Articles by Andrew G. Simpson

CNA Reports Q2 Profit Despite COVID-19, Weather, Civil Unrest Losses

CNA Financial Corp. saw its 2020 second quarter net income sliced almost by half compared to the previous year due to “considerable catastrophe losses” from COVID-19, civil unrest and weather-related events. The Chicago-based commercial property/casualty insurer booked $151 million in …

How the Pandemic May Change ‘Work-Life Balance’ Forever

When it comes to helping employees balance work hours with relaxation, Acuity Insurance Chief Executive Officer Ben Salzmann has a unique tool at his disposal: a 65-foot Ferris wheel. Before the pandemic struck, Salzmann would regularly fire up the amusement-park …

Brown & Brown CEO Sees ‘Sporadic’ Economic Recovery Ahead After Own COVID Recovery

Insurance broker Brown & Brown, Inc. reported second quarter revenues of $598.8 million, an increase of $23.6 million, or 4.1%, compared to the second quarter of the prior year, Commissions and fees increased in the quarter by 4.4% and organic …

Tesla Invites Actuaries to Help It Create a ‘Revolutionary’ Insurance Company

Tesla, which has been testing an insurance product for its drivers in California, is preparing to build an insurer, one CEO Elon Musk says will be “revolutionary.” And he’s inviting actuaries to join his cause. “I would love to have …

Geico Sued for Alleged ‘Woefully Inadequate’ Coronavirus Auto Insurance Discount

Berkshire Hathaway’s Geico, the country’s second largest auto insurer, is being targeted by a potential class action for allegedly overcharging its policyholders during the pandemic. A lawsuit filed in federal court in Illinois alleges that the 15% “Geico Giveback” premium …

State Insurance Commissioners Vow to Probe Role of Race in Insurance

The nation’s state insurance commissioner said they are forming a special committee to address issues of race in insurance including the level of diversity in the industry and insurance product design and pricing practices that disadvantage minorities. “It is the …

Traffic Down 25%, Motor Vehicle Fatalities Down 8% in May During Lockdowns

Preliminary estimates indicate that deaths from motor vehicle accidents fell in May but the death rate per miles driven jumped considerably. According to the National Safety Council, it was the third month in a row when there were fewer deaths …

U.S. Extends Ban on Cruise Ships Through September as Coronavirus Cases Rise

Federal health officials are extending the U.S. ban on cruise ships through the end of September as coronavirus infections rise in most U.S. states, including Florida. The Centers for Disease Control and Prevention announced Thursday that it was extending a …

101 Ways Coronavirus Crisis Has Changed P/C Insurance Pros’ View of Their Job. Or Not.

Has the coronavirus experience changed how property/casualty insurance professionals view their jobs? Yes and no. The biggest change is that many in the industry learned they can do their job from home, and most, although not all, like that. That’s …

Exclusive Coronavirus Survey: P/C Insurance Return to ‘Normal’ Office May Take Time

Many property/casualty insurance professionals, most of whom have been working at home during the pandemic, may need some convincing not only to return to an office anytime soon but also to engage in typical business activities with colleagues and customers. …