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Chubb Launches New Platform to Give Agents Quicker Access to Flood Quotes 0

Chubb Launches New Platform to Give Agents Quicker Access to Flood Quotes

New self-service Flood Insurance System for homeowner policies features enhanced user interface New York, NY (Mar. 27, 2024) – Chubb Personal Risk Services (PRS) is pleased to announce the launch of a new self-service Flood Insurance System for agents that will seamlessly support its personal lines business for primary and excess flood and will provide quotes for low-hazard properties in under two minutes. This new platform will integrate with the Chubb Agent Portal and Masterpiece EZ Quote homeowners platform. Agents will benefit from working directly with Chubb as a single point of contact for faster access to flood quotes and an enhanced user interface. The system will be available across all U.S. states where Chubb writes flood insurance. “We made a significant investment to create an exceptional quoting and issuance process for agents and to ensure we can offer complete flood protection coverage options for clients,” said Louis Hobson, Senior Vice President of Chubb’s North America Flood Insurance Business. Flooding Isn’t Just Caused by Natural Disasters The frequency of flooding is increasing with changing climate conditions, including in many areas historically not prone to it. While commonly associated with major weather disasters, flooding is also linked to less obvious events...

Smart Health Benefits Coalition Grows With CALU 0

Smart Health Benefits Coalition Grows With CALU

Coalition to advocate for smart updates to Pharmacare Bill C-64 Ottawa, ON (Apr. 11, 2024) – The Smart Health Benefits Coalition (SHBC) is pleased to announce it is growing, welcoming the Conference for Advanced Life Underwriting (CALU), Canada’s professional association for leaders in the life insurance and financial advisory industry. With the addition of CALU, the Coalition now benefits from seven member organizations with extensive national networks in communities across Canada, comprised of on-the-ground experts supporting the drug, health and retirement benefits Canadian employers and employees rely on. These organizations support 65,000 small and medium-sized employers across every province and territory, including over 4,800 union benefit plans. Together, SHBC members support robust benefit plans for 10 million Canadians and their families. “The addition of CALU brings additional great value to the SHBC”, says Carolyne Eagan, the principal spokesperson for SHBC and President of Benefits Alliance, an SHBC member. “CALU is already a well-known and respected voice with a track record of helpful insights on other issues in the life insurance and financial advisory industry. CALU’s addition to the fold strengthens the SHBC’s representation of advisors across the country. Our coalition advisors are valued resources to Canadians navigating the healthcare system...

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1 Dead and 13 Injured in Semitrailer Crash at a Texas Public Safety Office

Article 0 Comments BRENHAM, Texas (AP) — A Texas semitrailer driver rammed a stolen 18-wheeler through the front of a public safety building where his renewal for a commercial driver’s license had been rejected, killing one person and injuring 13 others, authorities said Friday. The intentional crash into the single-story brick building off a highway in Brenham, a rural town outside of Houston, littered debris in the parking lot and left a gaping hole in the entrance. The crash damaged the front of the red semitrailer, which was hauling materials on a flatbed. After crashing into the building the first time, the driver backed up the truck with the intention of smashing it again before being detained, Brenham Mayor Atwood Kenjura said. “It’s unfortunate that we are here gathered for a really senseless tragedy,” Kenjura said. The driver — identified as Clenard Parker, 42 — was pulled out of the truck by authorities at the Texas Department of Public Safety office. Authorities say Parker did not resist when he was taken into custody and would face multiple felonies, but did not specify the charges. On Thursday, Parker was told by employees at the office that he would not be eligible...

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Here’s What’s Wrong With the 4% Rule

What You Need to Know The 4% rule seems like a simple solution for retirement spending, but there are pitfalls. The best approach is one that adjusts for actual market returns and real-life inflation rates. For investors who prefer a formulaic approach, a better alternative to the 4% rule is to use the IRS’ RMD table. Clients save for retirement over the course of their working careers.  While retirement income planning can be complicated given the variety of available options, it’s typically easy to advise clients about how much they should be saving. Most clients should be advised to contribute the maximum amount they can afford to tax-preferred retirement accounts.  The advisory picture becomes much more complex when it comes time to start drawing from those accounts. Once required minimum distributions are satisfied, clients often wonder how much they can safely withdraw to minimize the risk of running out of money during retirement.  The “4% rule” is an often-cited strategy. Most retirees who rely primarily on retirement accounts for income during retirement will have difficulty adhering strictly to the rule’s assumptions. Although many clients like the formulaic approach of the 4% rule, it’s critical that advisors explain the fine print...

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Munich Re Specialty Launches FAIR Plan Commercial Wrap Product in California

Article 0 Comments Munich Re Specialty Insurance is launching a FAIR Plan Commercial Wrap, available to commercial insureds in California who seek comprehensive coverage in tandem with their FAIR Plan coverage. MRSI’s FAIR Plan Commercial Wrap is designed to enable insureds to more fully protect their business properties against property damage than just the FAIR Plan alone. Sold through wholesale brokers, the product gives businesses access to coverage for property damage – including water damage, burst pipe coverage and other non-fire perils – that the FAIR plan excludes. This coverage is being provided on a non-admitted business and may not be available in all circumstances. Munich Re Specialty Insurance is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property/casualty insurance products and services in North America. Topics California Commercial Lines Excess Surplus New Markets Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in...

