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People Moves: Beazley Taps Swiss Re’s Wunderlich as Head of Parametric Insurance; QBE Promotes Browne to UK Casualty Director

Article 0 Comments This edition of International People Moves details appointments at Beazley and QBE Insurance. A summary of these executive hires follows here. Beazley, headquartered in London, appointed Stefan Wunderlich as head of parametric insurance. Reporting to Richard Montminy, group head of property risks, Wunderlich will be based in Zurich, Switzerland. Stefan Wunderlich Wunderlich joins from Swiss Re, where in a two-decade career he held a number of senior positions, including building out parametric solutions for corporate clients and most recently leading teams supporting corporate clients to better manage their climate risk exposures. “Property risks are ever more complex, requiring specialist solutions, effective modelling and underwriting expertise to deliver outcomes that meet the needs of business across the world,” said Montminy. “Parametric underwriting is a highly effective response to the risk environment, often adding more immediacy, certainty and scalability than traditional methods of property underwriting.” Beazley specializes in a variety of lines including professional indemnity, cyber liability, property, marine, reinsurance, accident and life, and political risks and contingency business. It has tripled the size of its property underwriting since 2022, rolling out specialist property underwriting capabilities to Europe and developing selective solutions using parametric underwriting. *** QBE Promotes Browne...

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New Oklahoma Law Limits Post-Loss Assignment of Benefits on Property Damage

Article 0 Comments Oklahoma lawmakers this legislative session passed a bill limiting post-loss assignment of benefits for property damage under auto, residential or commercial property insurance policies. House Bill 1084 prohibits the solicitation or acceptance of an assignment of any post-loss insurance benefit related to property damage under an auto collision or comprehensive policy, residential property insurance policy, or commercial property insurance policy. Assignment of benefits is an agreement that transfers the insurance claims rights or benefits of an insurance policy to a third party such as a roofer or plumber. Rep. Mark Tedford, author of the bill, said such agreements in a post-loss format can lead to inflated costs or legal disputes without the policyholder’s full awareness. “Limiting these types of agreements helps reduce fraud and unnecessary legal conflict, which ultimately helps lower insurance costs for everyone,” said Tedford. “When third parties take control of a claim, it can result in inflated repair costs, excessive litigation and confusion for the policyholder. House Bill 1084 helps restore accountability and ensures Oklahomans remain in control of their own claims.” The law doesn’t apply to liability coverage under an auto, residential, or commercial property insurance policy. Violations of the bill are considered...

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California Commissioner Investigating State Farm’s Handling of LA Wildfire Claims

Article 0 Comments California Insurance Commissioner Ricardo Lara on Thursday said he has launched a formal investigation into State Farm’s handling of thousands of insurance claims from wildfire survivors affected by the Palisades and Eaton wildfires in January. The California Department of Insurance initiated a market conduct examination of State Farm General Insurance Company, expanding its ongoing investigation into consumer complaints against the insurer. Related: Homeowners Suing USAA and AAA Insurers Over LA Wildfires The L.A. wildfires killed 29 people, and damaged or destroyed thousands of properties. The fallout of the fires included large losses for major California insurers, including State Farm. The carrier is asking the CDI to approve a large rate increase. According to the California Department of Insurance, as of May 12, insurance companies have paid out nearly $17 billion to residential and commercial insurance policyholders impacted by the Eaton and Palisades Fires. The examination will assess whether State Farm has complied with California’s consumer protection and claims handling laws, according to Lara. The CDI has received general allegations from wildfire survivor groups regarding State Farm’s processing of claims, but a formal complaint is needed for the CDI to take action and advocate for consumers, according to...

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10 States With the Most International Students

/ ThinkAdvisor provides financial advisors, registered investment advisors and wealth managers with comprehensive coverage of the products, services and information they need to guide their clients in making critical wealth, health and life decisions.

