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California Commissioner Announces Regulation to Enable the Use of Modeling in Rates

Article 1 Comment California Insurance Commissioner Ricardo Lara on Friday announced what he’s calling “first of its kind” catastrophe modeling and ratemaking regulation that will allow carriers to use the models as a factor in setting and getting rates. The regulation is a part of his so-called Sustainable Insurance Strategy to increase coverage in wildfire-distressed areas of the state. The California Department of Insurance posted the final regulation after the Office of Administrative Law filed it with the Secretary of State, which concludes a rulemaking process. “Giving people more choices to protect themselves is how we will solve California’s insurance crisis,” stated Lara. “For the first time in history we are requiring insurance companies to expand where people need help the most. With our changing climate we can no longer look to the past. We are being innovative and forward-looking to protect Californians’ access to insurance.” Only two days before Friday’s announcement, Farmers Insurance said it will resume offering coverage for multiple lines of insurance in California to new customers. The company cited among its reasons for the decision regulatory steps taken by the state’s insurance commissioner and other stakeholders. Carriers began pulling back from the state’s homeowners market, blaming...

QuickFacts Expands Comparisons Platform with Farm Product Line 0

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QuickFacts Expands Comparisons Platform with Farm Product Line

Halifax, NS (Dec. 12, 2024) – QuickFacts is excited to announce the launch of a new Farm Product Line on its Comparisons platform, designed to assist brokers in addressing the unique insurance needs of small-scale agricultural operations and rural lifestyle enthusiasts. Unlike traditional Commercial Farm insurance, this new offering is specifically crafted for Hobby Farms—properties maintained primarily for sustainability and providing fresh, homegrown food for families rather than profit. This expansion offers comparisons for over 25 carriers nationally for livestock, equipment, structures, and more, making it easier for brokers to serve clients seeking tailored insurance solutions for their agro-business and self-sustaining lifestyle needs. Hobby Farms are distinct from Commercial Farms, as they are often family-run, smaller in scale, and not intended as a primary source of income. They reflect a growing interest in rural and agricultural lifestyles, particularly in regions like Ontario, where hobby Farming has become increasingly popular. QuickFacts’ new product line extends beyond standard Personal Lines insurance, offering customized protection that fills a crucial gap in the current insurance market. “Ontario has seen a substantial rise in Hobby Farming, and we recognized an unmet need for tailored insurance solutions in this space,” said Christy Barsalou, President and CEO...

The Global Vehicle Telematics Hardware Market: Berg Insight 0

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The Global Vehicle Telematics Hardware Market: Berg Insight

Gothenburg, Sweden (Dec. 13, 2024) – IoT analyst firm Berg Insight has published a new market report, The Global Vehicle Telematics Hardware Market – 3rd Edition, which covers both the aftermarket and OEM segments for passenger cars and commercial vehicles. This study provides you with 150 pages of unique business intelligence, including 5-year industry forecasts, expert commentary and real-life case studies on which to base your business decisions. 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 passenger cars and commercial vehicles that incorporates some form of cellular/GNSS or RF communication technology. The connected car has been a major trend in the automotive industry for many years. All of the world’s leading carmakers have now launched mass-market connectivity services in key regions. The OEM initiatives can be seen as competition for aftermarket solutions, but there is still a growing demand for different forms of aftermarket telematics services. The addressable market for aftermarket telematics solutions is significant. At the end of 2022, an estimated 1.52 billion vehicles were registered worldwide. Berg Insight has found that 47.3 million...