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Stocks Get Hit as War Jitters Fuel Rush to Bonds

What You Need to Know The S&P 500 was on pace for its worst day since January, Treasuries climbed, and the VIX spiked to levels last seen in October. JPMorgan Chase & Co. and Wells Fargo & Co. both reported net interest income — the earnings they generate from lending — that missed estimates amid increasing funding costs. Bond markets are now pricing two rate cuts by the end of the year, compared with six just three months ago, yet both the S&P 500 and the Nasdaq 100 are still hovering near record highs. The global financial world was roiled by a flare-up in geopolitical risks that sent stocks sliding — while spurring a flight to the safest corners of the market such as bonds and the dollar. Oil rallied. Equities fell at the end of a wild week on a news report that Israel was bracing for an unprecedented attack by Iran on government targets. Approximately 40 launches were identified crossing from Lebanese territory, some of which were intercepted, the Israel Defense Forces said in a post on X. The S&P 500 was on pace for its worst day since January. Treasuries climbed as the greenback hit the highest in 2024....

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Wells Fargo Misses Interest Income Estimates

Wells Fargo & Co. missed estimates for net interest income in the first quarter, a sign that muted loan growth and increased pressure to pay out more for deposits are eating into the benefit of higher rates. The firm earned $12.2 billion in NII in the first three months of the year, according to a statement Friday, down 8.3% from a year earlier and slightly less than the $12.3 billion analysts expected. Still, overall revenue topped estimates, aided by an increase in investment advisory fees and brokerage commissions. “The investments we are making across the franchise contributed to higher revenue versus the fourth quarter as an increase in noninterest income more than offset an expected decline in net interest income,” Chief Executive Officer Charlie Scharf said in the statement. Big banks’ first-quarter results offer the latest window into how the U.S. economy is faring amid an interest-rate trajectory muddied by persistent inflation. Rivals JPMorgan Chase & Co. and Citigroup Inc. also reported quarterly results Friday, with Goldman Sachs Group Inc., Bank of America Corp. and Morgan Stanley set to follow next week. Like Wells Fargo, JPMorgan reported NII that slightly missed estimates. Shares of Wells Fargo, up 15% this year...

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People Moves: RT Specialty Promotes Murrey to President of Commercial Lines Binding Authority

Article 0 Comments RT Specialty, the wholesale distribution division of Ryan Specialty, headquartered in Chicago, promoted Jason Murrey to president of commercial lines binding authority. Murrey joined RT Specialty in 2017 through the acquisition of N-Surance Outlets where he served as president and CEO. At RT Specialty, he most recently served as president, Atlanta binding. Murrey now oversees the operational leadership of the RT Commercial Binding Authority and its teams. Topics Commercial Lines Excess Surplus Business Insurance Was this article valuable? Thank you! Please tell us what we can do to improve this article. Submit No Thanks Thank you! % of people found this article valuable. Please tell us what you liked about it. Submit No Thanks Here are more articles you may enjoy. Interested in Business Insurance? Get automatic alerts for this topic.

Summit Announces $3.5M Investment to Build the Commercial Brokerage of the Future 0

Summit Announces $3.5M Investment to Build the Commercial Brokerage of the Future

Kelowna, BC (Apr. 8, 2024) – Summit is pleased to announce our $3.5M Seed Round of Financing. The momentum generated from this funding is not just a validation of our business model and revenue growth, it reinforces our long term vision: building the commercial insurance brokerage of the future. We believe broker distribution will continue to be the primary distribution model for commercial insurance, and Summit is reinventing the traditional delivery of this model. The industry is starved for top talent, combined with significant barriers to entry and rapid consolidation, leaving both consumers and brokers buried in excessive paperwork, limited insurance options and a desire for change. It has constrained many skilled insurance professionals to administrative tasks, diverting their time and expertise away from where it matters – our customers. At Summit, we are building the commercial brokerage of the future: driven by human expertise, fueled by technology. This $3.5 million funding round marks a significant milestone in our journey towards modernizing the Canadian insurance landscape. This infusion of capital, led by IA Capital Group with follow-on investment from Harvest Ventures, not only underscores the confidence in our innovative business model, but will significantly accelerate Summit in executing on our...

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Soaring Insurance Costs Hit as US Buyers Finally Get a Break on Car Prices

Article 0 Comments A new form of sticker shock has hit American car buyers like Darin Davis. In January, when the 56-year-old Dallas real estate agent renewed the insurance on the pearly-white 2024 Cadillac XT4 that he bought just a few months earlier, the rate nearly doubled. “It takes the fun out of owning a new car when you’re paying so much money,” said Davis, adding that if he’d known such a massive increase was coming, he might have opted for a less expensive model. But by then it was too late. In one of the cruel twists of an inflation-weary U.S. economy, car prices are coming down after surging by record amounts during the COVID-19 pandemic. But at least part of those gains for consumers are getting gobbled up by rising auto insurance rates that for some models now account for more than a quarter of the total cost of owning a vehicle. Car prices have eased as the supply chain snarls of the pandemic—especially shortages of vital computer chips—have untangled and automakers boost inventories on their lots. Meanwhile, factors including rising costs associated with repairing increasingly complicated vehicles and more storm damage amid climate change is pushing insurance...