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Some Insurers Incorrect on Fortified Roofs Endorsements, Kentucky Commissioner Says

Article 0 Comments The Kentucky insurance commissioner is reminding property insurers they have just three weeks to resubmit homeowner policy endorsements that comply with state law on coverage for Fortified roofs. “Upon review, several FORTIFIED endorsement filings have been found to contain language which violates KRS 304.13-346,” Commissioner Sharon Clark wrote in a bulletin posted last week. Clark explained that House Bill 256, signed into law in 2024, requires HO carriers to offer optional endorsements that will cover the cost, in claims payments, of upgrading homes to the Fortified standard developed by the Insurance Institute for Business and Home Safety. The widely recognized standard has been shown to reduce roof and other damage caused by high winds, with the use of beefed-up secondary water barriers, roof connections and other measures. Insurers were required to start offering the endorsements in March of this year. The law requires coverage for “the cost to upgrade” single-family homes. Some insurers, however, have filed endorsements that add exclusion that goes beyond what the law allows. Examples include: “We will not pay for: loss if your dwelling or other structures do not meet the IBHS requirements for foundation, roof rafter framing, roof sheathing, or roof decking.”...

Manulife Becomes the First in Canada to Offer Travel Insurance Quotes in ChatGPT 0

Manulife Becomes the First in Canada to Offer Travel Insurance Quotes in ChatGPT

Canadians can now explore CoverMe Travel insurance with a plugin in ChatGPT, making it easier to discover coverage options and plan their travels Toronto, ON (Sept. 28, 2026) – Manulife is pleased to announce the launch of a new CoverMe plugin in ChatGPT, making it easier for Canadians to explore travel insurance and receive a personalized quote. The launch effectively marks a first-of-its kind plugin in ChatGPT, as well as Manulife’s first plugin in ChatGPT globally. Combining Manulife’s leadership in travel insurance with its ambition to become an AI-powered organization, this plugin helps meet travellers in the digital experiences they already use to research and plan their trips. Travel planning is happening increasingly in digital and AI-powered environments, creating new opportunities for brands to support customers earlier in the travel experience. The launch builds on Manulife’s focus to leverage AI to improve customer experiences by making information and services easier to access when and where customers need them. “Being a trusted travel companion means showing up for Canadians throughout their journey–not just when they need to submit a claim,” said Pamela Wong, Head of Affinity at Manulife. “By bringing CoverMe Travel to ChatGPT, we’re meeting travellers where they’re already researching...

AI and supply chains open new pathways to systemic stress as risks become more interconnected, find Swiss Re Institute and LSE 0

AI and supply chains open new pathways to systemic stress as risks become more interconnected, find Swiss Re Institute and LSE

Analysis of 91 Fortune-100 companies finds 24% more links between reported risks than in 2019 AI risk broadens rapidly across sectors, emerging as a key point of connection that could accelerate the transmission of shocks Supply chains link geopolitical, tariff, climate, pandemic and cyber risks, creating new routes for disruption to cascade across sectors Zurich, Switzerland (Sept. 25, 2026) – Risks are becoming increasingly interconnected, creating new pathways through which relatively contained shocks can ripple faster and further through the economy. New joint analysis by Swiss Re Institute and LSE finds 24% more links between risks reported by 91 Fortune-100 companies than in 2019, with AI and supply chains emerging as key points of connection. The findings point to a broader shift in systemic risk as threats increasingly interact across financial, digital, natural-hazard and socio-economic systems. The severity of the next systemic crisis may depend less on the size of the initial shock than on where it hits and how widely its effects spread. Growing dependence on common suppliers, technology platforms and critical infrastructure means disruption in one area can increasingly cascade into seemingly unrelated parts of the economy. Jérôme Haegeli, Group Chief Economist and Head of Swiss Re Institute,...