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Public Nuisance Claims Denied by Ohio Supreme Court in Opioid Case

Article 0 Comments COLUMBUS, Ohio (AP) — The Ohio Supreme Court ruled last Tuesday that the state’s product liability law prohibits counties from bringing public nuisance claims against national pharmaceutical chains as they did as part of national opioid litigation, a decision that could overturn a against the pharmacies. An attorney for the counties called the decision “devastating.” Justices were largely unanimous in their interpretation of an arcane disagreement over the state law, which had emerged in a lawsuit brought by Lake and Trumbull counties outside Cleveland against CVS, Walgreens and Walmart. The counties won their initial lawsuit — and were awarded $650 million in damages by a federal judge in 2022 — but the pharmacies had disputed the court’s reading of the Ohio Product Liability Act, which they said protected them from such sanctions. In an opinion written by Justice Joseph Deters, the court found that Ohio state lawmakers intended the law to prevent “all common law product liability causes of action” — even if they don’t seek compensatory damages but merely “equitable relief” for the communities. “The plain language of the OPLA abrogates product-liability claims, including product-related public-nuisance claims seeking equitable relief,” he wrote. “We are constrained to...

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What 4% Rule? Morningstar Has a New Number

“If a retiree is willing to adjust their spending in line with portfolio performance, that allows for higher starting withdrawals and generally higher lifetime withdrawals,” Benz observes. Ways to introduce such flexibility include forgoing inflation adjustments after the portfolio lost value in the preceding year to more complex systems such as the “guardrails” approach originally developed by financial planner Jonathan Guyton and computer scientist William Klinger. “All of these systems allowed for higher starting safe withdrawal rates than the fixed real spending rate we used as our base case,” Benz observes. The Nuts and Bolts of Alternative Methods Among the alternative spending strategies considered in the report is forgoing inflation adjustments following annual portfolio loss. The method begins with the base case of fixed real withdrawals throughout a 30-year time horizon. However, to preserve assets after down markets, the retiree skips the inflation adjustment for the year following a year in which the portfolio has declined in value. This might seem like a modest step, according to the researchers, but the small cuts in real spending are cumulative. Their effects “ripple into the future,” permanently reducing the retiree’s spending pattern. As a result, the initial spending rate can range toward...

Specialty Program Group Canada, Totten Insurance Group, Anderson-McTague & Associates Announce Strategic Amalgamation to Enhance Specialty Insurance Offerings Nationwide 0

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Specialty Program Group Canada, Totten Insurance Group, Anderson-McTague & Associates Announce Strategic Amalgamation to Enhance Specialty Insurance Offerings Nationwide

Toronto, ON (Dec. 10, 2024) – Specialty Program Group Canada Inc. (SPGC), a leader in commercial and personal property and casualty insurance solutions, is pleased to announce its intention to amalgamate with Totten Insurance Group Inc. (Totten) and Anderson McTague & Associates Ltd. (AMT), effective January 1, 2025. This strategic merger will unite three powerhouse specialty insurance organizations under one umbrella, strengthening their ability to serve brokers and clients across Canada. Upon completion of the amalgamation, SPGC will operate with 500 employees across five underwriting brands and one claims management brand. SPGC is headquartered in Vancouver and Toronto and has local underwriters across all Canadian provinces. The addition of Totten and AMT’s expertise, alongside SPGC’s trusted brands like Cansure, Beacon, and i3 Underwriting Services, will enhance the group’s ability to provide faster and more innovative solutions to brokers across the country. Cameron Copeland, President & CEO of SPGC, highlights the significance of this merger: “As we bring SPGC and Totten/AMT together, we are creating a truly national platform that will deliver greater value to our carrier and broker partners, and our policyholder customers. This amalgamation will allow us to strengthen our deep underwriting expertise, extend our capacity & capabilities, and...

Economic threats continue to overshadow climate and cyber risks: Marsh 0

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Economic threats continue to overshadow climate and cyber risks: Marsh

London, UK (Dec. 5, 2024) – Despite some signs of improvement in global economic conditions, business leaders across the majority of G20 countries[1] remain deeply concerned about the looming threats of recessions, labor shortages, and rising inflation, according to the latest Executive Opinion Survey conducted by the World Economic Forum and released by its strategic partners, Marsh McLennan and Zurich Insurance Group. The annual survey reveals the top five near-term risks identified by more than 11,000 business leaders from 121 countries. Economic downturn, labor and/or talent shortages and inflation continue to dominate the list as the top three risks cited by G20 business leaders for the next two years. This was followed by poverty and inequality, which ranked fourth. Extreme weather events featured in the G20’s top five risks, as the fifth biggest risk. This follows a year in which many G20 countries – including Brazil, Germany, Indonesia and the U.S. – experienced severe flooding, above-average rainfall, wildfires, extreme heat or elevated hurricane activity. The findings of this year’s survey also indicate growing concerns around technological risks, including adverse outcomes of artificial intelligence, such as misinformation and disinformation. These risks appear six times in the country-specific top five rankings this...

