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Los Angeles Sees Mudslides With Heavy Rains

Article 0 Comments Heavy rains caused flooding and mudslides in Los Angeles late Thursday and early Friday, as authorities ordered evacuations and warned of potentially dangerous conditions across land burned by last month’s devastating wildfires. About half a foot of rain has fallen across the area, according to the National Weather Service. Strong winds were also reported, including 80 miles-per-hour gusts in the mountain areas near San Gabriel and San Luis Obispo. Authorities warned about possible downed power lines and damage to trees and roofs. Residents living near areas burned by the Palisades, Sunset and Hurst blazes were told to leave their homes by early Thursday, according to the Los Angeles Fire Department. Emergency officials warned residents to stay off the roads. Debris from a mudslide near Malibu swept one motorist’s vehicle off the road and into the ocean Thursday evening, according to Los Angeles Fire Department spokesman Erik Scott. Flood warnings and watches were canceled as the storm system started tapering off late Thursday, but forecasters warned that flooding and mudslides could continue well after the rain ends. The deluge was fueled by an atmospheric river, a plume of moisture from the Pacific that can contain as much water...

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AIG’s Zaffino Talks More on Insurer-Reinsurer Split as $200B Cat Year May Loom

Article 0 Comments American International Group CEO Peter Zaffino used the insurer’s fourth quarter earnings call to again talk about reinsurance attachments points, throwing in the possibility 2025 could be the year for $200 billion in insured catastrophe losses. “This could recalibrate the entire industry,” he told analysts on the call. Zaffino spoke about the topic of reinsurance at the conclusion of the third quarter 2024. He said then that the reinsurance market at Jan. 1 renewals would not reduce attachment points, leading to a continued trend of primary insurers’ absorption of a large majority of natural catastrophe losses. Peter Zaffino Related: AIG CEO Zaffino on Approach to Catastrophe Losses in Today’s Reinsurance Market Zaffino on the most recent call reiterated that higher reinsurance retentions and increased catastrophe losses have led to more risk retained by primary insurers – as much as 90% in 2023 and 2024, he added – in stark contrast to the time before 2023 when the insurer-reinsurer split was about 50/50 on average. Insurance covered 50% of the economic loss from Hurricane Katrina, Zaffino pointed out. This has made AIG’s “focus on maintaining lower excess-of-loss attachment points, including meaningful aggregate coverage” even more important as eye-popping...

The Insurance Landscape for Insurers, MGAs, and Insurtechs in 2025: Insly 0

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The Insurance Landscape for Insurers, MGAs, and Insurtechs in 2025: Insly

New report provides a strategic roadmap for Canadian insurance providers in 2025 London, UK (Feb. 11, 2025) – Insly, the insurance industry’s leading provider of low-code software, has unveiled its latest report, Insurance Trends 2025: The Landscape for Insurers, MGAs, and Insurtechs. This comprehensive eBook offers a deep dive into the evolving risk landscape, emerging market trends, and the transformative role of technology in the insurance sector. A global leader in insurance software, Insly provides flexible solutions designed to help insurers, MGAs, and brokers streamline policy administration, underwriting, and claims management. Already trusted by insurance businesses across Europe, the UK, US, Insly continues to expand its presence in Canada, enabling businesses to maximise efficiency, profitability and growth in a rapidly evolving market. In 2025, Canadian businesses face a combination of mounting regulatory pressures, intensifying climate risks, and the digitalisation of underwriting and claims processing, which are reshaping the market. The Insly report provides critical insights from sector experts on these shifts and explores how insurers and MGAs can stay ahead of the curve. Key trends highlighted include: The continuation of the hard market, with rising premiums and stricter underwriting standards is creating challenges for insurers. Those who embrace advanced analytics...