Organizations Are Betting on Cost Transformation to Fund Growth, But Few Are Capturing the Full Value 0

Organizations Are Betting on Cost Transformation to Fund Growth, But Few Are Capturing the Full Value

Deloitte’s “2026 Enterprise Cost Transformation Survey” finds that while 96% of organizations are carrying out cost transformations, only 14% captured the full value of their initiatives 96% of organizations surveyed are pursuing, have completed, or are planning a cost transformation. 76% have made — or plan to make — their cost transformation commitments public. 67% expect to meet or exceed their overall targets, yet only 14% fully captured the value targeted by their highest-priority initiative last year. 77% expect to invest between $0.20 and $0.90 for every dollar of savings targeted, but just 24% account for value leakage when setting targets. 55% of organizations pursuing AI-enabled cost transformation say their current technology environment cannot fully support those efforts. New York, NY (Sept. 10, 2026) – Organizations are increasingly using cost transformation to create capacity for growth, technology investment and resilience, but many are struggling to convert ambitious commitments into measurable results, according to Deloitte’s “2026 Enterprise Cost Transformation Survey.” Cost transformation is moving from a defensive cost-cutting exercise to a strategic lever for growth. Yet Deloitte’s 2026 survey shows that leadership confidence, public commitments, and ambitious cost- savings targets are outpacing execution and delivery realities. While 67% of executives expect...

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Houston and Dallas Face Risk of Floods as Storms Sweep Texas

Article 0 Comments Houston and Dallas face more flooding rains Friday as storms continue to sweep across the eastern third of Texas, where thousands are without power and hundreds of flights were canceled Thursday. Dallas Fort Worth International Airport reported 3.47 inches (9 centimeters) of rain Thursday, the National Weather Service said. An additional 2 to 4 inches may fall Friday, mainly along the I-35 corridor. Houston may experience up to 2 to 4 inches per hour as thunderstorms sweep the region, threatening flash flooding. “Those living in areas prone to flooding should be prepared to take action should flooding develop,” the weather service said. Across Texas, 14,116 homes and businesses were without power Friday, according to PowerOutage.com. Additionally, Thursday’s storms disrupted air travel across the US, grounding 816 flights. Of those, 497 were from Dallas, while Houston and Austin also reported cancellations. Austin and San Antonio also face heavy rain Friday with as much as 6 inches falling in isolated areas. “There is a potential for life threatening flooding somewhere in the watch area,” the weather service said. Austin-Bergstrom International Airport reported 1.46 inches, a record for the date, the weather service said. The flood threat continues south into...

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Business Moves: Everest Completes Sale of Canadian Retail Operations to Wawanesa; Arthur J. Gallagher & Co. Buys New Zealand’s Albany Insurance Services

Article 0 Comments Everest Group Ltd., the Bermuda-based specialty re/insurer, announced the completion of the previously announced sale of its Canadian retail Insurance operations, to Wawanesa Mutual Insurance Co. In connection with the Everest acquisition, Wawanesa launched a unit called “WSI,” which comprise former Everest Canada operations. “The introduction of WSI marks an important moment in the Canadian specialty market,” said Evan Johnston, President & CEO of Wawanesa. “We saw a company with remarkable characteristics and an impressive track record. We’re excited to build on that success and help WSI in creating something even greater for organizations across our country and the communities they serve.” “Operating as a distinct organization within the Wawanesa group of companies, WSI retains the highly sought-after expertise, outstanding talent, and underwriting discipline that established Everest Canada as a respected player in the specialty market,” Wawanesa said. “Now, with the backing of one of Canada’s largest mutual insurers, WSI is redefining what’s possible in the specialty market, helping organizations navigate complex risks so they can thrive in a changing world.” WSI will continue to deliver specialty insurance solutions across cyber, accident and health, aviation, marine, energy, construction, directors and officers liability, professional liability, property, and casualty....

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Florida Insurance Agent Pleads Guilty in $300,000 Premium Finance Scheme

Article 0 Comments A Florida insurance agent faces years in prison after he pleaded guilty to fraudulently arranging more than $300,000 in premium financing for fake companies, then diverting much of the money to his personal use. Daniel Raney, 41, who managed Raney Insurance and Raney Ventures in Pensacola, was arrested in August after the premium finance company, AFCO Direct, became suspicious, according to the arrest affidavit. The associate general counsel with AFCO filed a complaint with the Florida Department of Financial Services in June 2024, after installment payments on the premium finance loan had stopped, an investigator with DFS explained. The purported insurance coverage was from Lloyd’s of London for two local businesses that did not exist, the affidavit explained. Raney also allegedly diverted $38,588 in payments from a legitimate local business for an insurance audit on a general liability policy, the Escambia County Circuit Court records show. Raney has not been sentenced but could face less than seven years in prison. A plea agreement dropped three charges, which reduced the maximum prison time. DFS records show Raney held property-casualty and surplus lines producer licenses as early as 2007. Those licenses have been suspended. He was once appointed with...

