Articles by Alwyn Scott

Failure of Many ‘Zombie’ Companies Likely to Keep Insurance Rates Rising: Swiss Re

The expectation that hundreds of so-called zombie companies will fail over the next few years and drag on the economy is among the major concerns prompting insurers to reduce risk and charge higher premiums, a trend likely to continue as …

Chasing Yield, Private Equity Firms Nudge Up Risk on Insurers: Analysis

Private equity firms have spent nearly $40 billion buying U.S. insurance companies in recent years, promising to earn higher returns on the mountains of money that insurers set aside to pay policyholders years or decades from now. The firms are …

Watchdog Warns Withdrawal of Actuarial Principles Could Harm Consumers

U.S. regulators should strengthen their oversight of insurers to prevent potential overcharging and discrimination in selling coverage for cars and homes, a consumer watchdog group said on Thursday. The campaign by the Consumer Federation of America (CFA) comes after an …

New Federal Flood Insurance Rating Plan to Start Oct. 1

Hundreds of thousands of Americans will pay significantly more to insure their homes in coastal areas and flood zones under new rules released this month by the Federal Emergency Management Agency (FEMA), the first major update to its pricing system …

New Federal Flood Insurance Rating Plan to Start Oct. 1

Hundreds of thousands of Americans will pay significantly more to insure their homes in coastal areas and flood zones under new rules released on Thursday by the Federal Emergency Management Agency (FEMA), the first major update to its pricing system …

Bail Bond Insurance Industry Spends to Defend Profitable Business Against Critics

Insurance companies have spent $17 million to defeat proposals to weaken or abolish the for-profit bail industry in the United States, a system that brings insurers $15 billion in business a year, according to a Reuters analysis of campaign contributions, …

Some Insurers Strengthening Virus Exclusion Language in Policies After COVID Cases

U.S. insurers are strengthening language in policies that cover business losses to protect them from future claims related to the coronavirus pandemic or other widespread illnesses that disrupt operations, industry sources say. New policies and renewals now define terms like …

AIG Hikes Rates Up to 45%; Reports Interest in Life/Retirement Unit Sale

American International Group Inc. said on Wednesday it is hiking some commercial insurance rates by as much as 45%, a trend it sees persisting in 2021, as the company prepares to install Peter Zaffino as its new chief executive on …

Insurance Executives Seek More Diversity in Executive Ranks

When Jerald Tillman and Mike James started their careers more than 20 years ago, working in the U.S. insurance industry was not on their radar, but programs to attract Blacks and other minorities brought them into the fold. Today, Tillman …

Cyber Security Top Concern for Businesses in ‘Age of Risk:’ Marsh & McLennan’s Glaser

Cyber security has emerged as the most pressing exposure for business confronting a new “age of risk,” topping the coronavirus pandemic and climate change, in part because cybercrime is so pervasive, the head of insurance broker and consulting firm Marsh …