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Edison Utility Faces Shareholder Lawsuit Over LA Wildfires

Article 0 Comments The parent company of Southern California Edison has been sued for allegedly defrauding shareholders before the recent Los Angeles-area wildfires by assuring them it could shut down power lines to reduce the risk of catastrophic damage. Tuesday’s proposed class action against Edison International appeared to be the first shareholder lawsuit stemming from the Eaton Fire, which broke out on January 7 east of Los Angeles in Altadena, California during a Santa Ana windstorm. Related: Edison Probing Retired Power Line as Possible Start of LA Eaton Fire The fire burned more than 14,000 acres, destroyed more than 9,400 structures and killed 17 people. Edison had no immediate comment, saying it will review the complaint. Shareholders led by Felipe Antillon said Edison made materially false and misleading statements over nearly four years before the fire, in assuring that its utility unit used a power shutoff program to “proactively de-energize power lines” to reduce wildfire risks during “extreme weather events.” Related: Edison Shares New Details on Transmission Lines in Eaton Amid Wildfire Probe The shareholders said the truth began to emerge amid reports that Edison had not de-energized nearby power lines, while lawsuits blamed the company’s electrical equipment for starting...

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Israel Financial System Resilient Despite Wars, Central Bank Says

Article 0 Comments Israel’s financial system shows “high resilience” despite the country’s military conflicts and ongoing geopolitical uncertainty that have persisted for more than a year, the Bank of Israel said in a report on Tuesday. The banking sector’s profits have been boosted by high interest rates, cushioning them over the final six months of last year from macroeconomic risk that kept Israel’s economic activity below the long-term trend and led to higher government financing costs, a higher risk premium and credit rating downgrades. The central bank cautioned of a possible deterioration should there be renewed fighting in Gaza and, as U.S. President Donald Trump’s tariffs raise risks to growth, it warned of the risks attached with “deglobalisation.” In its Financial Stability report for the second half of 2024, the central bank said credit repayment delinquency rates remained stable and historically low, while banks’ loan loss provisions also decreased. “The resilience of major financial institutions remained high, with improvements in capital ratios for both banks and insurance companies, which were already high,” Tuesday’s report said. Israel’s economy is forecast to have grown 0.6% in 2024, with Israel’s wars against Palestinian militant group Hamas in Gaza and Hezbollah in Lebanon weighing...

The Bicycle Telematics Market: Berg Insight report 0

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The Bicycle Telematics Market: Berg Insight report

Gothenburg, Sweden (Feb. 10, 2025) – IoT analyst firm Berg Insight has released a market report, The Bicycle Telematics Market in Europe and North America – 1st Edition, which analyzes the latest developments on the OEM and aftermarket bicycle telematics markets. This strategic research report from Berg Insight provides 45 pages of unique business intelligence including five-year industry forecasts and expert commentary on which to base business decisions. The installed base of bicycle telematics systems in Europe and North America reached 1.7 million in 2023 Telematics is a broad term that may be applied to a wide range of vehicle connectivity solutions. Berg Insight’s definition of a telematics system in this report is an automatic system designed for any bicycle that incorporates some form of cellular communications. The adoption of telematics systems in the bicycle industry has picked up speed in the past few years. There are both aftermarket and OEM telematics solutions available on the market. The main use case for bicycle telematics systems is stolen vehicle tracking and theft prevention. Bicycle theft is a growing concern and millions of bicycles are stolen every year in Europe and North America. Bicycle OEMs also offer services such as vehicle diagnostics...

Combatting Canada’s Auto Theft Crisis: Tackling ReVINing 0

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Combatting Canada’s Auto Theft Crisis: Tackling ReVINing

By Hanna Beydoun, Policy Manager, IBC — In Canada, a vehicle is stolen every five minutes. This national crisis is disrupting the lives of Canadians and causing significant distress and financial strain. From 2018 to 2023, auto theft losses surged over 254%, surpassing $1.5 billion in direct claims costs for private passenger vehicles. Ontario has been hit the hardest, with auto theft losses exceeding an alarming $1 billion last year alone. Part of the issue is that a growing number of stolen vehicles are rebranded and sold to unsuspecting customers in Canada through a practice known as reVINing. Governments and law enforcement agencies have taken action to help address the auto theft crisis: In May 2024, the federal government released the National Action Plan for Combatting Auto Theft, a thoughtful and comprehensive blueprint for tackling auto theft. The government has since taken several steps to halt stolen vehicles along the auto theft transportation network, including deploying a mobile X-ray scanner in the Greater Toronto Area (GTA) to aid in the examination of shipping containers and investing $28 million to enhance the capacity of the Canada Border Services Agency. Police forces across the country, in particular those in the GTA, have...