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Florida Commissioner Suspends A-Cap’s Atlantic Coast Life Over Surplus Issues

Article 0 Comments Two weeks after South Carolina’s insurance regulator took steps to place Atlantic Coast Life Insurance into rehabilitation, another state’s commissioner has suspended the company amid concerns about its finances. “In making the decision to suspend Atlantic Coast’s COA (certificate of authority), the Office determined that Atlantic Coast is impaired and that another insurance supervisory official, namely the South Carolina Department of Insurance, initiated rehabilitation proceedings…” reads a final order from Florida Commissioner Michael Yaworsky, signed Wednesday, Sept. 30. Atlantic Coast Life is domiciled in South Carolina but was authorized to do business in Florida in 2006 as a life and health insurer. It is part of Advantage Capital Holdings, or A-Cap, led by CEO Kenneth King, which is in the midst of a scheduled takeover by Oaktree Capital Management. The life insurer and its reinsurance subsidiary, Southern Atlantic Re, are overexposed to collapsed investment firm 777 Partners, and have failed to disclose some investments with affiliate firms, the regulators have said. King Just days after SCDOI Director Michael Wise petitioned a court to place the insurers into rehab earlier this month, A-Cap filed suit against Wise, charging that he was acting recklessly. A day later, A-Cap dropped...

Life insurers under pressure: Capgemini reveals nearly half of consumers are confused and unconvinced by policies 0

Life insurers under pressure: Capgemini reveals nearly half of consumers are confused and unconvinced by policies

Technical language (37%), affordability concerns (35%), and lack of relevance to life stage (25%) among top barriers to purchasing life insurance Half of consumers plan to use generative AI tools to discover and compare life insurance products Nearly 40% of policyholders rarely hear from their life insurer after purchasing a policy, while half of those who discontinue coverage do so within the first three years Best-in-class life insurers, representing 10% of the industry, achieve 41% higher revenue growth and 12% lower lapse rates by combining consumer-led strategies with intelligence-powered operations Paris, France (Sept. 17, 2026) – The life insurance industry is facing a relevance challenge. While consumers recognize the importance of financial protection, many struggle to see how life insurance fits into their lives, preventing insurers from building lasting customer relationships. The World Life Insurance Report 2027, researched jointly by the Capgemini Research Institute and LIMRA, finds that 47% of consumers say they are considering purchasing a life insurance policy, yet more than 40% of those feel confused, uncertain, or unconvinced with the information they find. As a result, one in four drop out of the purchase journey before completion. The report, which surveyed more than 6,100 consumers worldwide, discovered...

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Passengers Avert Crash Tackling Pilot Who Stabbed Colleague

Article 0 Comments A pilot of a jet carrying more than 170 passengers to Tel Aviv stabbed his colleague and tried to crash the plane in what Israeli Prime Minister Benjamin Netanyahu branded a serious security incident. Catastrophe was narrowly avoided after a passenger and members of crew stormed the cockpit of the Flydubai plane that had taken off in Dubai and managed to stabilize the jet, after it plunged more than 14,000 feet (4,300 meters) in less than 30 seconds at almost the speed of sound. “They prevented a huge disaster,” Netanyahu said at a briefing on Wednesday. The jet later made an emergency landing in Tabuk, Saudi Arabia, where the attacker, whose identity has not been disclosed, is being questioned by local authorities. Read more: Murder-Suicides by Pilots Are Increasing Share of Aviation Fatalities The dramatic landing hundreds of miles from its planned destination followed a harrowing descent about two hours into the journey. The Boeing Co. 737 plummeted before it regained altitude and transmitted a general emergency distress signal, followed by a so-called unlawful interference call suggesting a possible hijacking, according to data from Flightradar24. After briefly entering Jordanian airspace, the flight turned back 180 degrees before...