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Insurance Industry Readies for Historic Losses From Baltimore Bridge Tragedy

Article 0 Comments It’s very early in the recovery process and already the numbers are large. Insured losses for the tragic collapse of the Francis Scott Key Bridge in Baltimore could be as much as $2 billion to $4 billion, according to Morningstar. S&P Global Ratings estimates $3 billion, which would still make this tragedy the largest marine insurance loss ever recorded. Barclay’s analysts believe damage claims for the bridge alone could reach $1.2 billion, while claims for wrongful deaths and business interruptions could run $350 million to $700 million, according to Bloomberg. “While the total cost of the bridge collapse and associated claims will not be clear for some time, it is likely to run into the billions of dollars,” said Matilde Jakobsen, senior director, analytics, AM Best. These estimates track with what others are seeing and saying in terms of this tragedy being a major marine insurance event. “I do see this claim as having a high likelihood of being one of the largest marine claims on record – rivaling Costa Concordia in 2012 or Exxon Valdez oil spill in 1989 — almost 35 years ago to the day,” John A. Miklus, president, American Institute of Marine Underwriters...

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The Long-Term Care Planners’ Club Meeting

What You Need to Know One in three seniors die with dementia. Dementia costs the U.S. economy $345 billion per year. Just keeping systolic blood pressure below 125 could do some good. Working in the long-term care insurance industry is like being part of an exclusive club. Why? Because once you get immersed in this field, you rarely leave it. You may change roles, companies or agencies, but you remain dedicated to this product and the need for long-term care protection. That’s why attending the annual ILTCI Conference, an event for the long-term care planning community, is so special. More than 950 attendees traveled to San Diego earlier this month to learn and network. For many of us veterans, this conference means reconnecting with countless colleagues we’ve known for decades. And let’s not forget the company-hosted evening events, where networking and socializing continued. The 58 break-out workshops were divided into seven tracks: Actuarial and Finance; Advisors, Agents and Agencies; Claims and Underwriting; Legal, Compliance and Regulatory; Management and Operations; Marketing, Engagement and Research; and Wellness and Aging in Place Solutions. After the official welcome, Karen Smyth, the conference chair, announced the winners of the ILTCI Recognition Award: Ron Hagelman, president...

Canadians fear climate change, spring flooding and smouldering wildfires 0

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Canadians fear climate change, spring flooding and smouldering wildfires

First Onsite survey explores climate, spring melt, flooding, wildfires and threats to properties Mississauga, ON (Mar. 19, 2024) – First Onsite Property Restoration, Canada’s leading property restoration company, marks the end of winter and the official beginning of spring with the release of the first leg of its annual survey – examining Canadians’ concerns, perceptions, and property readiness amid ever-changing weather patterns. Commissioned by FIRST ONSITE, the Weather and Property Survey explores Canada’s top disaster fears (including climate change, spring flooding, wildfires, landslides, etc.) It also asks about threats and concerns for property during severe weather events. “We conduct this survey every year to get a benchmark of Canadian attitudes, weather worries, and concerns that business and homeowners have for their properties,” said Jim Mandeville, SVP, First Onsite Property Restoration. “People are aware that storms aren’t acting like they used to, and we are seeing an increase in all types of property damage from weather events.” Climate change concerns Three quarters of respondents (73%) are worried about climate change and its effects on extreme weather and disasters. This concern was highest in Quebec (79%), British Columbia (77%) and Ontario (75%) and the lowest in Atlantic Canada (67%), Manitoba and Saskatchewan...

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Ki Enters Partnership With Beazley, Expanding Capacity for Digital Follow Syndicate

Article 0 Comments Ki, the digital and algorithmically driven Lloyd’s syndicate, announced a partnership with Beazley whereby Ki will offer additional follow capacity from Beazley syndicate 2623/623 through its digital platform from April 2, 2024. Ki said this is another major milestone in its journey to simplify and digitize the follow market at Lloyd’s. Ki has grown significantly since its launch in 2021, expanding its capacity and line size each year. This business expansion will bring further value to brokers and their clients, accelerating the adoption of digital follow across the London market, Ki said. The capacity will be available across Ki’s open market classes of business in the property, casualty and specialty divisions, delivering a more efficient means through which brokers can complete placements in Lloyd’s. The multi-year partnership with Beazley, alongside the existing multi-year partnerships with Travelers and Aspen, and growth plans for Ki Syndicate 1618, will see Ki materially increase the follow capacity it is able to offer in 2024. Brokers can now access capacity from four Lloyd’s syndicates on the platform. “We are delighted to launch our partnership with Beazley by adding their capacity to the Ki platform. Our vision is of an efficient digital follow...

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Institutional Investor GIC Finalizes Acquisition of Insurance Broker Miller

Article 0 Comments Miller, the London-based independent specialist re/insurance broker, announced that GIC, Singapore’s sovereign wealth fund, has completed the acquisition of Cinven’s shares in Miller. GIC and private equity firm Cinven acquired Miller in 2021 from Willis Towers Watson. Since then, Miller said, it has undergone a period of significant expansion driven by both strong organic growth and strategic international M&A. Miller recently announced its 2023 results, which saw the business increase its total revenues by 26% year on year to £240 million, while placing gross written premium of approximately $4 billion. Financial details of the deal, which was first announced in December 2023, were not disclosed. Completion of transaction, which sees GIC become Miller’s majority shareholder, secures the broker’s independent future by providing a long-term investor in the business, the broker asserted. Miller now has over 900 colleagues across offices in the UK, Europe, Bermuda and Asia. “We’re hugely excited to have GIC as our majority investor. The completion of this transaction is the culmination of three years of outstanding growth since Miller returned to independence,” commented James Hands, CEO, Miller. “We have added exceptional talent, built out our international footprint and moved into new classes where we...