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How to Prospect for Life Settlements

So, yes, it is possible to cold call qualified candidates and ask the question: Do you have too much life insurance? This, of course, is the opposite of what life insurance producers have been trained to do since they first entered the business, but, nonetheless, it can be helpful for people who have life insurance policies they no longer want, no longer need or no longer can afford. However, the universe of prospects who still need insurance is much larger than the universe of prospects who would benefit from a life settlement. Rejection A more likely scenario is the traditional life insurance cold call that leads to the common objection: “I already have enough life insurance.” If you think you’re talking to a prospect old enough to qualify (ages 65 and older), an interesting pivot from this response could be: “Well, maybe you have too much life insurance, and I might be able to help you with that as well.” The foundation of your life settlement activity should really be your existing clients, by keeping aware of their life changes, financial changes, health changes and the status of their policies, and by building clients’ awareness that life settlements exist. You...

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Relm Launches 50-State MGA to Be Led by Lavigne

Article 0 Comments Specialty carrier Relm Insurance said it has launched a managing general agent licensed in all 50 states. Relm also said Keith Lavigne has joined as head of underwriting – US. He will report to Relm CEO and founder Joseph Ziolowski. “Operating our MGA in the U.S. enhances our ability to deepen and broaden our relationships with clients and brokers across the US insurance ecosystem,” said Ziolkowski. “With Keith at the helm, our underwriting framework in emerging sectors has become even stronger. His proven expertise will enhance our technical and operational underwriting capabilities as we continue to make innovation resilient for our clients.” Lavigne was most recently chief underwriting officer for Euclid Fiduciary. His more than 25 years of industry experience include managing large teams at AIG, Chubb, and Everest Insurance. Relm’s MGA office locations will be in New York, Miami, and Pennsylvania, according to the Bermuda-based company. Relm said the MGA is the first of its kind for emerging industries. Relm was launched in 2019 and has a product suite tailored for clients in “emerging and innovative industries.” Industries it serves include biotech, artificial intelligence, fintech, esports, Web3, digital assets, and space. Topics Insurance Wholesale Was this...

CSIO Announces Six New Compliance-Certified Insurers 0

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CSIO Announces Six New Compliance-Certified Insurers

Toronto, ON (Dec. 10, 2024) – CSIO is pleased to extend its congratulations with the announcement that the following six insurers have achieved CSIO’s Compliance Certification: Carleton-Fundy Mutual Insurance Company The Commonwell Mutual Insurance Group Estrie-Richelieu Group Insurance Company Max Insurance My Mutual Insurance Stratford Underwriting Agency Inc. To achieve Certification, the insurers have eliminated all Z-Codes (non-standard coverage codes) from their data exchange with brokers, and now only use CSIO Standard codes. By eliminating Z-Codes, brokers benefit from accurate reporting, improved operational efficiency, targeted marketing, and an enhanced customer experience. “Compliance Certification is a key part of our industry initiative to establish clear, consistent, relevant Data Standards that save brokers valuable time,” said Catherine Smola, President & CEO of CSIO. “Certified insurers demonstrate a commitment to compliance best practices, providing brokers with streamlined workflows and a higher level of data quality in their BMS.” CSIO supports insurers in eliminating Z-Codes by mapping them to CSIO Standard codes. Insurers can also request the addition of new coverage codes to the Standards through our agile Maintenance Request (MR) process. Our National Standards Working Group reviews all submitted MRs and once approved, they can be programmed immediately into insurers’ systems, eliminating the...