricanes Helene and Milton helped push total economic …
Mississippi House Bill Puts New Rules on PBMs, But May Do Little for Workers’ Comp
A pharmacy benefits manager bill passed by the Mississippi House of Representatives last week may have little impact on drug costs in the state’s workers’ compensation system, even if that is part of the bill’s intent. “The problem is, drug …
Avian Flu Could Shutter Long Island’s Last Duck Farm
New York’s Long Island was once synonymous with “duck” in the culinary world. Now it may lose its last commercial farm. The avian flu outbreak that has led to the slaughter of millions of birds at U.S. poultry farms and …
People Moves: Brooks Insurance Adds Garabedian as Underwriting SVP
Brooks Insurance hired Tiffani Ann Garabedian as senior vice president of underwriting. Garabedian is based in Los Angeles. Garabedian has nearly 20 years of insurance industry experience, most recently serving as a territory manager with Nationwide for the Northeast region. …
Earthquake in Maine Rattles Houses, Nerves Across Northeast
A 3.8-magnitude earthquake centered near the southern Maine coast rattled houses in northern New England on Monday and was felt by surprised residents of states hundreds of miles away. The earthquake took place at about 10:22 a.m. on Monday and …
Uncertainty Looms for Michigan’s EV Industry Amid Federal Policy Changes
While President Donald Trump took aim at the electric vehicle industry last week, there is still optimism about the industry’s future in Michigan, a state retooling from America’s most recognizable auto hub to its number one destination for electric vehicle …
Trucordia Acquires Louisiana’s CADA
Trucordia has acquired the insurance business of CADA Insurance Services which has multiple offices in Louisiana, including Baton Rouge, Chalmette, Gretna and Kenner. “The CADA Insurance team is a welcome addition to Trucordia,” said Trucordia CEO Felix Morgan. “They share …
Corpus Christi Initiates Emergency Effort to Boost Water Supply
On the South Texas coast, the city of Corpus Christi has initiated an emergency effort to boost its water supply as local reservoirs experience a yearslong decline and water demand from big industrial projects continues to grow. The Corpus Christi …