The Senate Budget Committee issued the following testimony by Benjamin J. Keys, a professor of real estate and finance at the Wharton School of the University of Pennsylvania, involving a hearing on March 22, 2023, entitled "Risky Business: How Climate Change is Changing Insurance Markets":. Thank you for inviting me to address how climate change is affecting…
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Thank you for inviting me to testify today on the issue of the costs of wildfire to California, my home state, and the broader West. I served on the California Commission on Wildfire Cost and Recovery as well as on the oversight board of the California Wildfire Fund, a utility wildfire insurance mechanism created by California in 2019. I was the Steering Committee…
The Senate Budget Committee issued the following testimony by Nancy Watkins, an actuary and a principal with Milliman Inc., involving a hearing on March 22, 2023, entitled "Risky Business: How Climate Change is Changing Insurance Markets":. I also volunteer to promote insurance availability and affordability alongside the National Association of Insurance…
In one report after another earlier this year, counties from Los Angeles to Sacramento warned Medi-Cal officials that they don’ t have enough trained staff— or simply don’ t know whether they do— to process the millions of Californians whose cases come up for renewal starting in June. For three years now, ever since federal officials declared a public health…
At long last, President Joe Biden is moving to make DACA recipients eligible for Medicaid and Affordable Care Act insurance marketplaces— programs they pay for, and have long desperately needed, but been shut out of for reasons that are purely political in nature. There is zero public health rationale for excluding undocumented immigrants from…
Republican gubernatorial candidate and current state Attorney General Daniel Cameron said Tuesday that he supports creating a work requirement for some able-bodied Kentucky adults receiving Medicaid health coverage, reigniting a contentious issue from the state's governor's race four years ago. At a GOP candidates' forum in Paducah, Cameron pledged…
"–David R. Koenig, President and CEO of The DCRO Institute GLOBAL, ORGANIZATION, April 19, 2023/ EINPresswire.com/– The DCRO Institute, the world's leading source of risk governance training and credentials for board members and c-suite executives, announced today the award of the prestigious Certificate in Cyber Risk Governance℠ to Ursuline Foley, Qualified…
–Hub International Limited, a leading global insurance brokerage and financial services firm, announced today that it has acquired the assets of Brady Risk Management, Inc.. About Hub's M&A Activities Hub International Limited is committed to growing organically and through acquisitions to expand its geographic footprint and strengthen industry and…
–The board of directors of HCI Group, Inc., a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, has declared a regular quarterly cash dividend in the amount of 40 cents per common share. About HCI Group, Inc. HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business…
New insurance industry insights show that following the closure of Silicon Valley Bank, VC-backed startups were increasingly looking for stronger protection, specifically liability policies covering company executives. Embroker, the digital platform making it radically simple to get business insurance, found that 15% of shoppers looked at doubling…
-Today ZestyAI, the leading provider of climate and property risk analytics solutions powered by artificial intelligence, and the Insurance Institute for Business& Home Safety released new research examining catastrophic losses from severe convective storms, particularly hail. The study focuses on hail-driven losses in property and casualty insurance.
It's the sound of credit crunching all across America. For example, recent data from the Federal Reserve show that commercial bank lending fell by over $100 billion in the two weeks ending March 29. Lending is down partly because there are fewer deposits to lend out: Since the Federal Reserve began to raise rates about a year ago, deposits leaving the banking…
Uber Black is the rideshare company's most luxurious tier offering. So you can imagine the driver's dismay when Uber- Get Free Report unceremoniously kicked him off of the app for suspected fraud. Uber driver using the app.Shutterstock.
Apr. 19— The amount of money Maine seniors lost to fraud increased nearly five times in 2022 compared with the previous year, according to two recent FBI reports. The losses in Maine match a rising national trend, according to the reports. Assistant U.S. Attorney Andrew McCormak, the elder fraud coordinator for the U.S. Department of Justice in Maine, said Tuesday…
—NEW YORK— The Travelers Cos. on Wednesday reported first-quarter profit of $975 million. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $3.64 per share. Six analysts surveyed by Zacks expected $9.83 billion.
"USAA can help make protecting their future an easy decision." USAA Founded in 1922 by a group of military officers, USAA is among the leading providers of insurance, banking, and investment and retirement solutions to more than 13 million members of the U.S. military, veterans who have honorably served and their families. Headquartered in San Antonio, USAA has…
Monday's announcement came after Florida Insurance Guaranty Association requested the 1% surcharge— called an emergency assessment— to cover costs of claims. FIGA is a nonprofit agency that handles claims when insurance companies go under in Florida. This year, seven property insurers have been declared insolvent, according to a Jim Saunders News Service…
Tailrow will be a fully-owned subsidiary of Tampa- based HCI Group Inc., a publicly-traded company formed in 2006 just as heavy financial losses from the 2005-2006 hurricane season prompted numerous well-known national carriers to reduce or cease operations in the state. HCI Group also owns Homeowners Choice Insurance, TypTap Insurance Co., Exzeo, an…
•Net income of $975 million, or $4.18 per share basic and $4.13 per share diluted• Net earned premiums of $8.85 billion• Catastrophe losses of $535 million• Net favorable prior year reserve development of $105 million• Combined ratio of 95.4%• Net investment income of $663 million• One-time tax benefit of $211 million due to the expiration of the statute of…