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J&J to Pay $75 Million to Settle Mississippi’s Baby Powder Suit

Article 0 Comments Johnson & Johnson will pay $75 million to settle a consumer protection lawsuit filed by Mississippi over the company’s talc-based baby powder, according to people familiar with the matter, resolving litigation in which the state had sought as much as $6 billion. The pact comes as lawyers for the state and J&J were gearing up for a non-jury trial next month in Jackson, Mississippi, said the people, who asked not to be named because the accord isn’t yet public. Mississippi was one of only two states to file suit over J&J’s marketing of its baby powder. The state sued over J&J’s failure to warn consumers about the powder’s alleged cancer risks over nearly a 50-year period. The settlement comes as the world’s largest maker of health care products seeks to manage a growing number of suits by consumers accusing it of concealing the product’s risks, after two unsuccessful attempts to use the bankruptcy courts to impose a settlement on former users. The decade-long litigation, along with the prospect of future cancer suits, has put a damper on J&J’s stock price, analysts such as JPMorgan Chase & Co.’s Chris Schott have noted in the past. The shares were...

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New SEC Risk Alert Warns of T+1 Transition

Shortening the standard settlement cycle will affect market participants, such as broker-dealers, clearing agencies, including those that are central matching services providers, and RIAs, by requiring changes to their business practices, computer systems, and technology solutions, the alert explains. T+1 could also affect how registrants and other market participants comply with other existing regulatory obligations. The agency’s Division of Examinations said it will continue to review whether and how registrants have evaluated the potential impact of the final rules on their: business activities; operations and risk assessments; services; and customers, clients, and/or other relevant parties.

HSB Introduces Cyber Insurance for Autos 0

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HSB Introduces Cyber Insurance for Autos

Cyber for Auto covers the owners of personal vehicles Designed for cyber threats on the road Covers cyber-attacks, ransomware, and identity theft Safeguards data stored in cars and connected apps Hartford, CT (Mar. 26, 2024) – With millions of connected vehicles on U.S. roads, personal cars and trucks will likely be the next big target for hackers and cyber thieves. Specialty insurer HSB is helping consumers respond with Cyber for Auto, a new coverage that will be available for cyber-attacks, the company has announced. HSB’s unique proposed coverage helps safeguard private information that is stored in personal vehicles and connected to cloud-based and wireless communication networks. “Automakers continue to integrate new technologies into today’s vehicles,” said James Hajjar, chief product and risk officer for the Treaty Division of HSB, part of Munich Re. “With each added system or connection, there are new vulnerabilities that hackers and other cyber criminals can exploit. Cyber for Auto helps insurers and their customers stay ahead of these new cyber exposures.” Cyber Hacks and Malware Attacks Passenger vehicles built after 2020, and many older models, have sensors, computers, and other connected technology, which means there is the risk of a cyber-attack. When drivers connect their...

CSIO Working Group Publishes Quote & Bind Requirements for Farming Services 0

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CSIO Working Group Publishes Quote & Bind Requirements for Farming Services

CSIO’s Commercial Lines (CL) Working Group Continues to Advance CL Data Standards by Publishing Quote and Bind Requirements for Farming Services Toronto, ON (Mar. 26, 2024) – CSIO is pleased to announce that the CL Working Group continues to advance CL Data Standards by publishing business requirements to quote and bind another industry segment, farming services. Greenhouses, along with field crops, fruit, and vegetable farms, are some of the businesses included in the farming segment. With the addition of farming services, there are now a total of eight small business industry segments, covering over 300 IBC codes, with published CL Data Standards. The other small business segments are professional services, contractors, real estate, retail industries, hospitality, health services and warehousing. The CL Data Standards created by the Working Group allow brokers to exchange data with insurers in a simple, structured format and streamline the quote and bind process by enabling real-time quoting. Brokers report that their average quote response time – from insurers – has decreased from days to an average of just 14 seconds. When insurers and broker management system vendors program the CL Data Standards, they improve the customer experience while saving brokers valuable time and money. “As...

YASSI Named to Guidewire Insurtech Vanguards Program 0

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YASSI Named to Guidewire Insurtech Vanguards Program

Santa Rosa, CA (Mar. 25, 2024) – Yotta Automated Software Solutions Inc. (YASSI), the platform of record for real-time vehicle lienholder, registration, and title data, announced that the company has joined Guidewire’s Insurtech Vanguards program, a new initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best leverage them. “Joining Guidewire’s Insurtech Vanguards program marks a big moment for YASSI, and we are thrilled to be a part of this innovative ecosystem,” said Bob Rieger, CEO and Chairman of YASSI. “As pioneers in providing comprehensive, real-time vehicle data through a single API and web app, our mission aligns with the program’s goal of transforming the insurance industry. This collaboration signifies a leap forward in our journey, enabling us to connect more closely with industry leaders and stakeholders who are just as passionate about leveraging technology to enhance insurance processes.” The challenges insurers face today are numerous and complex, ranging from improving claims processing speeds to enhancing fraud detection and streamlining underwriting. YASSI is at the forefront of addressing these issues by delivering instant, accurate, and reliable vehicle information, such as real time lienholder, registered owner,...