STATEWIDE— TWO MAJOR AUTO INSURERS WILL HAVE TO PAY a total of $11.3 million in penalties for a data breach that resulted in hackers obtaining customers' sensitive information, as part of a settlement with New York State. Attorney General Letitia James and Adrienne A. Harris, superintendent of the State Department of Financial Services, on Monday, Nov. 25, secured…
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STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company. STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company. STATEMENT AS OF SEPTEMBER 30, 2024 OF THE Agents National Title Insurance Company.
Underwriting results in the U.S. private passenger auto insurance segment has shown further stabilization in first-half 2024 following improvements in 2023, according to a new AM Best report. “Actions taken by insurers on a state-by-state basis to address price inadequacy in their individual portfolios produced higher premium amounts and helped to…
Catastrophic inland flooding in North Carolina, South Carolina, and Tennessee has made headlines across the country in recent months. Nationally, 2,279 communities don't participate in the voluntary program that provides insurance against flood damage, according to the Federal Emergency Management Agency, or FEMA, and most homeowners policies won't…
The city of Punta Gorda was recently notified of our results for the National Flood Insurance Program Community Rating System audit. The NFIP is a federal program administered by the Federal Emergency Management Agency that provides flood insurance to property owners in participating communities. Its primary goal is to reduce the impact of flooding by…
Wilmington- based Delphi Financial Group, Inc, an insurance holding company whose subsidiaries are focused on retirement services, employee benefits and specialty property-casualty coverages, hired Jeffrey Lebovitz as Executive Vice President and Chief Financial Officer. Before Pretium, he served as a senior investment banker at Credit Suisse advising…
California "s home insurance market needs urgent reforms to halt the exodus of insurers from California and to stem skyrocketing costs for coverage, a state watchdog said. For example, the state should allow insurance companies to use computer models and incorporate their own“ re-insurance” costs in calculating rate hikes, the Little Hoover Commission said in…
California "s home insurance market needs urgent reforms to halt the exodus of insurers from California and to stem skyrocketing costs for coverage, a state watchdog said. For example, the state should allow insurance companies to use computer models and incorporate their own“ re-insurance” costs in calculating rate hikes, the Little Hoover Commission said in…
Jay Adams, chief insurance officer of Citizens Property Insurance Corp., said the high number of claims closed without payment happened because the corporation doesn't cover floods, its deductibles can be as high as 10%, and people opened claims after other companies assumed the policies. Citizens' leaders spent most of a half-hour claims committee meeting…
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Rating of“ a-” of NongHyup Property and Casualty Insurance Company Limited. The ratings also reflect the implicit and explicit support the company receives from its ultimate parent, National Agricultural Cooperative Federation. NH P&C’ s financial flexibility is…
SPRINGFIELD, NJ– The Township Committee introduced an ordinance at its Nov. 13 meeting that would require businesses in town to be registered to show proof of insurance. The new business insurance registry is something that New Jersey now requires of all towns. This is a requirement of all municipalities in the state of New Jersey, " Kraig Dowd, Springfield's…
Inflation refers to the general increase in prices for goods and services within an economy. This key economic indicator affects nearly every aspect of daily life, including insurance rates. Insurance companies determine premiums based on multiple factors, and inflation is one of them.
The high percentage of Citizens Property Insurance Corp. policies within Florida "s riskiest coastal regions is a major reason the company denies payment for half of all claims submitted compared to private-market insurers, a Citizens executive told the company" s Claims Committee on Thursday. Jay Adams, Citizens "chief insurance officer, spent several…
P/C market showing signs of stabilization
Insurers are seeing meaningful improvements in net income.
AI usage outpacing regulation, NAIC panel told
The use of AI has skyrocketed in the few short years it has been in existence, and AI usage has reached the point where is outpacing regulation, NAIC’s Big Data and Artificial Intelligence (H) Working Group was told.
AM Best has affirmed the Financial Strength Rating of A- and the Long-Term Issuer Credit Ratings of“ a-” of Bahamas First General Insurance Company Limited and Cayman First Insurance Company Limited, the property/casualty operating subsidiaries of Bahamas First Holdings Limited. However, the company has a high dependence on reinsurance to manage capital…
Arch Mortgage Insurance Company today announced the expansion of its Arch MI Scholars Program to the University of North Carolina Greensboro. This scholarship program is designed to provide financial support and job experience for high-achieving students with demonstrated financial need, and the program is centered around the communities local to the…
November’ s Best’ s Review includes the following exclusive rankings:. US Workers’ Compensation– 2023 Direct Premiums Written– 2024 Edition US Property/Casualty– 2023 Asset Distribution– 2024 Edition US Life/Health– Pre-Tax Investment Total Returns– 2024 Edition Top 25 Life/Health Insurers’ Investment Returns– 2024 Edition US Homeowners Multiperil– Top…
Porch Group, Inc., a homeowners insurance and vertical software platform, today announced it will host an Investor Day on Thursday, December 5, 2024 starting at 9 am Eastern in New York City and virtual. At the Investor Day, Management will provide insight into Porch’s forward looking financial targets, economic model post-reciprocal launch, and details on a…
Arrests reported by Marshall police. Roshunn Rondell Powell Jr., 22, of Marshall was arrested and charged with forgery of a financial instrument, tamper/fabricate physical evidence with intent to impair, theft of firearm, first no liability insurance, unrestrained child under 8 years old, no valid driver's license and vehicle registration on Friday.