Extreme heat more deadly than floods, earthquakes and hurricanes combined: Swiss Re SONAR report 0

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Extreme heat more deadly than floods, earthquakes and hurricanes combined: Swiss Re SONAR report

Human lives lost to extreme heat exceed the total toll from earthquakes, floods and hurricanes Heat-related risks extend to wildfires, healthcare systems, infrastructure and agriculture Swiss Re’s latest SONAR report examines emerging structural risks, among them a rising number of artificial intelligence (AI) incidents and decreasing trust in institutions Armonk, NY (June 12, 2025) – Up to half a million people globally succumb to the effects of extreme heat each year, according to recent scientific research, exceeding the combined impact of floods, earthquakes and hurricanes. This places the observable increase of extreme heat events among the most important emerging risks, according to Swiss Re’s 2025 SONAR report. The study highlights how this peril reaches beyond the human toll, mapping its effects across industries such as the energy and telecommunications sectors. “Extreme heat used to be considered the ‘invisible peril’ because the impacts are not as obvious as of other natural perils,” says Jérôme Haegeli, Swiss Re’s Group Chief Economist. “With a clear trend to longer, hotter heatwaves, it is important we shine a light on the true cost to human life, our economy, infrastructure, agriculture and healthcare system.” There is clear evidence that extreme heat events are happening with greater...

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Another Insurer — Philadelphia Insurance— Reports Network Outage

Article 0 Comments Philadelphia Insurance Co. is currently experiencing a network outage that is affecting its systems. This outage has knocked out the insurer’s phone and email systems, as well as customer access to online applications. “We are working to resolve this issue as soon as possible and apologize for any inconvenience,” a notice on its website says. Policyholders who need to initiate a claim can call 800.765.9749 (option #3). Philadelphia Insurance is the second Pennsylvania insurer within a week to report a network outage. Erie Insurance has been working to restore services after its systems were knocked out due to a data breach on June 7. Philadelphia Insurance Companies (PHLY) offers commercial property/casualty and professional liability coverages. The company is a member of Tokio Marine Group. Topics Carriers 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 Carriers? Get automatic alerts for this topic.

Crawford & Company® Large Loss Report Highlights The Need For Adaptability To Respond To Volatile Claims Environment 0

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Crawford & Company® Large Loss Report Highlights The Need For Adaptability To Respond To Volatile Claims Environment

Atlanta, GA (June 10, 2025) – Crawford & Company® is pleased to announce the release of its Large Loss Claims Review and Outlook report highlighting the key challenges affecting the insurance industry today and in the future. The report details clear evidence of an uptick in the frequency and severity of extreme weather events which are serving to create a ‘new normal’ of climate change-driven catastrophes, as the insurance industry responds to the extreme volatility this generates. Further, it highlights how the adoption of new and innovative approaches are required to ensure a satisfactory and sustainable response to these large-loss events. The report also addresses inflationary pressures that drive up claim values. Rising costs of materials and labor, exacerbated by global supply chain disruptions and tariffs, have significantly increased the expenses associated with rebuilding and repairs. These inflationary pressures are further compounded by regulatory requirements in some territories that mandate higher standards for rebuilding, thus extending the duration and cost of claims. Additionally, the report highlights the growing challenge of rising business-interruption losses. Business interruption (BI) has consistently ranked as one of the top concerns for companies globally, with 31% of businesses citing it as a major risk in 2025.1...

Applied Systems Achieves CSIO’s API Security Standards Certification 0

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Applied Systems Achieves CSIO’s API Security Standards Certification

Applied Systems Canada Becomes the First BMS Vendor to Achieve CSIO’s API Security Standards Certification and Platinum Standards Certification Rating Toronto, ON (June 10, 2025) – CSIO congratulates Applied Systems Canada on becoming the first Broker Management System (BMS) vendor to earn its Application Programming Interface (API) Security Standards Certification. In doing so, Applied improved its CSIO Standards Certification Rating to Platinum—the highest Rating. They are also the first BMS vendor to achieve this distinction. API Security Standards are a set of industry authentication and authorization guidelines developed by CSIO’s INNOTECH Advisory Committee and its API Security Standards Working Group. The team updates the Standards annually to ensure they reflect the latest security best practices. Applied achieved the API Security Standards Certification by demonstrating that customer information exchanged between the Applied TAM or Applied Epic management systems and an insurer’s system is safeguarded by leading security protections. Standards Certification Ratings were developed by CSIO’s Standards Governance Advisory Council to signify an organization’s commitment to the use of Data Standards for the benefit of the P&C broker channel. Applied has earned Certifications for API Security Standards, Commercial Lines Data Standards, eDocs and uses a current version of CSIO’s EDI and XML Standards,...

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12 States With the Highest Average Estate Tax Payments

/ ThinkAdvisor provides financial advisors, registered investment advisors and wealth managers with comprehensive coverage of the products, services and information they need to guide their clients in making critical wealth, health and life decisions.