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    AIG MADE HISTORY WITH THE LAUNCH OF LARGEST-EVER SYNDICATE AT LLOYD’S

    May 05, 2020

    AIG has launched Lloyd’s Syndicate 2019, the largest-ever syndicate to be launched at Lloyd’s.AIG will now operate the ninth largest managing agency in the Lloyd’s market, in terms of capacity.For Lloyd’s and the third-party investors and capital providers, Syndicate 2019 rep...


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    GEICO AND PROGRESSIVE CONTINUE TO LEAD THE U.S. AUTO INSURANCE MARKET

    May 04, 2020

    GEICO and Progressive snagged nearly 92% of all premium growth last year, according to a new study by J.D. Power. GEICO ranked the highest among large auto insurerswith a score of 867 out of a possible 1,000.The Hartford ranked the highest among mid-sized auto insurers with a score of 895.Just two i...


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    RENEWABLE GUARD, HAILSURE JOIN HANDS TO DEVELOP A NEW PARAMETRIC HAIL INSURANCE PROGRAM TO RENEWABLE ENERGY PROJECTS

    Apr 30, 2020

    Renewable Guard Insurance Brokers, LLC is pleased to announce a new partnership with Hailsure Underwriting Managers, LLC to deliver a new parametric hail insurance program.Hailsure is a leading specialist in developing innovative solutions that incorporate parametric insurance across a range of diff...


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    TEXAS FARM BUREAU INSURANCE TO REFUND OVER $20 MILLION TO AUTO INSURANCE CUSTOMERS

    Apr 29, 2020

    Texas Farm Bureau Insurance (TFBI) is refunding more than $20 million to it auto insurance customers, in response to the decrease in accidents following COVID-19 social distancing rules.A release explained that the company’s auto insurance policyholders will be credited and/or refunded 15% of ...

    INSURANCE BUSINESS AMERICA
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    NEW REPORT ON STATE OF INSURANCE RATING DURING COVID-19 RELEASED

    Apr 29, 2020

    The coronavirus outbreak has had an impact on the business coming through insurance agencies and carriers over the past month, with the week of April 13 specifically seeing quoting volumes 34% below expectations, according to Insurance Technologies Corporation’s (ITC) latest “State of In...

    INSURANCE BUSINESS AMERICA
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    NEXT INSURANCE LAUNCHES PROGRAM TO ASSIST SMALL BUSINESSES

    Apr 28, 2020

    Next Insurance, a national business insurance provider, has announced a new program to help small business owners in the midst of the current economic slowdown.Next Insurance’s Built By Business program will allocate more than $250,000 – originally intended for production of the company&...

    INSURANCE BUSINESS AMERICA
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    REINSURERS ENJOY ROBUST CAPITAL GROWTH – WILLIS RE

    Apr 28, 2020

    Global reinsurers saw robust capital growth in 2019, although underlying returns remained low, according to the latest Reinsurance Market Report from Willis Re.Total capital dedicated to the global reinsurance sector was $605 billion at the end of 2019, reflecting year-over-year growth of 15%. The g...

    INSURANCE BUSINESS AMERICA
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    HAILSTORMS IN THE US HIT THE PROPERTY INSURANCE MARKET HARD

    Apr 27, 2020

    Wildfires and hurricanes from recent years have impacted many homeowners’ and businesses’ ability to find affordable property insurance, but they’re not the only types of weather events that are contributing to a hardening property market. Hailstorms rank as one of the more damagin...

    INSURANCE BUSINESS AMERICA
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    R&Q INKS TRANSFER AGREEMENT WITH PHOENIX-BASED INSURANCE COMPANY

    Apr 27, 2020

    Randall & Quilter Investment Holdings (R&Q) has announced that it has entered into a loss portfolio transfer reinsurance contract and a transfer agreement with Repwest Insurance Company. Repwest is based in Phoenix, Ariz., and is a wholly owned subsidiary of AMERCO, the parent company of U-H...

    INSURANCE BUSINESS AMERICA
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    BENEFITFOCUS LAUNCHES WEBSITE TO PROVIDE OPTIONS FOR DISPLACED WORKERS

    Apr 24, 2020

    Technology provider Benefitfocus has announced the next phase of its recently launched “For You” initiative, which supports employers of customers who have lost their jobs due to the economic impact of the COVID-19 outbreak. The company has launched benefitplace.com, a website that allow...

    INSURANCE BUSINESS AMERICA
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    CONSUMER GROUPS SAY SOME AUTO INSURANCE REBATES ARE TOO SMALL

    Apr 24, 2020

    The Consumer Federation of America (CFA) and the Center for Economic Justice (CEJ) have updated their scorecard for insurance companies and their auto insurance premium rebate measures, concluding that some of the largest insurers in the US are short-changing their customers.Both consumer groups not...

    INSURANCE BUSINESS AMERICA
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    VA RESTAURANT SUES INSURER OVER DENIAL OF COVID-19 BUSINESS INTERRUPTION CLAIM

    Apr 23, 2020

    A restaurant serving Mexican food in Arlington, VA is suing its insurer over the company’s denial of business interruption claims related to COVID-19. Rolando Juarez, the owner of Guajillo Mexican, filed the lawsuit this week in Arlington Circuit Court against Twin City Fire Insurance – ...