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Bringing Positive Vibes Back to Personal Lines Insurance

Article 0 Comments Nationwide’s Casey Kempton has a vision to bring positive vibes back to engagements between personal lines insurers and their customers—and it starts with understanding the “mental models” that homeowners and drivers reference to understand insurance. This is an excerpt of an article first published in Insurance Journal’s sister publication, Carrier Management. Click the link and enter your email to read the full story. Kempton, who has been president of Nationwide Personal Lines for just about a year, has a research background in cognitive anthropology—in her words, “the understanding of culture as it exists in the minds.” For the last two decades, she has been observing the insurance customer culture—and the mental models they rely on—like “switch and save.” Those shortcuts to understanding personal lines insurance are ripe for change, she believes. “I think the industry, in general, has an opportunity to bring the value of the protection that we provide on multiple dimensions [into] a much more positive light than the way that we, collectively, have engaged customers previously,” she told Carrier Management recently. Kempton was responding to a question about why she chose to accept a position in personal lines, after most recently leading commercial lines...

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How to Scale Financial Planning Without Compromising Efficiency

Editorial Webcast Sponsored by: eMoney Sponsored by: Today’s investors aren’t just looking for money management—they demand personalized advice that aligns with their unique goals and life circumstances. For firm home offices, this creates a high-stakes dilemma: how do you deliver tailored client experiences while maintaining the operational efficiency needed for growth? Discover how forward-thinking firms are thriving in an increasingly personalized market. Join our industry experts who will share strategies to: – Deliver personalized financial planning at scale (why it’s no longer optional) – Use data aggregation and actionable insights to exceed client expectations  – Leverage APIs and back-end processes to unlock hidden efficiencies and revenue streams – Utilize technology to turn raw data into smarter, faster client-focused decisions – Incorporate full-spectrum financial planning (from topical conversations to long-term cash flow planning) to bring more people into the planning process. Don’t miss this opportunity to learn how your firm can elevate the advisor-client relationship, streamline operations and transform client outcomes—all without compromising your bottom line. The future of financial planning is here. Are you ready to scale? Featured Speakers: Janet Levaux | Editor in Chief | ThinkAdvisor & Investment Advisor Janet Levaux, MA/MBA, is the moderator of this webcast. She’s...

BrokerLink buys its first brokerage in British Columbia 0

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BrokerLink buys its first brokerage in British Columbia

Toronto, ON (Feb. 7, 2025) – BrokerLink is excited to announce its very first purchase in British Columbia, with the acquisition of Schill Insurance Brokers Ltd. (Schill Insurance), effective February 1, 2025, marking a major milestone as the brokerage becomes a true national player with more than 200 locations from coast to coast. Based in Surrey B.C., Schill Insurance is one of the province’s largest brokerages, with 11 locations spread across the Lower Mainland and Vancouver Island. Schill Insurance has served its customers for more than 50 years, offering a wide range of coverage and services for auto and home, and through a commercial portfolio that specializes in construction, automotive dealers and residential realty. Expansion from sea to sea Last year, BrokerLink ventured into two other provinces for the first time, through an acquisition that included locations in Manitoba and Saskatchewan. This latest acquisition is a clear sign that the company has opened its door even wider to new ventures that support its growth plans, provide opportunities for new and existing employees and welcome new customers. “BrokerLink has built a solid presence in all the communities we serve across Canada and we see a strong future in B.C.,” says Joe...