    INSURANCE BUSINESS AMERICA
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TRENDING NEWS


    IBM AND AEGON JOIN FORCES TO ENHANCE THE SERVICE FOR AROUND 800,000 CUSTOMERS DIGITALLY

    Jun 04, 2020

    Administration of 800,000 individual life insurance contracts transitions to IBM's Open Insurance Platform. Outsourcing with subsequent renewal options designed to help Aegon to modernize policy administration and realize long-term customer service. IBM will manage Aegon's run-off li...

    POLICY REPORT
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    DOMINION ENERGY EXPANDS ASSISTANCE TO VIRGINIA CUSTOMERS STRUGGLING FINANCIALLY DURING PANDEMIC

    Jun 02, 2020

    Virginia's disconnection policy, implemented after the company's voluntary suspension, is due to expire June 15. The State Corporation Commission is accepting comments on next steps. To create certainty for customers, we are requesting the SCC allow the company a four-month extension of ...

    POLICY REPORT
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    FCA PROBES 500 INSURANCE POLICIES IN TEST CASE PREPARATION

    Jun 01, 2020

    The Financial Conduct Authority has reviewed more than 500 business interruption policies from 40 insurers in order to pull together a sample of 17 policy wordings as part of its plans to bring forward a High Court test case. In an update this morning (June 1) the regulator confirmed it had selected...

    FT ADVISER
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    INSURTECH LEADERS PARTNER TO PROVIDE INDEPENDENT AGENTS WITH TAILOR-MADE BUSINESS SOLUTIONS

    May 29, 2020

    Vertafore announced the expansion of its open agency management system architecture with the addition of five new members to the Vertafore Orange Partner Program.API-backed open platform to give AMS users the ability to choose and get the most from the solutions and services that meet their needs.Ve...


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    STARR INTRODUCES USAGE-BASED AVIATION INSURANCE FOR PILOTS WHO RENT

    May 28, 2020

    Starr Insurance Companies announced the launch of Starr Gate, a new kind of general aviation policy providing pilots who rent aircraft.Starr Gate customers get personalized access to CloudAhoy scoring, at no additional cost, that can help them become better pilots by matching their performance.Starr...


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    ALLSTATE TO EXTEND SHELTER-IN-PLACE PAYBACK PROGRAM THROUGH JUNE

    May 27, 2020

    Allstate is extending its Shelter-in-Place Payback for personal auto insurance customers.The company is also extending the sign up period for free identity protection to June 30, 2020, for all U.S. residents.Customers will receive an automatic credit to their accounts with most receiving 15% of thei...


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    BENEFITFOCUS IMPROVES CUSTOMER EXPERIENCE WITH ENHANCEMENTS TO TECH PLATFORM

    May 26, 2020

    Benefitfocus has announced several enhancements to its technology platform designed to help reduce the administrative burden for brokers and employers.Enrollment with the mobile app has been made easier and more intuitive for iOS and Android users.The platform’s imputed income configurations h...


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    LIBERTY ADVISOR GROUP ANNOUNCED A STRATEGIC ALLIANCE WITH CAC SPECIALTY

    May 25, 2020

    CAC Specialty and Liberty Advisor Group are creating a leading-edge solution for insurance clients.This solution will enhance CAC Specialty's dedication to client service through a new real-time data analytics insurance platform.Cybeta will further enhance the solution with their predictive and ...


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    THREE MAJOR INSURANCE GROUPS PUSH TAXPAYER-FUNDED PANDEMIC SUPPORT

    May 22, 2020

    An alternative federal proposal designed to protect businesses financially was unveiled by three major insurance industry groups.Protection must be purchased at least 90 days before the presidential declaration, according to the proposal.A draft bill outlining the proposed Pandemic Risk Insurance Ac...


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    ATLAS GENERAL INSURANCE SERVICES ANNOUNCED THE FORMATION OF THE CLIENT SOLUTIONS GROUP

    May 21, 2020

    Atlas General Insurance Services announced the formation of the Client Solutions Group.Solutions Group, where the first available Client Solutions Representative will take your call and find solutions to your questions or concerns.The types of questions the Client Solutions Group addresses are often...


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    NFS MODERNIZED FLOOD INSURANCE SPACE BY LAUNCHING TRIDENT

    May 20, 2020

    National Flood Services has modernized the flood insurance space with its recent launch of Trident.The new technology provides a cloud-based platform that revamps the flood experience for policyholders, agents and claims examiners.Another benefit of Trident is that users receive a full array of pric...


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    GUARDIAN LIFE UNVEILED A NEW FEATURE TERM LIFE INSURANCE WITH A BUILT-IN BENEFIT FOR CHARITY

    May 19, 2020

    Guardian Life unveiled a new feature of its Guardian Level Term life insurance, a built-in charitable benefit rider.The term insurance product offers level pricing for the duration of the policy that helps create protection for families and the ability to create a charitable giving legacy.Guardian L...


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SPOTLIGHT

Preliminary data for 2018 show an increase in gross premiums of domestic insurance companies in most countries, especially in the non-life sector (Figure 1). Gross premiums rose in real terms in 28 (out of 52) reporting countries in both life and non-life sectors, in 16 other countries in the non-li

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